THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – April 3, 2013


As we look at today's setup for the S&P 500, the range is 17 points or 0.72% downside to 1559 and 0.37% upside to 1576.         

SECTOR PERFORMANCE


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EQUITY SENTIMENT:


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CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 1.62 from 1.62
  • VIX closed at 12.78 1 day percent change of -5.89%

MACRO DATA POINTS (Bloomberg Estimates):

  • 7am: MBA Mortgage Applications, March 29 (prior 7.7%)
  • 8:15am: ADP Employment Change, March, est. 200k (prior 198k)
  • 10am: ISM Non-Manuf Composite, March, est. 55.5 (prior 56)
  • 10:30am: DoE inventory reports
  • 11am: Fed to buy $3b-$3.75b in 2019-2020 sector
  • 3:30pm: Fed’s Williams speaks in Los Angeles
  • 5pm: Fed’s Bullard to introduce lecture in St. Louis

GOVERNMENT:

    • Senate, House not in session
    • President Obama speaks on gun control in Denver
    • FDIC holds discussion about community banks, 8:30am
    • Hagel speaks on consequences of fiscal constraints
    • NRC staff meets w/ officials from Edison Intl, which is seeking to resume operations at its San Onofre plant. 1pm
    • House Energy and Commerce panel holds hearing on ACA’s Pre-Existing Condition Insurance Program, 1pm

WHAT TO WATCH

  • News Corp. is said to consider sale of its community newspapers
  • Verizon denies report that it’s considering a bid for Vodafone
  • SEC approves using Facebook, Twitter for company disclosures
  • Lagarde says IMF to contribute ~EU1b to Cyprus Deal
  • Cyprus swears in new finance minister as bank controls eased
  • Adelson’s Sands faces $328m trial over Macau license
  • MBIA wins ruling on loan buybacks in Bank of America lawsuit
  • S&P says U.S. didn’t disclose role with states to court
  • Related said to sell NYC’s Monterey Apartments for $250m
  • Euro-Area March inflation slows less than economists Eetimated
  • China’s service industries expanded at faster pace in March
  • BOJ’s Kuroda faces 1-yr window on ending deflation
  • U.K. Banks try to dodge EU bonus caps by defining risk-taker
  • Rio Tinto seeks buyers for Australian coal mine stakes: WSJ
  • CNPC, Petronas eye Marathon Oil’s Angola fields: Reuters

EARNINGS:

    • Conn’s (CONN) 7am, $0.56
    • ConAgra Foods (CAG) 7:30am, $0.56
    • Monsanto (MON) 8am, $2.57
    • Schnitzer Steel (SCHN) 8:30am, $0.25
    • Acuity Brands (AYI) 8:32am, $0.63
    • Dominion Diamond (DDC CN) 5pm, $0.18
    • Harry Winston (HW CN) 5pm, $0.18

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Corn Joins Bear Market for Crops as Demand Slows, Planting Gains
  • Lonmin New CEO Shoulders Output Push as Costs Soar: Commodities
  • WTI Drops as U.S. Crude Stockpiles Increase Most in Four Weeks
  • Copper Falls for Fourth Day on Concern Demand Has Yet to Rebound
  • Silver Drops to 8-Month Low in Bear Market in London; Gold Falls
  • Rice Gains to Highest in a Month as U.S. Farmers Cut Planting
  • Asian Palm-Oil Planters Head to Africa to Meet World Demand
  • Wheat From India Seen Shunned as State-Set Price Deters Buyers
  • Corn-Price Drop Won’t Deter Sugar Buys for Ethanol, Vilsack Says
  • Canada Seen Beating U.S. in $150 Billion Asia LNG Race: Energy
  • Rebar Rises for Second Day on Expectations for Spring Demand
  • Nestle to Spend $16 Million on China Coffee Center on Sales View
  • Silver Seen Extending Losses to $26 an Ounce: Technical Analysis
  • Palm Oil in Malaysia Climbs as Much as 0.5%, Erasing Losses

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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