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TODAY’S S&P 500 SET-UP – April 9, 2013


As we look at today's setup for the S&P 500, the range is 22 points or 0.77% downside to 1551 and 0.64% upside to 1573.     

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: 1.49 from 1.49
  • VIX closed at 13.19 1 day percent change of -5.24%

MACRO DATA POINTS (Bloomberg Estimates):

  • 7:30am: NFIB Small Bus Optimism, March, est. 90.3 (prior 90.8)
  • 7:45am: ICSC weekly sales
  • 8:55am: Johnson/Redbook weekly sales
  • 9:30am: Fed’s Lacker speaks in Richmond, Va.
  • 10am: Wholesale Inventories, Feb., est. 0.5% (prior 1.2%)
  • 10am: Wholesale Sales M/m, Feb., est. 1.5% (prior -0.8%)
  • 10am: JOLTs Job Openings, Feb., est. 3.730m (prior 3.693m)
  • 11am: Fed to purchase $1.25b-$1.75b notes in 2036-2043 sector
  • 11:30am: U.S. to sell 4W bills
  • 1pm: U.S. to sell $32b 3Y notes
  • 1pm: Fed’s Lockhart gives remarks at Atlanta Fed conference
  • 4:30pm: API energy inventories

     GOVERNMENT:

    • House, Senate in session
    • Officials from OMB, European Commission meet to discuss regulatory compliance, U.S.-EU trade deal, 9am
    • Senate Armed Svcs panel holds hearing on counterterrorism, defense authorization, 2:15pm
    • Alberta Premier Alison Redford speaks at Brookings Inst on Keystone XL Pipeline, 2pm

WHAT TO WATCH

  • Bernanke says Fed to press U.S. banks to cut liquidity risk
  • J.C. Penney’s post-Johnson options seen to include sale
  • Billabong to assess $299m buyout by Sycamore Group
  • KPMG fires senior partner over alleged inside trading: NYT
  • Warsaw exchange said to hold merger talks w/Vienna bourse
  • Microsoft, Nokia complain to EU on Google’s Android dominance
  • Chevron resuming Brazil output signals end to spill dispute
  • First Solar holds analyst mtg, to face questions as Brown leaves
  • China tightening pressure eases with March inflation
  • New Hampshire asks MTBE jury for $236m from Exxon
  • Microsoft Surface tablet warranty criticized in China
  • Airbus juggles order book on record demand for A320neo jet
  • German exports declined in Feb. amid euro-area recession
  • Qantas targets Hong Kong approval for airline by year end

EARNINGS:

    • Pricesmart (PSMT) 4:05pm, $0.77

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Codelco Workers Begin Strike at Copper Mines for 24 Hours
  • Corn Boom Goes Bust With U.S. Sales in Record Drop: Commodities
  • Copper and Zinc Rise as China Inflation Eases Tightening Concern
  • Corn Gains as Wet Weather May Delay U.S. Plantings; Wheat Falls
  • Gold Swings as Investors Weigh Stimulus Against Recovery Signs
  • Robusta Coffee Falls as Investors May Keep Selling; Cocoa Gains
  • European Cocoa Processing Probably Dropped 2.4% in First Quarter
  • Wheat Harvest in India Set for Record on High-Yield Seeds, Rains
  • Crude Supplies Climb From 22-Year High in Survey: Energy Markets
  • SGX Prepared for ‘Modest Pickup’ in AsiaClear Iron Ore Futures
  • Killing Keystone Seen as Risking More Oil Spills by Rail: Energy
  • Antofagasta Sees Copper Tight as Stock Climb Belies Price Bets
  • Dinosaur Egg Carriers Losing Ground vs. Membrane LNG Tankers
  • WTI Crude Advances a Second Day; Goldman Shifts Spread Forecast

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