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TODAY’S S&P 500 SET-UP - April 26, 2011


Europe continues to be more right leaning on policy than America; a Bloomberg story says ECB “must solidly anchor inflation expectations.”  As we look at today’s set up for the S&P 500, the range is 21 points or -1.14% downside to 1320 and 0.43% upside to 1341.

SECTOR AND GLOBAL PERFORMANCE


The Financials remain the only sector broken on both TRADE and TREND. 

THE HEDGEYE DAILY OUTLOOK - levels 426

THE HEDGEYE DAILY OUTLOOK - daily sector view

THE HEDGEYE DAILY OUTLOOK - BEST PERFORMING GLOBAL

THE HEDGEYE DAILY OUTLOOK - WORST PERFORMING GLOBAL

 

EQUITY SENTIMENT:

  • ADVANCE/DECLINE LINE: -259 (-1211)  
  • VOLUME: NYSE 697.93 (-14.13%)
  • VIX:  15.77 +7.35% YTD PERFORMANCE: -11.15%
  • SPX PUT/CALL RATIO: 1.30 from 1.60 (-18.48%)

 

CREDIT/ECONOMIC MARKET LOOK:

  • TED SPREAD: 21.29 -1.521 (-6.669%
  • 3-MONTH T-BILL YIELD: 0.07% +0.01%
  • 10-Year: 3.39 from 3.42
  • YIELD CURVE: 2.72 from 2.74 

 

MACRO DATA POINTS:

  • 9 a.m. S&P Case-Schiller, est. (-3.30% Y/y)
  • 10 a.m. Consumer Confidence, est. 64.5, prior 63.4
  • 10 a.m. Richmond Fed Index, est. 20, prior 20
  • 11:30 a.m.: U.S. to sell $30b in 4-week bills
  • 1 p.m.: U.S. to sell $35b in 2-yr notes
  • 4:30 p.m.: API inventories

WHAT TO WATCH:

  • Peru was the worst performing global market overnight after former Peruvian military rebel Ollanta Humala opened a six-point lead in a presidential poll before a June 5 runoff vote.  Concerns are he will strengthen ties with Venezuelan President Hugo Chavez.
  • FDA says it will not appeal ruling that it must regulate ecigarettes as tobacco products, not drug-delivery devices - WSJ
  • Tokyo Financial Exchange considering connecting its computer network with NYSE Euronext's - NQN
  • YouTube to launch movie-on-demand service charging users to stream - The Wrap
  • China raised capital adequacy ratios for its five largest banks in March - Bloomberg
  • US, China to resume strategic, economic dialog 9-10-May in Washington - wires, citing US Treasury statement
  • Yahoo Board Now More Open to Offers: WSJ All Things Digital

COMMODITY/GROWTH EXPECTATION


THE HEDGEYE DAILY OUTLOOK - daily commodity view

 

COMMODITY HEADLINES FROM BLOOMBERG:

  • Platinum Funds Expanding Fastest in Metals as Lonmin Seen Doubling Profit
  • Copper, Zinc Demand in Japan to Climb on Evacuee Housing, Power Generation
  • China May Buy More Sugar to Curb Fastest Inflation in Almost Three Years
  • Commodities Snap Four-Day Winning Streak on Fed Speculation, China Credit
  • Copper Drops Most in Seven Weeks on Concern China Tightening to Sap Demand
  • Oil Supply Climbs in Survey on Forecast for Higher Imports: Energy Markets
  • Gold, Silver Decline From Records as Investors Seek Cash to Protect Gains
  • Wheat, Corn Drop as Some Investors Sell Following Rally; Soybeans Decline
  • Sugar Falls as India May Allow Further Exports; Coffee Drops, Cocoa Gains
  • Copper-Alloy Product Output in Japan Declines 3.7% After March 11 Disaster
  • Investor ‘Euphoria’ to Drive India Silver Demand This Year, Exchange Says
  • Rubber in Tokyo Reaches One-Month Low on China Rate Concern, Car Output

 

CURRENCIES

THE HEDGEYE DAILY OUTLOOK - daily currency view

EUROPEAN MARKETS

  • European markets are mixed and quiet with the holiday shortened week.
  • Greek 2010 budget gap wider than estimated as euro-area debt hits record
  • Indebted Spanish states pay Portugal-sized bond penalty rate: euro credit
  • Trichet says policy makers must avert any jump in inflation expectations
  • Dollar falls on speculation fed may keep supporting economy after qe ends
  • Greece, Ireland, Portugal yields hit records on default concern

THE HEDGEYE DAILY OUTLOOK - BEST PERFORMING EURO

THE HEDGEYE DAILY OUTLOOK - WORST PERFORMING EURO

ASIA PACIFIC MARKTES:

  • Asian Stocks Drop as Earnings Disappoint; Australia, Malaysia and Pakistan were higher on the day.  Japan and China were the two worst performing markets
  • China Said to Raise Capital-Adequacy Ratios for Biggest Banks to Curb Risk

THE HEDGEYE DAILY OUTLOOK - BEST PERFORMING ASIA

THE HEDGEYE DAILY OUTLOOK - WORST PERFORMING ASIA

MIDDLE EAST

THE HEDGEYE DAILY OUTLOOK - MIDEAST PERFORMANCE

Howard Penney

Managing Director