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TODAY’S S&P 500 SET-UP – April 16, 2013


As we look at today's setup for the S&P 500, the range is 31 points or 0.99% downside to 1537 and 1.01% upside to 1568.   

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: 1.50 from 1.46
  • VIX closed at 17.27 1 day percent change of 43.20%

MACRO DATA POINTS (Bloomberg Estimates):

  • 7:45am: ICSC weekly sales
  • 8am: Fed’s Dudley speaks in Staten Island, N.Y.
  • 8:30am: Consumer Price Index M/m, March, est. 0.0% (prior 0.7%)
  • 8:30am: CPI Ex Food & Energy M/m, March, est. 0.2% (prior 0.2%)
  • 8:30am: Housing Starts, March, est. 930k (prior 917K)
  • 8:30am: Housing Starts M/m, March, est. 1.4% (prior 0.8%)
  • 8:30am: Building Permits, March, est. 943k (prior 939k)
  • 8:30am: Building Permits M/m, March, est. 0.4% (prior 3.9%)
  • 8:55am: Johnson/Redbook weekly sales
  • 9am: Fed’s Evans speaks in Chicago
  • 9am: ECB’s Draghi speaks before European Parliament
  • 9:15am: Industrial Production, March, est. 0.2%  (prior 0.8%)
  • 9:15am: Capacity Utilization, March, est. 78.4% (prior 78.3%)
  • 9:15am: Manuf (SIC) Production, March, est. 0.1% (prior 0.8%)
  • 11:30am: U.S. to sell 4W bills
  • 12pm: Fed’s Duke speaks in Washington
  • 3pm: Fed’s Yellen speaks in Washington
  • 3pm: BOE’s King speaks in Washington
  • 4:30pm: API energy inventories
  • 5pm: Fed’s Kocherlakota speaks in Minneapolis
  • 5pm: BOE’s Haldane speaks in Washington

GOVERNMENT:

    • IMF issues World Economic Outlook, growth projection
    • House Energy and Commerce panel marks up approval bill for TransCanada Corp.’s Keystone XL pipeline, 2pm
    • FDIC Chairman Martin Gruenberg, White House Council of Economic Advisors Chairman Alan Krueger, House Financial Svcs Cmte Chairman Jeb Hensarling, R-Texas, speak at American Bankers’ Assn Government Relations Summit, 7:30am
    • Senate Judiciary panel hears from DOJ antitrust chief William Baer and FTC Chairwoman Edith Ramirez on enforcement of antitrust laws, 2:30p
    • Senate Commerce and Transportation Cmte hears from FAA Administrator Michael Huerta, NTSB Chairwoman Deborah Hersman on FAA’s progress on safety initiatives and the investigation of Boeing 787, 2:30pm
    • 3M IP lawyer Kevin Rhodes, former USPTO director Jonathan Dudas testify before Judiciary Cmte on abusive patent litigation, 2pm
    • Boston explosions kill 3, injure scores at marathon’s finish

WHAT TO WATCH

  • Housing starts in U.S. probably increased as progress sustained
  • Gold selloff sparked by Cyprus-sale concern, Goldman says
  • Putin calls for stimulus as minister sounds recession alarm
  • IMF issues World Economic Outlook, growth projection
  • Energy Future proposes opening salvo as KKR, TPG seek 15% stake
  • Fairway Group seeks premium to supermarket rivals in U.S. IPO
  • AMR files bankruptcy-exit plan hinged on merger with US Airways
  • Gensler-Wheatley panel aims to end conflicts in benchmark rates
  • Blackstone-backed Senrigan’s fund said to lose 13% on Sundance
  • Twitter said to seek deals with Viacom, NBC to feature TV online
  • Glencore-Xstrata deal said to win China regulator’s approval
  • Facebook talking with Apple about new version of home software

EARNINGS:

    • BlackRock (BLK) 6:30am, $3.57
    • Wolverine World Wide (WWW) 6:30am, $0.55
    • Comerica (CMA) 6:40am, $0.68
    • Coca-Cola (KO) 7:30am, $0.44 - Preview
    • Northern Trust (NTRS) 7:30am, $0.72
    • US Bancorp (USB) 7:30am, $0.73
    • Goldman Sachs Group (GS) 7:30am, $3.87 - Preview
    • TD Ameritrade Holding (AMTD) 7:30am, $0.26
    • Johnson & Johnson (JNJ) 7:45am, $1.39 - Preview
    • WW Grainger (GWW) 8am, $2.75
    • CSX (CSX) 4:01pm, $0.40
    • Intel (INTC) 4:01pm, $0.41 - Preview
    • Yahoo! (YHOO) 4:05pm, $0.25
    • United Rentals (URI) 4:05pm, $0.48
    • Cathay General Bancorp (CATY) 4:30pm, $0.31
    • Fulton Financial (FULT) 4:30pm, $0.20
    • Linear Technology (LLTC) 5pm, $0.43

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Gold Drop Splits Central Banks as Sri Lanka Sees Opportunity
  • Silver Slump Splits Hedge Funds From Ingot Hoarders: Commodities
  • Brent Crude Falls Below $100 a Barrel; WTI Lowest in Four Months
  • Gold Gains as 14% Plunge Seen as Overdone, Central Banks May Buy
  • Gold Slump Sparked by European Sale Concern, Goldman Sachs Says
  • Japan Gold Retailer Sees Purchases Double Today as Price Tumbles
  • Rebar Rises From Lowest in Four Months on Iron Ore Price, Demand
  • Glencore’s $30 Billion Xstrata Deal Clears China Approval Hurdle
  • Sugar Rebounds on Speculation Prices Fell Too Far; Coffee Gains
  • Wheat Erases Decline, Climbs as Much as 0.3% to $7.0125 a Bushel
  • Crude Supply Gains in Survey as Production Jumps: Energy Markets
  • Record Ship Lines in Brazil Fail to Erase Capacity Glut: Freight
  • Aluminum Rebound Seen as Opportunity to Sell: Technical Analysis
  • Commodity Index Investments Fell $900 Million, Citigroup Says

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