THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP - April 29, 2011


As we look at today’s set up for the S&P 500, the range is 34 points or -1.99% downside to 1333 and 0.51% upside to 1367.

 

SECTOR AND GLOBAL PERFORMANCE


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

 

THE HEDGEYE DAILY OUTLOOK - levels 429

 

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: 691 (-141)  
  • VOLUME: NYSE 961.53 (+0.06%)
  • VIX:  14.37 -6.38% YTD PERFORMANCE: -19.04%
  • SPX PUT/CALL RATIO: 1.21 from 1.15 (+5.28%)

 

CREDIT/ECONOMIC MARKET LOOK:

  • TED SPREAD: 22.25
  • 3-MONTH T-BILL YIELD: 0.06% -0.01%
  • 10-Year: 3.39 from 3.34
  • YIELD CURVE: 1.96 from 1.21 

 

MACRO DATA POINTS:

  • 8:30 a.m.: Personal Income, est. 0.4%, prior 0.3%
  • 8:30 a.m.: Personal Spending, est. 0.5%, prior 0.7%
  • 8:40 a.m.: Fed’s Bullard to speak on community development in Virginia
  • 9:45 a.m.: Chicago Purchasing Manager, est. 68.2, prior 70.6
  • 9:55 a.m.: U Michigan Confidence, April final, est. 70.0, prior 69.6
  • 10 a.m.: NAPM-Milwaukee, est 63.0, prior 66.0
  • 12:30 p.m.: Bernanke speaks at Fed Community-Affairs Conference
  • 1 p.m.: Baker Hughes rig count, prior 1800

 

WHAT TO WATCH:

  • Russia Unexpectedly Raises Benchmark Interest Rate Quarter Point to 8.25%
  • PPC facing at least $500 million in higher feed costs this year
  • Berkshire Hathaway annual meeting this weekend

 

COMMODITY/GROWTH EXPECTATION

 

THE HEDGEYE DAILY OUTLOOK - daily commodity view

 

 

COMMODITY HEADLINES FROM BLOOMBERG:

  • Gold-Buying Central Banks May Signal Bullion Extending Record Price Rally
  • Copper Futures in Shanghai Heading for Second Monthly Loss on China Curbs
  • Gold Heads for Best Monthly Gain Since November 2009 on Inflation, Dollar
  • Crude Oil Falls From Highest in 31 Months; Heads for Eighth Monthly Gain
  • Coffee May Climb 40% on Brazil Frost Risk as Kraft, Smucker Raise Prices
  • India Said to Consider Freeing Urea Price to Reduce Spending on Subsidies
  • Corn Demand in China to Outstrip Supplies on Livestock Feed
  • Naphtha’s Rally Not Over as Japan, Korean Demand Rebounds: Energy Markets
  • Wheat Futures Gain  as Rains in U.S. May Have Come Too Late for Harvests
  • China May Face Power Shortages in Summer as Demand Beats Growth in Supply

 

 CURRENCIES

 

THE HEDGEYE DAILY OUTLOOK - daily currency view

 

 

EUROPEAN MARKETS

  • U.K. markets closed for the Royal Wedding. Also closed Monday
  • Inflation Accelerates in Europe on Oil Surge as Business Confidence Wanes
  • European Stocks Are Little Changed; Yara, SSAB Rise on Earnings, YIT Sinks
  • Euro Zone April CPI 2.8% y/y vs 2.7% consensus
  • France Mar PPI +6.6% y/y vs. consensus +6.4%               

THE HEDGEYE DAILY OUTLOOK - BEST PERFORMING EURO

 

THE HEDGEYE DAILY OUTLOOK - WORST PERFORMING EURO

 

 

ASIA PACIFIC MARKTES:

  • Asia stocks mixed as US economic growth slows
  • Yuan strengthens to post-’93 high against dollar as China fights inflation
  • Taiwan’s economy grows more-than-estimated 6.19%, adding pressure on rates
  • Japan was closed for Showa day.

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


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