THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – April 23, 2013


As we look at today's setup for the S&P 500, the range is 72 points or 2.02% downside to 1531 and 2.59% upside to 1603.         

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: 1.44 from 1.47
  • VIX closed at 14.39 1 day percent change of -3.87%

MACRO DATA POINTS (Bloomberg Estimates):

  • 7:45am: ICSC weekly sales
  • 8:55am: Johnson/Redbook weekly sales
  • 8:58am: Markit US PMI Preliminary, April, est. 53.5
  • 9am: House Price Index, Feb., est. 0.7% (prior 0.6%)
  • 10am: Richmond Fed Manuf Index, April, est. 2 (prior 3)
  • 10am: New Home Sales, March, est. 416k (prior 411k)
  • 10am: New Home Sales, March, est. 1.2% (prior -4.6%)
  • 11am: Fed to purchase $750m-$1b notes in 2023-2031 sector
  • 11:30am: U.S. to sell 4W bills
  • 1pm: U.S. to sell $35b 2Y notes
  • 4:30pm: API energy inventories

GOVERNMENT:

    • President Obama hosts Qatari Emir Sheikh Hamad bin Khalifa al Thani at White House
    • NRC holds meeting on lessons learned from Fukishima nuclear reactor accident, 9am
    • Sens. Sherrod Brown, D-Ohio, and David Vitter, R-La., speak at NPC discussion on efforts to prevent banks from becoming “too big to fail.” 14th and F St., NW. 8:30am
    • Sens. Amy Klobuchar, D-Minn. and Sherrod Brown, D-Ohio., Export-Import Bank Chairman Fred Hochberg, Airbus American Chairman Allan McArtor, participate in Washington Post forum on trends in manufacturing sector, 8:30am
    • American Bar Assn.’s Section of Intl Law holds session on restrictions on investing across borders, 9:30am
    • Senate Banking, Housing and Urban Affairs Cmte hears from CFPB Dir. Richard Cordray on agency’s semi-annual report, 10am
    • ASCE President Gregory DiLoreto holds news conf. to discuss findings of quadrennial report on U.S. infrastructure, 10am
    • NTSB holds hearing on design, certification of lithium-ion batteries used in Boeing Co.’s 787 Dreamliner; Agency Chairman Deborah Hersman joins, 9am
    • Homeland Security Sec. Janet Napolitano testifies before Senate Judiciary Cmte on proposed immigration laws, 9:30am
    • TSA delays plan to allow pocket knives onto U.S. flights
    • Fisker misses first loan payment to U.S. Energy Department

WHAT TO WATCH

  • Apple averts iPhone import ban in patent win vs Google
  • Apple, UTX among 35 S&P 500 cos. to report earnings
  • AIG wins dismissal of whistle-blower’s false claims lawsuit
  • Blackstone to buy Credit Suisse’s strategic partners unit
  • AB InBev, U.S. settlement process wins U.S. judge’s approval
  • China manufacturing grows at slower pace as recovery falters
  • U.S. banks cut max. bonus on regulators’ concerns: WSJ
  • Texas Instruments forecasts profit that may exceed ests.
  • EU decision on Google search probe to take months: L’Echo
  • Fisker said to miss first payment on Dept. of Energy loan
  • Samsung, Philips sent EU complaints over chips for smart cards
  • Japan won’t allow restart of 787 flights before U.S. hearing
  • Netflix subscriber gains top ests. on “House of Cards”
  • Chesapeake trial with BNY Mellon will look at 2019 note issue
  • Templeton’s Mobius buys Macau stocks in bet on family growth
  • Drug industry deals forecast to pick up in 2013, Moody’s says

EARNINGS

  • CIT Group (CIT) 6am, $0.88
  • DuPont (DD) 6am, $1.53
  • Centene (CNC) 6am, $0.38
  • Encana (ECA CN) 6am, $0.07
  • Air Products & Chemicals (APD) 6am, $1.36
  • Polaris Industries (PII) 6am, $1.01
  • Lockheed Martin (LMT) 6:26am, $2.04 - Preview
  • United Technologies (UTX) 6:28am, $1.29 - Preview
  • Potlatch (PCH) 6:45am, $0.27
  • II-VI (IIVI) 6:55am, $0.26
  • Lexmark International (LXK) 6:59am, $0.87
  • Waddell & Reed Financial (WDR) 6:59am, $0.61
  • Celestica (CLS CN) 7am, $0.15
  • Reynolds American (RAI) 7am, $0.69 - Preview
  • Entegris (ENTG) 7am, $0.10
  • Travelers (TRV) 7am, $2.02
  • Xerox (XRX) 7am, $0.24
  • IDEXX Laboratories (IDXX) 7am, $0.82
  • Waters (WAT) 7am, $1.09
  • Regions Financial (RF) 7am, $0.20
  • Coach (COH) 7am, $0.80 - Preview
  • Synovus Financial (SNV) 7am, $0.02
  • AO Smith (AOS) 7am, $0.77
  • Ironwood Pharmaceuticals (IRWD) 7am, $(0.64)
  • Forest Laboratories (FRX) 7am, $0.15
  • Johnson Controls (JCI) 7am, $0.42
  • AT&T (T) 7:25am, $0.64 - Preview
  • Molex (MOLX) 7:30am, $0.36
  • FirstMerit (FMER) 7:30am, $0.31
  • Delta Air Lines (DAL) 7:30am, $0.06
  • Anixter International (AXE) 7:30am, $1.33
  • Sonic Automotive (SAH) 7:30am, $0.41
  • Arch Coal (ACI) 7:45am, $(0.33)
  • Brinker International (EAT) 7:45am, $0.69
  • Lincoln Electric Holdings (LECO) 7:47am, $0.78
  • Ryder System (R) 7:55am, $0.77
  • Illinois Tool Works (ITW) 8am, $0.96
  • PACCAR (PCAR) 8am, $0.68
  • Janus Capital Group (JNS) 8am, $0.15
  • Liberty Property Trust (LRY) 8am, $0.63
  • US Airways Group (LCC) 8am, $0.28
  • Gentex Corp/MI (GNTX) 8am, $0.30
  • Gannett (GCI) 8:30am, $0.35
  • Discover Financial Services (DFS) 8:30am, $1.13
  • PennyMac Mortgage Investment Trust (PMT) 8:30am, $0.79
  • UMB Financial (UMBF) Bef-mkt, $0.64
  • TransAlta (TA CN) Bef-mkt, $0.21
  • Manhattan Associates (MANH) 4pm, $0.68
  • Amsurg (AMSG) 4pm, $0.52
  • Robert Half International (RHI) 4pm, $0.41
  • Total System Services (TSS) 4pm, $0.34
  • Edwards Lifesciences (EW) 4pm, $0.76
  • FMC Technologies (FTI) 4pm, $0.46
  • Torchmark (TMK) 4pm, $1.37
  • HomeAway (AWAY) 4pm, $0.12
  • RF Micro Devices (RFMD) 4pm, $0.05
  • Panera Bread (PNRA) 4pm, $1.65
  • Cree (CREE) 4pm, $0.34
  • WR Berkley (WRB) 4:01pm, $0.74
  • Nabors Industries (NBR) 4:01pm, $0.28
  • VMware (VMW) 4:01pm, $0.70
  • DeVry (DV) 4:01pm, $0.82
  • American Campus Communities (ACC) 4:01pm, $0.64
  • Hanesbrands (HBI) 4:01pm, $0.50
  • Amgen (AMGN) 4:02pm, $1.84
  • Thoratec (THOR) 4:02pm, $0.46
  • Owens-Illinois (OI) 4:04pm, $0.57
  • Broadcom (BRCM) 4:05pm, $0.56
  • StanCorp Financial Group (SFG) 4:05pm, $0.80
  • Juniper Networks (JNPR) 4:05pm, $0.22
  • CR Bard (BCR) 4:05pm, $1.42
  • Norfolk Southern (NSC) 4:05pm, $1.17
  • Everest Re Group (RE) 4:05pm, $4.37
  • Polycom (PLCM) 4:05pm, $0.11
  • Yum! Brands (YUM) 4:10pm, $0.60 - Preview
  • Trustmark (TRMK) 4:30pm, $0.41
  • Kaiser Aluminum (KALU) 4:30pm, $0.86
  • Apple (AAPL) 4:30pm, $9.97 - Preview
  • Oceaneering International (OII) 5pm, $0.60
  • Owens & Minor (OMI) 5pm, $0.43
  • Community Bank System (CBU) Aft-mkt, $0.50
  • FNB (FNB) Aft-mkt, $0.21
  • Acadia Realty Trust (AKR) Aft-mkt, $0.30
  • SL Green Realty (SLG) Aft-mkt, $1.21
  • ITC Holdings (ITC) Aft-mkt, $1.16
  • Rock Tenn (RKT) Aft-mkt, $1.02

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Silver Leads Commodity Retreat as Chinese Manufacturing Slows
  • Record Freeze in U.S. Extending Wheat Crop Damage: Commodities
  • Copper Slumps a Third Day on Weaker-Than-Estimated Manufacturing
  • Gold Drops on China Data, Ending Year’s Best Run; Silver Slumps
  • Brent Crude Drops for First Time in Four Days on European Woes
  • Soybeans Advance on Signs China Import Demand Will Be Sustained
  • Coffee Workers Unemployed as Fungus Hits Central America: Jobs
  • Rebar Falls for Second Day on Supply Concern, China Flash PMI
  • Barrick Gold at 20-Year Low Turns to Thornton: Corporate Canada
  • North America Seen Sending Record Wood to Europe for Use as Fuel
  • Shanghai Gold Exchange Benchmark Volume Tops 100 Tons in 3 Days
  • Tanker Rates Pain Prolonged as China Imports Pass U.S.: Freight
  • Crude Supplies Climb to 22-Year High in Survey: Energy Markets
  • Cocoa Rebounds in London as Producer Sales May Ease; Sugar Falls

THE HEDGEYE DAILY OUTLOOK - 5

 

CURRENCIES


THE HEDGEYE DAILY OUTLOOK - 6

GLOBAL PERFORMANCE

THE HEDGEYE DAILY OUTLOOK - 3A

THE HEDGEYE DAILY OUTLOOK - 4A

EUROPEAN MARKETS


THE HEDGEYE DAILY OUTLOOK - 7A

ASIAN MARKETS


THE HEDGEYE DAILY OUTLOOK - 8

MIDDLE EAST


THE HEDGEYE DAILY OUTLOOK - 9

The Hedgeye Macro Team