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


THE HEDGEYE DAILY OUTLOOK - 1

 

THE HEDGEYE DAILY OUTLOOK - 2

 

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

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

 

 

 

 

 

 

 

 

 

 


Did the US Economy Just “Collapse”? "Worst Personal Spending Since 2009"?

This is a brief note written by Hedgeye U.S. Macro analyst Christian Drake on 4/28 dispelling media reporting that “US GDP collapses to 0.7%, the lowest number in three years with the worst personal spending since 2009.”

read more

7 Tweets Summing Up What You Need to Know About Today's GDP Report

"There's a tremendous opportunity to educate people in our profession on how GDP is stated and projected," Hedgeye CEO Keith McCullough wrote today. Here's everything you need to know about today's GDP report.

read more

Cartoon of the Day: Crash Test Bear

In the past six months, U.S. stock indices are up between +12% and +18%.

read more

GOLD: A Deep Dive on What’s Next with a Top Commodities Strategist

“If you saved in gold over the past 20 to 25 years rather than any currency anywhere in the world, gold has outperformed all these currencies,” says Stefan Wieler, Vice President of Goldmoney in this edition of Real Conversations.

read more

Exact Sciences Up +24% This Week... What's Next? | $EXAS

We remain long Exact Sciences in the Hedgeye Healthcare Position Monitor.

read more

Inside the Atlanta Fed's Flawed GDP Tracker

"The Atlanta Fed’s GDPNowcast model, while useful at amalgamating investor consensus on one singular GDP estimate for any given quarter, is certainly not the end-all-be-all of forecasting U.S. GDP," writes Hedgeye Senior Macro analyst Darius Dale.

read more

Cartoon of the Day: Acrophobia

"Most people who are making a ton of money right now are focused on growth companies seeing accelerations," Hedgeye CEO Keith McCullough wrote in today's Early Look. "That’s what happens in Quad 1."

read more

People's Bank of China Spins China’s Bad-Loan Data

PBoC Deputy Governor Yi says China's non-performing loan problem has “pretty much stabilized." "Yi is spinning. China’s bad-debt problem remains serious," write Benn Steil and Emma Smith, Council on Foreign Relations.

read more

UnderArmour: 'I Am Much More Bearish Than I Was 3 Hours Ago'

“The consumer has a short memory.” Yes, Plank actually said this," writes Hedgeye Retail analyst Brian McGough. "Last time I heard such arrogance was Ron Johnson."

read more

Buffalo Wild Wings: Complacency & Lack of Leadership (by Howard Penney)

"Buffalo Wild Wings has been plagued by complacency and a continued lack of adequate leadership," writes Hedgeye Restaurants analyst Howard Penney.

read more

Todd Jordan on Las Vegas Sands Earnings

"The quarter actually beat lowered expectations. Overall, the mass segment performed well although base mass lagging is a concern," writes Hedgeye Gaming, Lodging & Leisure analyst Todd Jordan on Las Vegas Sands.

read more

An Update on Defense Spending by Lt. Gen Emo Gardner

"Congress' FY17 omnibus appropriation will fully fund the Pentagon's original budget request plus $15B of its $30B supplemental request," writes Hedgeye Potomac Defense Policy analyst Lt. Gen Emerson "Emo" Gardner USMC Ret.

read more