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TODAY’S S&P 500 SET-UP – April 10, 2013


As we look at today's setup for the S&P 500, the range is 15 points or 0.49% downside to 1561 and 0.47% 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: 1.54 from 1.52
  • VIX closed at 12.84 1 day percent change of -2.65%

MACRO DATA POINTS (Bloomberg Estimates):

  • 7am: MBA Mortgage Applications, April 5 (prior -4.0%)
  • 7:30am: Fed’s Lockhart speaks at Atlanta Fed conference
  • 8:45am: Bloomberg U.S. Economic Survey, April
  • 10:30am: DOE Energy Inventories
  • 1pm: U.S. to sell $21b 10Y notes in reopening
  • 2pm: Monthly Budget Statement, March
  • 2pm: Fed releases minutes from March 19-20 FOMC Meeting
  • 5pm: Fed’s Fisher speaks on economy in El Paso, Texas

GOVERNMENT:

    • 9:30am: Senate Homeland Security Cmte hears from U.S. Border Patrol Chief Michael Fisher, acting Customs chief Kevin McAleenan
    • 10am: House Ways and Means hearing on govt’s ability to keep operating if Treasury reaches statutory debt limit
    • 10am: House Energy and Commerce panel hearing on Keystone bill intended to bypass the need for a presidential permit for the pipeline’s construction; TransCanada’s Alexander Pourbaix, NRDC’s Anthony Swift among witnesses 

WHAT TO WATCH

  • President Obama sends budget plan to Congress
  • Universal Entertainment’s Okada under U.S. criminal probe
  • Swap users win staggered delays in Dodd-Frank reporting rules
  • Apple said to discuss closer mobile collaboration with Yahoo
  • Citigroup hires McKinsey’s Chubak to help Corbat pare expenses
  • Home prices to decline in some cities as rates rise: Zillow
  • Exxon to seek second MTBE win in New Hampshire appeal
  • Microsoft says Surface tablet 2-yr warranty follows China law
  • Deutsche Telekom tallies MetroPCS votes to weigh higher bid
  • UnitedHealth units to pay $500m over hepatitis doctor
  • China exports miss forecasts as “absurd” data defended
  • Toyota says Corolla surpassed Ford Focus in 2012 global sales
  • Yahoo CEO Mayer puts Reses in charge of talent management, M&A
  • UBS plans to expand Asia corporate advisory headcount by 10%
  • Navistar accused in suit of misleading on engine compliance
  • APA expects offers for Australian gas pipeline in next week

EARNINGS:

    • Family Dollar Stores (FDO) 7am, $1.22
    • Fastental (FAST) 7am, $0.37
    • MSC Industrial (MSM) 7:30am, $0.90
    • Constellation Brands (STZ) 7:30am, $0.45 - Preview
    • CarMax (KMX) 7:35am, $0.46
    • Progressive (PGR) 8:12am, $0.44
    • Bed Bath & Beyond (BBBY) 4:15pm, $1.68 - Preview
    • Novagold Resources (NG CN) Aft-mkt, C$(0.03)

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • WTI Halts Two-Day Advance as Supplies Rise to Three-Decade High
  • Mine Town Rents Beating Manhattan Show Aussie Pain: Commodities
  • Copper Drops as China Exports Fuel Concern Supply to Top Demand
  • Gold Declines From One-Week High on Economic Recovery Outlook
  • Wheat Drops as USDA Report May Show Higher Reserves; Corn Climbs
  • Robusta Coffee at One-Week Low as Investors Sell; Cocoa Retreats
  • Goldman Lowers Gold Price Forecast Through 2014 as Cycle Turns
  • India Said to Consider Increasing Oilseed Prices to Boost Output
  • China’s Crude Imports Fall to Lowest in Six Months in March
  • Rebar Trades Near Two-Week High on Gain in Seasonal Demand
  • Asian LNG Set to Rise as Premium at Two-Year Low: Energy Markets
  • Gold in Yen Surges as Stimulus Erodes Currency: Chart of the Day
  • Mechel Said to Consider Revising Plan to Sell Eastern Coal Asset
  • Ex-Viterra Staff Join MAG Commodities to Trade Black Sea Grains
  • China Gold Imports From Hong Kong Rebound on Decline in Prices 

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