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THE M3: EASTER VISITATION; PACQUIAO FIGHT

The Macau Metro Monitor, April 3, 2013

 

 

107,230 VISITORS DURING EASTER HOLIDAY Macau Daily Times

Macau received 107,230 visitors during the four-day Easter holiday ending on Monday representing a 2.27% increase in comparison with last year.  The Border Gate continued to be the major port for incoming and outgoing travellers, while Hengqin and the Outer Harbor Ferry Terminal were the other busy ports.

 

PACQUIAO-MARQUEZ FIGHT IN SINGAPORE CASINO? Strait Times

Promoter Bob Arum said he is trying to put together a fifth fight between Pacquiao and Juan Manuel Marquez and shopping it to casinos in Macau and Singapore.  He said on Saturday night at the Brandon Rios-Mike Alvarado fight that the bout would likely be at one of the Venetian hotel-casinos in Macau or Singapore.

 


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


THE HEDGEYE DAILY OUTLOOK - 1

 

THE HEDGEYE DAILY OUTLOOK - 2

 

EQUITY SENTIMENT:


THE HEDGEYE DAILY OUTLOOK - 10


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

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

 

 

 

 

 

 

 

 

 


VIDEO: End of a Golden Era?

 

Hedgeye CEO Keith McCullough appeared on CNBC’s Fast Money this evening to talk stocks and how the gold market is breaking down. Keith notes that now that gold has been breaking down over the past four weeks, sell-side analysts are going to get bearish on it, which will only add to the sell off. To see Keith’s full take on gold, skip ahead to 2:35 in the video posted above.


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VIDEO: Paying Dividends

 

Corporations are enjoying record high levels of cash, low amounts of debt and financial flexibility in the current economy. The question is: can companies continue to keep paying out sweet dividends? Hedgeye Director of Research Daryl Jones thinks dividends will increase over time and lays out his case starting at 0:45 in the above video. Names Jones likes include Darden Restaurants (DRI) and Proctor and Gamble (PG).


FTSE: Bullish On The Margin

This week's PMI reports for the UK and Germany weren't as bad as people thought they'd be and in turn, the market was pleased enough to continue buying up UK equities. The FTSE 100 index is in bullish formation now across all three durations: TRADE, TREND and TAIL. Even if it's just a story of funds shifting capital into UK equities, it's impressive enough to garner our attention nonetheless. 

 

FTSE: Bullish On The Margin - FTSE100


Holler At The Dollar

We've said it before and we'll say it again: get the dollar right and you get a lot of other things right. With the US Dollar being up seven of the last eight weeks, two things happen that correlate decently with the currency: stocks are heading higher and commodities are getting crushed. On a 60-day basis the correlation between the US Dollar Index and the SP500 is now +0.81; bullish is as bullish does.

 

Holler At The Dollar - dollarholler


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