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TODAY’S S&P 500 SET-UP – April 2, 2013


As we look at today's setup for the S&P 500, the range is 15 points or 0.33% downside to 1557 and 0.63% upside to 1572.     

SECTOR PERFORMANCE


THE HEDGEYE DAILY OUTLOOK - 1

THE HEDGEYE DAILY OUTLOOK - 2

EQUITY SENTIMENT:


THE HEDGEYE DAILY OUTLOOK - 10


CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 1.60 from 1.59
  • VIX closed at 13.58 1 day percent change of 6.93%

MACRO DATA POINTS (Bloomberg Estimates):

  • 7:45am: ICSC weekly sales
  • 8:55am: Johnson/Redbook weekly sale
  • 9:45am: ISM New York, March (Prior: 58.8)
  • 10am: Factory Orders, Feb., est. 2.9% (Prior: -2.0%)
  • 10am: IBD/TIPP Eco Optimism, April, est. 45.5 (Prior: 42.2)
  • 11am: Fed to buy $1.25b-$1.75b in 2036-2043 sector
  • 11:30am: U.S. to sell 4W bills, $25b 52W bills
  • 1pm: Fed’s Kocherlakota speaks in Grand Forks, N.D.
  • 1:30pm: Fed’s Lockhart speaks in Birmingham, Ala.
  • 4:30pm: API energy inventories
  • 7:30pm: Fed’s Evans, Lacker speak in Richmond, Va.

GOVERNMENT:

    • House, Senate not in session
    • President Obama meets with Singapore’s Prime Minister Lee Hsien Loong
    • IMF Managing Director Christine Lagarde speaks at World Resources Institute, 2:30pm
    • Sec. of State John Kerry meets with South Korea’s Minister of Foreign Affairs and Trade Yun Byung Se, 3:30pm

WHAT TO WATCH

  • Ford, GM, others report U.S. auto sales; SAAR may be 15.4m
  • Euro-area unemployment rate rises to record 12%
  • Dell CEO says business unit making progress amid LBO talks
  • North Korea to restart nuclear reactor shut by disarmament deal
  • Foreigners sell most Korean stocks since May on yen, tension
  • Nasdaq accepts credit rating risk in quest to expand with ESpeed
  • Vodafone rises; FT Alphaville blog reports AT&T/VZ working on joint takeover bid
  • Obama said to consider Ray McGuire and Orin Kramer for Treasury
  • Cyprus govt. officials are seeking easier bailout terms in talks with representatives of EU, IMF today
  • Nuance jumps after Carl Icahn reports 9.3% passive stake
  • Small-business insurance market from health law delayed a year
  • Abe says BOJ may miss price target if global economy changes
  • Cyprus seeks more time to meet budget targets in bailout talks
  • Spain to alter 2013 GDP target to 1% contraction vs 0.5%: Reuters
  • U.K. financial firms may hire 4,000 in 1H on growth outlook
  • Bank-card delinquencies lowest in >18 yrs: ABA

EARNINGS:

    • McCormick (MKC) 6:30am, $0.56
    • Oxford Industries (OXM) 4pm, $0.70
    • Global Payments (GPN) 4:01pm, $0.89
    • Team Inc. (TISI) 4:01pm, $0.01
    • G-III Apparel Group (GIII) aft-mkt $0.40

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • WTI Crude Little Changed as Survey Suggests U.S. Stockpiles Rose
  • Raw-Material Bull Market Fading as Supply Expands: Commodities
  • Rubber Poised for Third Surplus in 2013, Extending Price Slump
  • Copper Swings in New York on Seven-Month Low and China Factories
  • Vitol Group Starts Global Grain Trading From Singapore, Geneva
  • Gold Swings as Investors Weigh Slowing Physical Demand, Crisis
  • Crop Prices Rebound as Declines May Attract Consumers, Investors
  • Commodity Bear Markets Expand on Rising Supplies of Corn, Silver
  • Palm Oil Futures Gain as Decline to Three Month Low Spurs Buying
  • Hong Kong as World-Beater Cut in London Metal by Mandarin Li
  • Crude Stockpiles Surge to 22-Year High in Survey: Energy Markets
  • Republican Born Roosevelt Digs Deep for Texas Oil Found With CO2
  • Yen Makes Tokyo Rubber Better Bet Than China: Chart of the Day
  • Rubber’s Slump Into Bear Market Draws Export Curbs From Thailand

THE HEDGEYE DAILY OUTLOOK - 5

 

CURRENCIES


THE HEDGEYE DAILY OUTLOOK - 6

GLOBAL PERFORMANCE

THE HEDGEYE DAILY OUTLOOK - 3

THE HEDGEYE DAILY OUTLOOK - 4

EUROPEAN MARKETS


THE HEDGEYE DAILY OUTLOOK - 7

ASIAN MARKETS


THE HEDGEYE DAILY OUTLOOK - 8

MIDDLE EAST


THE HEDGEYE DAILY OUTLOOK - 9

The Hedgeye Macro Team