THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – April 22, 2013


As we look at today's setup for the S&P 500, the range is 36 points or 1.49% downside to 1532 and 0.82% upside to 1568.       

SECTOR PERFORMANCE


THE HEDGEYE DAILY OUTLOOK - 1

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EQUITY SENTIMENT:


THE HEDGEYE DAILY OUTLOOK - 10


CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 1.50 from 1.48
  • VIX closed at 14.97 1 day percent change of -14.75%

MACRO DATA POINTS (Bloomberg Estimates):

  • 8:30am: Chicago Fed Nat Activity Index, March (prior 0.44)
  • 8:30am: Fed’s Dudley speaks at economic conference in New York
  • 10am: Existing Home Sales, March, est. 5m (prior 4.98m)
  • 11am: Fed to purchase $3b-$3.75b notes in 2019-2020 sector
  • 11:30am: U.S. to sell $32b 3M bills, $28b 6M bills
  • U.S. Weekly Rates Agenda                               

GOVERNMENT:

    • ITC may issue decision in Apple-Google patent dispute
    • Senate Judiciary Cmte holds a hearing on legislation that would set up criteria for those now in U.S. illegally as step toward citizenship
    • Secretary of State John Kerry attends NATO foreign ministers summit in Brussels
    • Martin Dempsey, chairman of Joint Chiefs of Staff, visits Beijing as U.S. seeks greater Chinese pressure on N. Korea
    • Washington Week Ahead

WHAT TO WATCH

  • IMF talks over wknd included fight over new debt targets
  • S&P early victory in U.S. ratings fraud suit seen as unlikely
  • Dealers say no end to QE in 2013, Hatzius sees ’16 rates rise
  • ABB to buy Power-One for $1b to add solar inverters
  • ANA to finish 787 battery repairs by May after FAA approval
  • Elan board unanimously rejects Royalty Pharma takeover offer
  • Sales of U.S. existing homes probably climbed for 3rd month
  • THQ files bankruptcy plan paying creditors from asset sales
  • Bernanke to miss Jackson Hole symposium on schedule conflict
  • Allstate said to seek offers for Lincoln Benefit business
  • BP may delay development of GoM Mad Dog 2 oil field
  • Netflix seen cracking down on acct sharing to bolster profit
  • Argentina bondholder rejection sets up U.S. court ruling
  • China Premier Li urges focus on rescue as quake toll mounts
  • Mining in region was halted, Xinhua said; Toyota temporarily stopped production at Chengdu plant
  • “Oblivion” is top weekend movie with $38m in NA sales
  • 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
  • Weekly Eco Preview: Growth in U.S. probably picked up in 1Q
  • GDP, Apple, Exxon, BOJ, Iron Man 3: Wk Ahead April 22-27

EARNINGS:

    • Hasbro (HAS) 6:30am, $0.04 - Preview
    • Bank of Hawaii (BOH) 6am, $0.87
    • Caterpillar (CAT) 7:30am, $1.38 - Preview
    • Halliburton (HAL) 7am, $0.57 - Preview
    • NVR (NVR) 8:50am, $7.86
    • Lennox International (LII) 8am, $0.27
    • Six Flags Entertainment (SIX) 8am, $(1.75)
    • BancorpSouth (BXS) 4pm, $0.21
    • Hexcel (HXL) 4pm, $0.41
    • Swift Transportation (SWFT) 4pm, $0.16
    • United Stationers (USTR) 4pm, $0.55
    • Woodward (WWD) 4pm, $0.60
    • Canadian National Railway (CNR CN) 4:01pm, $1.21 - Preview
    • Ameriprise Financial (AMP) 4:05pm, $1.57
    • Illumina (ILMN) 4:05pm, $0.38
    • Netflix (NFLX) 4:05pm, $0.20 - Preview
    • Rogers Communications (RCI/B CN) 4:05pm, C$0.77 - Preview
    • Zions Bancorporation (ZION) 4:10pm, $0.40
    • Rent-A-Center (RCII) 4:15pm, $0.87
    • Texas Instruments (TXN) 4:30pm, $0.30
    • Brookfield Canada Office (BOX-U CN) 5pm, C$0.39
    • Packaging of America (PKG) 5pm, $0.56
    • Crane (CR) 5:15pm, $1.03
    • IDEX (IEX) 5:22pm, $0.71
    • BBCN Bancorp (BBCN) Aft-mkt, $0.27
    • MB Financial (MBFI) Aft-mkt, $0.42
    • Pennsylvania REIT (PEI) Aft-mkt, $0.43

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Gold Advances for Fifth Day in Longest Winning Streak This Year
  • Hedge Fund Gold Wagers Defy Worst Slump in 33 Years: Commodities
  • Brent Below $100 a Fifth Day as U.S. Funds Reduce Bullish Bets
  • Copper Falls as Lower Imports Into China Stoke Demand Concern
  • Sugar Falls as Investor Buying Fails to Spur Rally; Cocoa Gains
  • China Sugar Stockpile Plan to Reduce Need for Imports, Jia Says
  • Corn Slumps to One-Week Low on Demand Concerns for U.S. Grain
  • Thai Sugar Premium Drops as Futures Rise in New York: Green Pool
  • Shanghai Gold Exchange Benchmark Contract Volume Jumps to Record
  • Bullish Crude Wagers Drop the Most in Two Months: Energy Markets
  • Singapore’s SGX Said to Gauge Demand for LNG Futures Trading
  • Tata Faces Crisis as $20 Billion Spent on Water: Corporate India
  • WTI Crude May Rebound in Weekly ‘Triangle’: Technical Analysis
  • N.Z. Set for More Rainfall as Residents Assess Weekend Damage

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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