THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – April 17, 2013


As we look at today's setup for the S&P 500, the range is 44 points or 1.12% downside to 1557 and 1.68% upside to 1601.                

SECTOR PERFORMANCE


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EQUITY SENTIMENT:


THE HEDGEYE DAILY OUTLOOK - 10A


CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 1.50 from 1.50
  • VIX closed at 13.96 1 day percent change of -19.17%

MACRO DATA POINTS (Bloomberg Estimates):

  • 7am: MBA Mortgage Applications, April 12 (prior 4.5%)
  • 9am: Fed’s Stein speaks on banking regulation at IMF
  • 9:30am: Fed’s Bullard speaks in New York
  • 10:30am: DOE Energy Inventories
  • 11am: Fed to purchase $1.25b-$1.75b in 2036-2043 sector
  • 12pm: Fed’s Rosengren speaks in New York
  • 2pm: Fed releases Beige Book

GOVERNMENT:

    • 9:30am: House Oversight Cmte hearing Postal Service’s financial situation
    • 9:30am: Defense Sec. Chuck Hagel testifies on Pentagon’s proposed budget before Senate Armed Svcs Cmte
    • 10am: Housing Sec. Shaun Donovan testifies before House Appropriations panel on agency budget
    • 10am: House Armed Svcs Cmte hears from Gen. Joseph Dunford, commander of U.S. forces in Afghanistan, on developments there
    • 2:30pm: Senate Armed Svcs Cmte briefing on Syria
    • 2:30pm: Senate Commerce and Transportation panel hears from Amtrak Chairman Joseph Boardman on future of passenger rail service in Northeast Corridor
    • 2:30pm: Senate Judiciary Cmte hears from Homeland Security Sec. Janet Napolitano on immigration overhaul

WHAT TO WATCH

  • Gold wipes $560b from central banks as equities rally
  • Europe car sales fall with industry heading for 20-year low
  • ING to raise as much as $1.54b in U.S. insurance unit IPO
  • Paulson says Dish proposal for Sprint better than Softbank offer
  • Tesco to exit U.S. after first profit drop in about 20 years
  • Yahoo’s Mayer faces setbacks as sales forecast misses estimates
  • Intel sales may top estimates on demand for server chips
  • Boeing boosts Duberstein duties ahead of investor oversight vote
  • News Corp. plans to call entertainment spinoff 21st Century Fox
  • Macy’s wins temporary bar on some Stewart sales at J.C. Penney
  • FAA near decision on Boeing Dreamliners after tests completed
  • AMC delays sale of ‘Iron Man 3’ tickets in dispute with Disney
  • Former MF global rogue trader gets 5 yrs, must repay $141m
  • Johnson & Johnson wins Chicago jury verdict over hip implant
  • Former Leerink Swann banker pleads guilty to insider trading

 EARNINGS:

    • Huntington Bancshares (HBAN) 5:55am, $0.16
    • Mattel (MAT) 6am, $0.08
    • PNC Financial Services Group (PNC) 6:30am, $1.56
    • Bank of New York Mellon (BK) 6:30am, $0.52
    • Textron (TXT) 6:30am, $0.45
    • Bank of America (BAC) 7am, $0.23
    • Dover (DOV) 7am, $1.08
    • Quest Diagnostics (DGX) 7am, $1.03
    • St Jude Medical (STJ) 7:30am, $0.91
    • Abbott Laboratories (ABT) 7:44am, $0.41
    • Crown Holdings (CCK) 4:01pm, $0.48
    • CYS Investments (CYS) 4:01pm, $0.32
    • Albemarle (ALB) 4:03pm, $1.00
    • American Express Co (AXP) 4:04pm, $1.12
    • Kinder Morgan (KMI) 4:05pm, $0.32
    • Kinder Morgan Energy Partners (KMP) 4:05pm, $0.66
    • SanDisk (SNDK) 4:05pm, $0.79
    • Covanta Holding (CVA) 4:05pm, ($0.12)
    • LaSalle Hotel Properties (LHO) 4:05pm, $0.25
    • El Paso Pipeline Partners (EPB) 4:07pm, $0.55
    • Core Laboratories (CLB) 4:08pm, $1.16
    • EBay (EBAY) 4:15pm, $0.62
    • SLM (SLM) 4:15pm, $0.60
    • East West Bancorp (EWBC) 4:45pm, $0.49
    • Noble (NE) 5pm, $0.51
    • Steel Dynamics (STLD) 6pm, $0.21

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Gold Climbs for Second Day as Plunge Lures Buyers; Futures Drop
  • Hog Glut Gains as U.S. Exports Drop Most in Decade: Commodities
  • Cyprus Finance Minister Sees Gold Sale Within Next Few Months
  • WTI Crude Trades Near Four-Month Low Before U.S. Inventory Data
  • Copper Declines on Indications Demand Will Take Time to Revive
  • Wheat Seen Gaining as Cold Weather Threatens Crops; Corn Drops
  • Cocoa Swings in New York as Europe Processing Dips; Sugar Drops
  • Gold Wipes $560 Billion From Central Banks as Equities Rally
  • Rebar Retreats to Lowest in Four Months as Iron Ore Declines
  • Gold’s Slump to Two-Year Low Roils Forecasters: Chart of the Day
  • Energy as Dirty as 20 Years Ago on Slow Climate Effort, IEA Says
  • Shell Shut Out as Africa’s Gas Trove Lures Asian States: Energy
  • Bird Flu Panic in China Leads CP to Warn Over Chicken Sales
  • Gold Slump Spurs Surge in Business at Australia’s Perth Mint

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CURRENCIES


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GLOBAL PERFORMANCE

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EUROPEAN MARKETS


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ASIAN MARKETS


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MIDDLE EAST


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The Hedgeye Macro Team