THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – April 1, 2013


As we look at today's setup for the S&P 500, the range is 16 points or 0.84% downside to 1556 and 0.18% upside to 1572.            

SECTOR PERFORMANCE


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EQUITY SENTIMENT:


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CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 1.62 from 1.61
  • VIX  closed at 12.7 1 day percent change of -3.42%

MACRO DATA POINTS (Bloomberg Estimates):

  • 8:58am: Markit US PMI Final, March, est. 55.2
  • 10am: Construction Spending M/m, Feb., est. 0.8% (prior -2.1%)
  • 10am: ISM Manufacturing, March, est. 54.2 (prior 54.2)
  • 10am: ISM Prices Paid, March, est. 59.5 (prior 61.5)
  • 11am: Fed to buy $2.75b-$3.5b in 2020-2023 sector
  • 11:30am: US to sell $35b 3-mo., $30b 6-mo. bills
  • U.S. Rates Weekly Agenda

GOVERNMENT:

    • Washington Week Ahead
    • Rule governing high-risk loans takes effect; may change how FDIC-insured banks invest in CLOs
    • USTR releases annual assessments of global trade barriers, incl study on technical, health, safety trade restrictions
    • Homeland Security to begin cutting staffing hours
    • FAA will begin furloughing staff, closing more than 230 control towers at smaller and midsize airports

WHAT TO WATCH

  • Federal court judge dismisses civil claims against U.S. banks over Libor manipulation; rules some commodities-related suits may proceed
  • Verizon sued for $2.85b in debt, interest from Idearc spinoff
  • Dell said to consider Blackstone LBO with CEO guarantee
  • Proxy statement has PC sales falling by $10b over 4 years
  • Chesapeake names Dixon acting CEO, to hold conf. call on ops
  • Beijing, Shanghai boost home curbs as China acts to cool mkt
  • Wal-Mart to spend 500m yuan ungrading Chinese stores, China National Radio says
  • All Nippon Airways plans for June restart of Dreamliner flights
  • Boeing canceled test flight of 787, Seattle Times says
  • Cerberus may begin more formal steps in Freedom Group sale
  • Exxon to excavate Pegasus oil pipeline to find cause of leak
  • Google is biggest threat to TripAdvisor, CEO Steve Kaufer says in FT
  • Panasonic said to be under U.S. probe over bribery: WSJ
  • Apple iRadio may be introduced in summer 2013, AppleInsider says
  • Tesla turned profitable in 1Q; Model S sales exceeded forecast
  • Amazon buying Goodreads book-review site irks author group
  • U.S. Weekly Agendas: Finance, Industrials, Energy, Health, Consumer, Tech, Media/Ent, Real Estate, Transports
  • North American M&A Agenda
  • Canada Weekly Agendas: Energy, Mining
  • BOJ Meeting, U.S. Jobs, China Index: Wk Ahead April 1-April 6

EARNINGS:

    • Cal-Maine Foods (CALM) 6:30am, $1.40

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Corn Heads for Bear Market After U.S. Stockpiles Beat Estimates
  • Bullish Bets Rebound at Fastest Pace in Four Years: Commodities
  • Rubber Falls Into Bear Market as Stockpiles Swell, Demand Eases
  • Indonesia to Review Rubber Exports After Prices Tumble in Tokyo
  • Brent-WTI Crude Spread Widens as Exxon Shuts Pipe to Texas
  • Spot Gold Little Changed as Silver Nears Bear-Market Threshold
  • Copper Drops to 8-Month Low in Shanghai on China Manufacturing
  • Hedge Funds Backing $100 Crude Lift Bullish Bets: Energy Markets
  • Asia Gasoil Contango Narrows; Fuel Oil Crack Drops: Oil Products
  • Mitsubishi Materials to Cut First-Half Copper Output by 6.8%
  • Palm Oil Drops to Two-Month Low as Europe Crisis to Curb Demand
  • Russia Sets Minimum Prices for Grain Purchases for Stockpiles
  • China Manufacturing Rises at Faster Pace in March, Gauges Show
  • Coffee Exports From Indonesia’s Sumatra Fall as Inventories Drop

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CURRENCIES


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GLOBAL PERFORMANCE

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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