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 39 points or -1.88% downside to 1333 and 0.98% upside to 1377.

 

SECTOR AND GLOBAL PERFORMANCE


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

 

THE HEDGEYE DAILY OUTLOOK - levels 52

 

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: 917 (+226)  
  • VOLUME: NYSE 975.24 (+1.43%)
  • VIX:  14.75 0.89% YTD PERFORMANCE: -16.90%
  • 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: 1.75 from 1.96 

 

MACRO DATA POINTS:

  • 10 a.m.: Construction spending, est. 0.4%, prior 1.4%
  • 10 a.m.: ISM Manufacturing, est. 59.5, prior 61.2
  • 11 a.m.: Export inspections: Corn, soybeans, wheat
  • 11:30 a.m.: U.S. to sell $29b 3-mo. bills, $27b 6-mo. bills
  • 4 p.m.: Crop progress: Winter wheat, cotton, corn

WHAT TO WATCH:

  • India’s manufacturing grew at the fastest pace in five months and exports climbed to a record, increasing pressure on the central bank to raise interest rates
  • Silver futures plunged as much as 13% after CME boosted margins
  • Ralcorp said it received unsolicited takeover proposal in March, board determined wasn’t in best interest; CNBC reported Friday that ConAgra had expressed interest

COMMODITY/GROWTH EXPECTATION

 

THE HEDGEYE DAILY OUTLOOK - daily commodity view

 

 

COMMODITY HEADLINES FROM BLOOMBERG:

  • Oil Drops Most in Two Weeks After U.S. Says Bin Laden Killed in Pakistan
  • Copper Declines to 7-Week Low as Chinese Manufacturing Declined in April
  • Corn Slips as Dollar’s Gain Cuts Demand for Commodities as Store of Value
  • India Said to Consider Ending Four-Year Ban on Wheat Exports on Stockpiles
  • Rubber Falls as China’s Manufacturing Index Declines More Than Forecast
  • South Korea Seeking to Boost Wheat, Soybean Production to Reduce Imports
  • Commodities Beat Financial Assets for Fifth Month in Best Streak Since ’97
  • Cocoa Bean Exports From Indonesia’s Sulawesi Slump as Sales Suffer Delays
  • Korea Investment Corp. Buys Noble Group Stake to Partner in Infrastructure
  • Funds Slash Bullish Sugar Bets to Two-Year Low as Thailand Supplies Climb
  • Codelco Waning Copper Pressures $17.5 Billion Bet to Catch Boom for Metals
  • Bolivia President Morales to Overturn Laws on Mining, Banking, Investments

 

 

CURRENCIES

 

THE HEDGEYE DAILY OUTLOOK - daily currency view

 

 

EUROPEAN MARKETS

  • European indices are trading higher a few hours after the announcement of Osama bin Laden's death.
  • UK markets are closed for a bank holiday.
  • Eurozone April final manufacturing PMI 58.0 vs consensus 57.7
  • Germany April final manufacturing PMI 62.00 vs consensus 61.7
  • France April Final Manufacturing PMI 57.5 vs consensus 56.9

 

THE HEDGEYE DAILY OUTLOOK - BEST PERFORMING EURO

 

THE HEDGEYE DAILY OUTLOOK - WORST PERFORMING EURO

 

 

ASIA PACIFIC MARKETS:

  • Most Asian markets that were open rose today.
  • China, Hong Kong, Taiwan, and Thailand were closed for Labour 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