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TODAY’S S&P 500 SET-UP – April 18, 2013


As we look at today's setup for the S&P 500, the range is 31 points or 0.84% downside to 1539 and 1.16% upside to 1570.            

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 1.47
  • VIX closed at 16.51 1 day percent change of 18.27%

MACRO DATA POINTS (Bloomberg Estimates):

  • 8:30am: Init Jobless Claims, April 13, est. 350k (est. 346k)
  • 8:30am: Cont Claims, April 6, est. 3.075m (prior 3.079m)
  • 9am: Fed’s Kocherlakota speaks in New York
  • 9:30am: Fed’s Lacker speaks on credit in Charlotte, N.C.
  • 9:45am: Bloomberg Economic Expectations, April (prior -4)
  • 9:45am: Bloomberg Consumer Comfort, April 14 (prior -34)
  • 10am: Philadelphia Fed, April, est. 3.0 (prior 2.0)
  • 10am: Leading Indicators, March, est. 0.1% (prior 0.5%)
  • 10am: Freddie Mac mortgage rates
  • 10:30am: EIA natural-gas storage change
  • 11am: Fed to purchase $2.75b-$3.5b in 2020-2023 sector
  • 11am: Bank of Canada’s Carney speaks in Washington
  • 12pm: Fed’s Raskin speaks in New York
  • 1pm: U.S. to sell $18b 5Y TIPS
  • 4:15pm: Asmussen, Rehn, Dijsselbloem speak in Washington

GOVERNMENT:

    • 10am: Senate Armed Svcs Cmte hears from Dir. of Natl Intelligence James Clapper, Defense Intelligence Agency Dir. Michael Flynn on threats
    • 10am: Senate Health and Labor Cmte hears from Labor Sec. nominee Thomas Perez at confirmation hearing
    • 11am: President Obama speaks at interfaith service in Boston
    • 11:30am: House Speaker John Boehner, R-Ohio, holds briefing
    • 1pm: State Dept hears public’s final comments on Keystone, which would carry tar sands from Canada to U.S. Gulf Coast
    • House to vote on H.R. 624, Cyber Intelligence Sharing and Protection Act, which White House threatened to veto

WHAT TO WATCH

  • G-20 draft affirms pledge to avoid competitive devaluations
  • Herbalife unlikely to hire new auditor before investor meeting
  • PBOC’s Yi says yuan trading band to widen in near future
  • Japan March exports exceed analyst ests. after yen slide
  • Wells Fargo urges judge to dismiss U.S. mortgage loan fraud suit
  • SEC to move past financial crisis cases under new chairman
  • American Express profit beats est. as card spending climbs
  • SEC sues Schottenfeld trader Mancuso over Goffer insider tips
  • Biggest cinemas delay ‘Iron Man’ ticket sales in Disney dispute
  • Explosion hits Texas fertilizer facility, unknown number dead

EARNINGS:

  • BB&T (BBT) 5:45am, $0.68
  • WESCO International (WCC) 6:15am, $1.14
  • KeyCorp (KEY) 6:17am, $0.19
  • Fifth Third Bancorp (FITB) 6:30am, $0.39
  • AutoNation (AN) 6:45am, $0.64
  • Hubbell (HUB/B) 6:58am, $1.09
  • Danaher (DHR) 6am, $0.76
  • UnitedHealth (UNH) 6am, $1.14 - Preview
  • Morgan Stanley (MS) 7:15am, $0.56 - Preview
  • Sonoco Products (SON) 7:30am, $0.53
  • Verizon Communications (VZ) 7:30am, $0.66 - Preview
  • Fairchild Semiconductor (FCS) 7:30am, $0.05
  • PrivateBancorp (PVTB) 7:30am, $0.29
  • Watsco (WSO) 7:30am, $0.33
  • Baxter International (BAX) 7am, $1.05
  • Omnicom (OMC) 7am, $0.75
  • People’s United Financial (PBCT) 7am, $0.18
  • Penn National Gaming (PENN) 7am, $0.65
  • PepsiCo (PEP) 7am, $0.71 - Preview
  • Philip Morris International (PM) 7am, $1.34 - Preview
  • TransForce (TFI CN) 7am, C$0.26
  • Alliance Data Systems (ADS) 7am, $2.52
  • Pool (POOL) 7am, $0.05
  • Snap-on (SNA) 7am, $1.34
  • PPG Industries (PPG) 8:11am, $1.54
  • Syntel (SYNT) 8:30am, $1.03
  • Amphenol (APH) 8am, $0.86
  • Freeport-McMoRan (FCX) 8am, $0.71 - Preview
  • Peabody Energy (BTU) 8am, $(0.14) - Preview
  • Blackstone Group (BX) 8am, $0.53
  • Sherwin-Williams (SHW) 8am, $1.09
  • Union Pacific (UNP) 8am, $1.96 - Preview
  • Cypress Semiconductor (CY) 8am, $0.01
  • Nucor (NUE) 9:01am, $0.24 - Preview
  • Home BancShares (HOMB) 9:15am, $0.61
  • Ultratech (UTEK) 9am, $0.49
  • Acacia Research (ACTG) 4pm, $0.50
  • Align Technology (ALGN) 4pm, $0.23
  • Cubist Pharmaceuticals (CBST) 4pm, $0.32
  • Chemed (CHE) 4pm, no est.
  • Chipotle Mexican Grill (CMG) 4pm, $2.13 - Preview
  • Hub Group (HUBG) 4pm, $0.42
  • Associated Banc-Corp (ASBC) 4:01pm, $0.25
  • B&G Foods (BGS) 4:01pm, $0.37
  • Google (GOOG) 4:01pm, $10.67 - Preview
  • Microsoft (MSFT) 4:02pm, $0.68 - Preview
  • Capital One Financial (COF) 4:05pm, $1.62
  • E*TRADE Financial (ETFC) 4:05pm, $0.12
  • International Business Machines (IBM) 4:05pm, $3.05
  • Cepheid (CPHD) 4:05pm, $(0.02)
  • Forward Air (FWRD) 4:05pm, $0.39
  • Intuitive Surgical (ISRG) 4:05pm, $3.97 - Preview
  • Electronics for Imaging (EFII) 4:05pm, $0.32
  • EastGroup Properties (EGP) 4:05pm, $0.77
  • Restoration Hardware Holdings (RH) 4:06pm, $0.61
  • Advanced Micro Devices (AMD) 4:15pm, $(0.17)
  • City National (CYN) 4:15pm, $0.92
  • Celanese (CE) 4:30pm, $0.78
  • Glacier Bancorp (GBCI) 4:30pm, $0.28
  • Valmont Industries (VMI) 5:30pm, $2.52
  • Western Alliance Bancorp (WAL) Aft-mkt, $0.21
  • Cytec Industries (CYT) Aft-mkt, $0.87 

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Copper Poised to Enter Bear Market as Industrial Metals Slide
  • Nickel Rout Seen Easing With Output Costs Breached: Commodities
  • Gold Gains as Price Drop Lures Buyers, Economic Data Falls Short
  • Goldman’s Contrarian Currie Foresaw Gold Collapse Paulson Missed
  • Brent Rises From Nine-Month Low; No Emergency OPEC Talks Seen
  • Copper Set to Enter Bear Market on Demand Concern: LME Preview
  • Gold Tumble Stokes Demand From Indian Bazaars to Chinese Malls
  • Gold’s Worst Plunge Since 1983 Ends 12-Year Bull Run: Timeline
  • Palm Oil Advances as Decline to Lowest This Year Seen Excessive
  • Gold’s Deviation to Stocks Tips Equities Rally: Chart of the Day
  • Oil Firms Break Promise on Biofuels as Chevron Defies California
  • BHP Billiton Cuts CEO Pay as Mining Industry Profits Decline
  • China’s Poultry Feed Demand to Slump 20% on Bird-Flu Outbreak
  • Copper’s Drop ‘Not Sustainable’ Near Term, NAB’s Knight 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