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
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- Rio Tinto has withdrawn from talks with Queensland state govt.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
CURRENCIES
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team