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
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
CURRENCIES
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team