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TODAY’S S&P 500 SET-UP – April 20, 2012


As we look at today’s set up for the S&P 500, the range is 39 points or -1.52% downside to 1356 and 1.31% upside to 1395. 

                                            

SECTOR AND GLOBAL PERFORMANCE

THE HEDGEYE DAILY OUTLOOK - 1

 

THE HEDGEYE DAILY OUTLOOK - 2

 

THE HEDGEYE DAILY OUTLOOK - 3

 

 

EQUITY SENTIMENT:

  • ADVANCE/DECLINE LINE: on 4/19 NYSE -530
    • Up from the prior day’s trading of -1015
  • VOLUME: on 4/19 NYSE 822.92
    • Increase versus prior day’s trading of 14.14%
  • VIX:  as of 4/19 was at 18.36
    • Decrease versus most recent day’s trading of -1.50%
    • Year-to-date decrease of -21.54%
  • SPX PUT/CALL RATIO: as of 04/19 closed at 1.62
    • Down from the day prior at 2.74 

CREDIT/ECONOMIC MARKET LOOK:

  • TED SPREAD: as of this morning 40
  • 3-MONTH T-BILL YIELD: as of this morning 0.07%
  • 10-Year: as of this morning 1.98
    • Up from prior day’s trading of 1.97
  • YIELD CURVE: as of this morning 1.72
    • Increase from prior day’s trading at 1.70 

MACRO DATA POINTS (Bloomberg Estimates):

  • 9:45am: G-20 central bankers, finance ministers meet in Washington
  • IMF, World Bank host spring meetings
  • 1pm: Baker Hughes rig count
  • 2pm: Treasury Secretary Tim Geithner hosts Deauville Partnership Ministerial on Arab Countries in Transition 

 GOVERNMENT:

    • Quinnipiac University releases poll of American voters on economy, bailout of auto industry, health care law, 6am
    • Mitt Romney speaks to RNC State Chairman’s National Meeting in Scottsdale, Ariz, Noon
    • Filing deadline for campaign finance reports
    • Senate, House not in session
    • CFTC holds closed hearing on enforcement matters, 10am   

WHAT TO WATCH:

  • Consumer Financial Protection Bureau said to be scrutinizing nine banks including JPMorgan, Wells Fargo and BofA on overdraft protection programs
  • German business confidence unexpectedly increased to nine- month high in April; U.K. retail sales beat est.
  • Former Chinese President Jiang Zemin said to have met Starbucks CEO Howard Schultz on April 17 in Beijing
  • TPG Capital won’t improve its $816m bid for GlobeOp Financial Services, clearing way for SS&C Technologies to buy the hedge fund administrator
  • JPMorgan, fighting Lehman Brothers over $8.6b the defunct firm wants back, won dismissal yesterday of some claims
  • Samsung Electronics sued Apple again in the U.S. over patent infringements, one day after cos. ordered by federal court to discuss settling year-long IP dispute
  • Rio Tinto has withdrawn from talks with Queensland state govt. for $9.3b expansion of Abbot Point coal export harbor due to shift in global economic markets, higher costs
  • Lubrizol CEO James Hambrick plans to increase rev. by ~60% as he sets goals under new ownership of Berkshire Hathaway
  • General Electric seeking $6b in contracts out of Australia by end of decade as it taps country’s growing role as supplier of LNG, iron ore and wind power
  • Interactive Brokers Chairman Thomas Peterffy tells WSJ he plans to cede responsibilities over next several years, has no immediate plans to step down
  • Disney, Viacom’s Paramount Pictures among Hollywood’s biggest movie studios that lost piracy lawsuit in Australia
  • Bernanke, Apple Earnings, French Vote: Week Ahead April 21-28 

EARNINGS:

    • Schlumberger (SLB) 6 a.m., $0.97
    • General Electric (GE) 6:30 a.m., $0.33
    • American Electric Power (AEP) 6:57 a.m., $0.78
    • AO Smith (AOS) 7 a.m., $0.61
    • Honeywell International (HON) 7 a.m., $0.99
    • National Penn Bancshares (NPBC) 7 a.m., $0.14
    • Under Armour (UA) 7 a.m., $0.24
    • IDXX Laboratories (IDXX) 7 a.m., $0.71
    • Johnson Controls (JCI) 7 a.m., $0.53
    • Ingersoll Rand (IR) 7 a.m., $0.25
    • Manpower (MAN) 7:30 a.m., $0.35
    • Kimberly-Clark (KMB) 7:30 a.m., $1.17
    • Canadian Pacific Railway Ltd (CP CN) 7:30 a.m., $0.79
    • Sensient Technologies (SXT) 7:57 a.m., $0.57
    • McDonald’s (MCD) 7:58 a.m., $1.23
    • Royal Caribbean Cruises (RCL) 8:30 a.m., $0.15 

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Copper Traders Turn Bullish as Growth Accelerates: Commodities
  • Oil Rises First Time in Three Days as German Confidence Improves
  • Corn Gains as China Signals Rising Demand; Soybeans Advance
  • Guar Crop in India to Climb, Lifting Supply for Halliburton
  • Cocoa Falls After North American Grindings Drop; Coffee Rises
  • Gold May Advance for a Second Day as Weaker Dollar Spurs Demand
  • Copper May Rise on Shrinking Stocks, Demand From Auto Makers
  • Plantation Stocks to Rally as Palm Oil Surges: Chart of the Day
  • Oil-Dollar Link Tightens as Iran Tension Eases: Energy Markets
  • Indonesian Miners Exempted From Ban Need Permits, Saleh Says
  • Grape-Crop Freeze Damages Fruit Used in U.S. Juice, Welch’s Says
  • Nuclear Exit Cuts Steelmakers’ Bond Cost to Record: Japan Credit
  • Oil May Fall as Slower Economy Reduces Demand, Survey Shows
  • Copper Traders Turn Bullish as Growth Gains
  • Guar at Record May Fail to Boost U.S. Output, Help Halliburton
  • China Hog-Farmers Profits Drop to 19-Month Low: Chart of the Day
  • Mistry Sticks With 4,000 Ringgit Palm-Oil Call, Likes Wilmar 

THE HEDGEYE DAILY OUTLOOK - 4

CURRENCIES


THE HEDGEYE DAILY OUTLOOK - 5

EUROPEAN MARKETS


THE HEDGEYE DAILY OUTLOOK - 6

 

ASIAN MARKETS

THE HEDGEYE DAILY OUTLOOK - 7

 

 

MIDDLE EAST


THE HEDGEYE DAILY OUTLOOK - 8

The Hedgeye Macro Team