THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – April 27, 2012


As we look at today’s set up for the S&P 500, the range is 11 points or -0.64% downside to 1391 and 0.14% upside to 1402. 

                                            

SECTOR AND GLOBAL PERFORMANCE

 

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EQUITY SENTIMENT:

  • ADVANCE/DECLINE LINE: on 4/26 NYSE 1071
    • Down from the prior day’s trading of 1631
  • VOLUME: on 4/26 NYSE 780.19
    • Decrease versus prior day’s trading of -5.11%
  • VIX:  as of 4/26 was at 16.24
    • Decrease versus most recent day’s trading of -3.45%
    • Year-to-date decrease of -30.60%
  • SPX PUT/CALL RATIO: as of 04/26 closed at 1.31
    • Down from the day prior at 1.45 

CREDIT/ECONOMIC MARKET LOOK:

  • TED SPREAD: as of this morning 38
  • 3-MONTH T-BILL YIELD: as of this morning 0.09%
  • 10-Year: as of this morning 1.93
    • Down from prior day’s trading of 1.94
  • YIELD CURVE: as of this morning 1.68
    • Unchanged from prior day’s trading 

MACRO DATA POINTS (Bloomberg Estimates):

  • 8:30am: Employment Cost Index (1Q), est. 0.5% (prior 0.4%)
  • 8:30am: GDP (Q/q) (Annualized) 1Q A, est. 2.5% (prior 3.0%)
  • 8:30am: Personal Consumption, 1Q A, est. 2.3% (prior 2.1%)
  • 9:55am: U.Mich Confidence, Apr. F, est. 75.7 (prior 75.7) 

 GOVERNMENT:

  • Obama speaks to troops at Ft. Stewart in Hinesville, Ga.
  • FCC meets on practice of billing for unauthorized charges known as “cramming,” national broadband plan,  11am
  • House, Senate in session:
    • House Ways and Means panel holds hearing on premium support model for Medicare, 9am 

WHAT TO WATCH:

  • U.S. GDP probably gained at 2.5% annual rate after biggest increase in consumer spending in yr, economists est.
  • Ford Motor’s European outlook may be focus for investors as automaker releases earnings today
  • Merck may comment on new drugs, M&A as part of earnings discussion
  • Real estate investors competing to buy Manhattan apartment buildings have sent prices to record highs: Real Capital Analytics
  • Yuan declined more than 0.5% from central bank’s reference rate
  • for first time ahead of China-U.S. talks next week
  • Spanish Economy Minister Luis de Guindos ruled out seeking a bailout hours before S&P cut rating
  • Samsung overtook Nokia as world’s biggest vendor of mobile phones: Strategy Analytics
  • Global earnings: Nomura profit beats est.
  • Goldman Sachs banker Matthew Korenberg has been subject of U.S. insider-trading probe for 2 1/2 years related to Galleon: lawyer  Client
  • Companies must resubmit clean-energy loan applications in Washington by today for U.S guarantees denied last year
  • Huse approved a Republican-backed cybersecurity bill yesterday; Obama has called measure flawed and threated veto 

     EARNINGS:

    • Calpine (CPN) 6:00am, $(0.13)
    • Covidien (COV) 6:00am, $1.03
    • Magellan Health Services (MGLN) 6:30am, $0.90
    • Newell Rubbermaid (NWL) 6:30am, $0.31
    • Barnes Group (B) 6:30am, $0.44
    • Goodyear Tire & Rubber/The (GT) 6:30am, $0.07
    • Coventry Health Care (CVH) 6:30am, $0.67
    • Ford Motor (F) 7:00am, $0.35
    • DTE Energy (DTE) 7:00am, $1.09
    • International Paper (IP) 7:00am, $0.50
    • Merck (MRK) 7:00am, $0.98
    • Simon Property Group (SPG) 7:00am, $1.68
    • Procter & Gamble (PG) 7:00am, $0.92
    • Lazard Ltd (LAZ) 7:00am, $0.24
    • VF (VFC) 7:00am, $1.88
    • Imax (IMX CN) 7:00am, $0.07
    • Flir Systems (FLIR) 7:30am, $0.33
    • Ventas (VTR) 7:30am, $0.86
    • American Axle (AXL) 7:30am, $0.64
    • KKR & LP (KKR) 8:00am, $0.72
    • Pilgrim’s Pride (PPC) 8:00am, $0.09
    • Canadian Utilities Ltd (CU CN) 8:07am, C$1.36
    • TransCanada (TRP CN) 8:11am, C$0.54
    • Chevron (CVX) 8:30am, $3.28 

     COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG) 

  • Gold Traders Get More Bullish as Central Banks Buy: Commodities
  • Oil Falls From Four-Week High as Spain Cut Renews Demand Concern
  • Copper Swings Between Gains, Drops on Lower Stocks, Debt Crisis
  • Soybeans Set for Third Monthly Advance on South American Crops
  • Sugar Smuggling Into China Soars to Highest in 17 Years on Price
  • Gold May Fall in London as Stronger Dollar Curbs Investor Demand
  • Copper Stockpiles in China Climb to Record, StanChart Says
  • Gold May Advance Above $1,700, Infinity Says: Technical Analysis
  • Mercuria Seeks Investor for 20% Stake as It Expands in China
  • Cnooc Cuts Costs With Bonds After Bohai Oil Find: China Credit
  • California’s Mad Cow Had Been Euthanized After Falling Ill
  • Newmont First-Quarter Profit Beats Estimates on Gold Production
  • YPF Grab Spurs Biggest Jump in Default Risk: Argentina Credit
  • Cocoa Heads for Third Weekly Gain as Investors Buy; Sugar Drops
  • Global 2012 Steel Use to Rise 3.6% on U.S. Recovery, Group Says
  • Mittal Aids India-Pakistan Detente With Border Refinery: Energy

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CURRENCIES

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EUROPEAN MARKETS

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ASIAN MARKETS


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MIDDLE EAST


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The Hedgeye Macro Team