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TODAY’S S&P 500 SET-UP – March 30, 2012

SECTOR AND GLOBAL PERFORMANCE

THE HEDGEYE DAILY OUTLOOK - 1

THE HEDGEYE DAILY OUTLOOK - 2

THE HEDGEYE DAILY OUTLOOK - 3

 

EQUITY SENTIMENT: 

  • ADVANCE/DECLINE LINE: -662 (238) 
  • VOLUME: NYSE 817.38 (0.04%)
  • VIX:  15.48 0.06% YTD PERFORMANCE: -33.85%
  • SPX PUT/CALL RATIO: 1.49 from 3.16 (-52.85%)

CREDIT/ECONOMIC MARKET LOOK:

  • TED SPREAD: 41.22
  • 3-MONTH T-BILL YIELD: 0.06%
  • 10-Year: 2.16 from 2.16
  • YIELD CURVE: 1.82 from 1.82 

MACRO DATA POINTS (Bloomberg Estimates):

  • 8:30am: Personal income, Feb., est. 0.4% (prior 0.3%)
  • 8:30am: Personal spending, Feb., est. 0.6% (prior 0.2%)
  • 9:45am: Chicago Purchasing Mgr, Mar., est. 63.0 (prior 64.0)
  • 9:55am: UMich Confidence, Mar. F, est. 74.6 (prior 74.3)
  • 10am: NAPM Milwaukee, Mar., est. 58.0 (prior 58.6)
  • 1pm: Baker Hughes rig count 

GOVERNMENT:

    • Secretary of State Hillary Clinton in Riyadh, Saudi Arabia, meets with King Abdullah regarding regional security and Syria
    • President Obama travels to Maine and Vermont for campaign fundraising
    • ITC holds meeting on the economic effect of the addition of certain products to the list of items eligible for duty-free treatment, 9:30 am
    • FTC Bureau directors speak at antitrust conference, 8:15am 

WHAT TO WATCH: 

  • Consumer spending probably climbed 0.6% in Feb., economist est., as Americans bought more cars
  • FTC decision may occur today on Express Scripts and Medco Health antritrust law violation claims
  • Research in Motion said it plans to refocus on business market, will consider partnerships and joint ventures
  • BP said the U.S. govt. is withholding evidence that would show the oil spill in the Gulf of Mexico was smaller than claimed
  • Wells Fargo and SEC lawyers told to meet to discuss documents related to a probe of mortgage-backed securities
  • Pfizer judge certifies class action in Celebrex, Bextra suits
  • Euro-area March consumer prices climbed 2.6%, more than est.
  • Deadline for private-equity, hedge funds to meet registration requirements with SEC under Dodd-Frank

EARNINGS:

    • Finish Line (FINL), Pre-Mkt, $0.81    

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Copper Traders Most Bearish in Two Months on China: Commodities
  • Gold, Poised for Quarterly Advance, May Gain on Weaker Dollar
  • Oil Rises From Year’s Biggest Decline as Finance Ministers Meet
  • Copper, Set for Quarterly Increase, Climbs as Equities Advance
  • Soybeans, Headed for Quarterly Gain, Rise as Sowing May Stagnate
  • Robusta Coffee Slides as Producers May Be Selling; Sugar Rises
  • Carbon Like ‘Titanic’ Sinking on EU Permit Glut: Energy Markets
  • Floating Windmills in Japan Help Wind Down Nuclear Power: Energy
  • Gas Extends 10-Year Low as Inventories Gain More Than Expected
  • Iran Sanctions Fuel ‘Junk for Oil’ Barter With China, India
  • Oman Oil Output to Rise Next Month as Harweel Field Starts
  • Japan’s February Oil Imports From Iran Fall 32.7%, METI Says
  • Japan Expects Feed-Wheat Imports May Jump 82% Next Fiscal
  • Copper Traders Most Bearish as China Slows
  • GrainCorp at Lowest Valuation Seen Ripe for Plucking: Real M&A
  • Stalin’s Siberian Enclave Revives as Putin Seeks Mines for China
  • O’Neill Says He’s Not Convinced Oil Prices Going Up Further

THE HEDGEYE DAILY OUTLOOK - 4

CURRENCIES

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EUROPEAN MARKETS


GERMANY – February retail sales come in weaker at -1.1% versus the estimate of +1.1%. 

THE HEDGEYE DAILY OUTLOOK - 6

 

ASIAN MARKETS


JAPAN – Industrial production unexpectedly fell as strengthening yen hurt outlook for exporters earnings; and Japan February consumer prices unexpectedly increased +0.1% versus -0.1% estimates.

THE HEDGEYE DAILY OUTLOOK - 7

 

 

MIDDLE EAST


THE HEDGEYE DAILY OUTLOOK - 8

The Hedgeye Macro Team