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TODAY’S S&P 500 SET-UP – April 15, 2013


As we look at today's setup for the S&P 500, the range is 30 points or 1.12% downside to 1571 and 0.76% upside to 1601.             

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: 1.48 from 1.50
  • VIX closed at 12.06 1 day percent change of -1.47%

MACRO DATA POINTS (Bloomberg Estimates):

  • 8:30am: Empire Manufacturing, April, est. 7.00 (prior 9.24)
  • 9am: Total Net TIC Flows, Feb. (prior $110.9b)
  • 10am: NAHB Housing Market Index, April, est. 45 (prior 44)
  • 11am: Fed to purchase $4.75b-$5.75b notes in 2018 range
  • 11:30am: U.S. to sell $35b 3M, $30b 6M bills
  • U.S. Weekly Rates Agenda

GOVERNMENT:

    • Deadline for citizens to file their income taxes with IRS
    • North Korea celebrates the 101st anniversary of state founder Kim Il Sung’s birth. Pyongyang has in the past timed military demonstrations to coincide with the event, including firing a long-range rocket last yr
    • Kerry invites North Korea back to nuclear talks
    • Washington Week Ahead

WHAT TO WATCH

  • Thermo said to bid >$75/shr for Life Technologies
  • Cyprus counting on gold sales for bailout: finance minister
  • China GDP grows lower-than-estimated 7.7% in 1Q
  • Centrica, Qatar buy $1b of gas fields in Canada
  • Banks drop off ISDAFix panel as CFTC probes rate-rigging
  • Mitsubishi UFJ CEO plans to boost U.S. energy-sector loans
  • Citigroup Europe CEO sees U.S. universal banks gaining share
  • China XD said to mull buying assets from GE Mexico venture
  • GM, Ford to jointly design more fuel-efficient transmissions
  • Time Warner’s “42” opens as top film on sales of $27m
  • Google offer to settle EU antitrust probe unacceptable to rivals
  • Lehman international creditors may be repaid in full, PwC says
  • Construction wages seen rising as much as 30% from Keystone XL
  • Symptom-free bird-flu case suggests H7N9 spreads wider
  • J.C. Penney execs said to lose Johnson-era perks: N.Y. Post
  • Time Warner’s 42 opens as top film on sales of $27m
  • U.S. Weekly Agendas: Finance, Industrials, Energy, Health, Consumer, Tech, Media/Ent, Real Estate, Transports
  • North American M&A Agenda
  • Canada Weekly Agendas: Energy, Mining
  • G-20, IMF Meeting, Google, North Korea: Wk Ahead April 13-20

EARNINGS:

    • First Republic Bank (FRC) 7am, $0.73
    • Webster Financial (WBS) 7:55am, $0.46
    • Citigroup (C) 8am, $1.17 - Preview
    • M&T Bank (MTB) 8:05am, $1.98
    • Charles Schwab (SCHW) 8:45am, $0.16
    • Brown & Brown (BRO) 4:15pm, $0.39

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Commodities Extend Drop to Cheapest Since July on China Slowdown
  • Gold Bulls Endure Bear Market as Goldman Says Sell: Commodities
  • Brent Crude Declines to Lowest in Nine Months on China Slowdown
  • Copper Reaches 9-Month Low on Weaker-Than-Estimated China Growth
  • Investor Jim Rogers Says Gold Needs Correction, Isn’t Buying Yet
  • Soybeans and Corn Drop as Chinese Growth Fuels Demand Concern
  • Piracy Attacks Plunge as Armed Guards and Navies Secure Shipping
  • Iron-Ore Swaps Decline as Demand Seen Slowing on Chinese Growth
  • New Deal for Roosevelt’s TVA Seen as Hard Sell for Obama: Energy
  • Palm Drops to Lowest This Year as Crude Fall Cuts Biofuel Appeal
  • Indians Defer Gold Purchases, Betting Bear Market May Deepen
  • Oil Price Forecasts Unleash Scottish Bulls in Independence Push
  • Vietnam Coffee Region Forecast to Get Drought-Relieving Rain
  • Comex Gold Stockpiles Slump to 3 1/2-Year Low: Chart of the Day
  • Gold Extends Bear-Market Plunge Below $1,400 on U.S. Recovery

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