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TODAY’S S&P 500 SET-UP – April 4, 2013


As we look at today's setup for the S&P 500, the range is 30 points or 0.49% downside to 1546 and 1.44% 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: 1.58 from 1.58
  • VIX closed at 14.21 1 day percent change of 11.19%

MACRO DATA POINTS (Bloomberg Estimates):

  • 7am: BoE interest rate announcement
  • 7:30am: Challenger Job Cuts Y/y, March (prior 7.0%)
  • 7:30am: RBC Consumer Outlook Index, April (prior 47.1)
  • 7:45am: ECB interest rate announcement
  • 8:30am: ECB’s Draghi holds news conference on interest rates
  • 8:30am: Init Jobless Claims, Mar 30, est. 353k (prior 357k)
  • 9:45am: Bloomberg Consumer Comfort, March 31 (prior -34.4)
  • 10:30am: Fed’s Bernanke speaks on economy
  • 10:30am: EIA natural-gas storage change
  • 11am: Fed to buy $1.25b-$1.75b in 2036-2043 sector
  • 12:30pm: Fed’s George speaks in El Reno, Okla.
  • 5pm: Fed’s Yellen speaks in Washington

GOVERNMENT:

    • Carlyle Group Managing Director David Rubenstein, Bloomberg CEO Dan Doctoroff, 32 Advisors CEO Robert Wolf, Asst. to the Pres. Michael Froman among panelists at Export-Import Bank annual conf., 8:45am
    • Fed Vice Chair Janet Yellen, AOL CEO Tim Armstrong speak at Society of American Business Editors and Writers conf.
    • CSIS hosts forum on financial reform in China, with Dep. Asst Treasury Sec Robert Dohner, IMF’s Markus Rodlauer, Institute of Intl Finance MD Timothy Adams, 2pm
    • SEC holds closed meeting on injunctive actions, administrative and enforcement proceedings, 3:45pm
    • Treasury, IRS discuss proposed regulations on implementation of additional Medicare tax, 10am
    • U.S.-China Economic and Security Review Commission holds hearing on political, and economic drivers of China’s maritime disputes in east, south China seas, 9am

WHAT TO WATCH

  • Facebook said to plan Android phone push to boost ad sales
  • BOJ doubles monthly bond purchases to meet inflation target in 2 yrs
  • Lululemon chief product officer to leave; reaffirms 1Q view
  • Primary dealers are losing influence in U.S.
  • British Airways parent IAG to buy 18 extra Boeing 787 Dreamliners
  • Cerberus said to tap Goldman, JPMorgan, BofA for property IPO
  • GM board calls emergency meeting at Germany’s Opel: Bild
  • Deutsche Bank said to be probed over hidden losses in crisis
  • Vodafone restates results in change to accounting for ventures
  • Euro-area March services output shrinks more than estimated
  • ECB, BoE to leave benchmark rates unchanged today, according to est.
  • North Korea warns U.S. it approved ‘lighter’ nuclear attack
  • Chinese Army on ‘high alert’ over North Korea: DPA
  • New bird flu strain kills third person in China as cases spread

EARNINGS:

    • International Speedway (ISCA) 7am, $0.36
    • RPM International (RPM) 7:30am, $0.06
    • WD-40 (WDFC) 4pm, $0.56

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Gold Slumps Toward Bear Market as Investors Reduce ETP Holdings
  • Iron Ore Bear Market Looms as Supply Swamps Demand: Commodities
  • Brent Rises After Closing at Four-Month Low; WTI Little Changed
  • Barclays Oil-Research Head Horsnell Said to Leave After 10 Years
  • Copper Reaches Eight-Month Low as Services Contraction Worsens
  • Sugar Climbs on Speculation of More Ethanol Demand; Coffee Gains
  • Soybeans Drop on Concern Bird Flu in China May Limit Feed Use
  • ETF Securities Says Investors Move from Gold to Cyclical Assets
  • Macquarie Says China Bonded Copper Stocks Fell 100,000t in Q1
  • Shenzhen Is First in China With June Start for Emissions Trading
  • Norway’s Oil Future Seen With Ice-Free Arctic’s Barrels: Energy
  • New Bird Flu Kills Third Person in China as Cases Rise to 10
  • Copper Heading Toward June Low of $7,219.50: Technical Analysis
  • Drought-Hit Coffee Area in Vietnam Forecast to Receive Rains

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