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TODAY’S S&P 500 SET-UP – April 29, 2013  


As we look at today's setup for the S&P 500, the range is 31 points or 0.96% downside to 1567 and 1.00% upside to 1598.

                                                                                               

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: 1.46 from 1.45
  • VIX  closed at 13.61 1 day percent change of -0.07%

MACRO DATA POINTS (Bloomberg Estimates):

  • 8:30am: Personal Income, March, est. 0.4% (prior 1.1%)
  • 8:30am: Personal Spending, March, est. 0.1%  (prior 0.7%)
  • 8:30am: PCE Deflator M/m, March, est. -0.1% (prior 0.4%)
  • 8:30am: PCE Core M/m, March, est. 0.1% (prior 0.1%)
  • 10am: Pending Home Sales, M/m, March, est. 0.9% (prior -0.4%)
  • 10am: Pending Home Sales, Y/y, March (prior 5.0%)
  • 10:30am: Dallas Fed Manf. Activity, April (prior 7.4)
  • 11am: Fed to buy $1.25b-$1.75b notes in 2036-2043 sector
  • 11:30am: U.S. to sell $29b 3-mo. bills, $24b 6-mo. bills
  • U.S. Rates Weekly Agenda

GOVERNMENT:

    • House, Senate not in session
    • Milken Institute hosts Global Conference, a gathering of 3000 leaders in business, finance, government, public policy. Speakers include Former U.K. Prime Minister Tony Blair, U.S. Congressional Majority Whip Eric Cantor

WHAT TO WATCH

  • Bayer to buy Conceptus for $1.1b to add contraceptives
  • JPMorgan names Zames sole COO as Bisignano joins First Data
  • Valeant merger talks w/ Activis said to stall over pricing
  • Mitsubishi UFJ said to seek Morgan Stanley’s trust business
  • Capstone acquires BHP’s Arizona copper mine for $650m
  • ANA to resume 787 scheduled service on June 1, CEO Ito Says
  • China may approve 787 commercial service next month: WSJ
  • Two hedge funds said to take stakes in JCPenney: N.Y. Post
  • Jarden offers 90p-shr cash for Sprue Aegis
  • “Pain & Gain” opens as wknd’s top movie with $20m
  • Euro-area April economic confidence declines more than forecast
  • China industrial profit growth slows as economic recovery wanes
  • U.S. Weekly Agendas: Finance, Industrials, Energy, Health, Consumer, Tech, Media/Ent, Real Estate, Transports
  • North American M&A Weekly Agenda
  • Canada Weekly Agendas: Energy, Mining
  • ECB, Fed, Facebook, Buffett, Derby: Wk Ahead April 29-May 4

EARNINGS:

    • UNS Energy (UNS) 6am, $0.18
    • Education Realty Trust (EDR) 6am, $0.14
    • CNA Financial (CNA) 6am, $0.71
    • Loews (L) 6am, $0.84
    • Medidata Solutions (MDSO) 6:30am, $0.23
    • Eaton (ETN) 6:30am, $0.78
    • Roper Industries (ROP) 7am, $1.22
    • Senior Housing Properties (SNH) 7am, $0.44
    • OneBeacon Insurance (OB) 7am, $0.28
    • Compass Minerals (CMP) 7am, $1.12
    • Armstrong World Industries (AWI) 7am, $0.39
    • Penske Automotive (PAG) 7:30am, $0.62
    • Energen (EGN) 8am, $1.21
    • Tenneco (TEN) 8am, $0.65
    • Health Net (HNT) 8:15am, $0.41
    • Mercury General (MCY) 8:30am, $0.47
    • Old National Bancorp (ONB) 9am, $0.26
    • Capitol Federal Financial (CFFN) 9am, $0.12
    • Choice Hotels International (CHH) Bef-mkt, $0.27
    • Extra Space Storage (EXR) Bef-mkt, $0.44
    • International Rectifier (IRF) 4pm, $ (0.38)
    • Integrated Device Technology (IDTI) 4pm, $0.01
    • J&J Snack Foods (JJSF) 4pm, $0.63
    • Cognex (CGNX) 4pm, $0.32
    • CBL & Associates Properties (CBL) 4pm, $0.51
    • Texas Roadhouse (TXRH) 4pm, $0.35
    • Express Scripts Holding (ESRX) 4:01pm, $0.98 - Preview
    • General Growth Properties (GGP) 4:01pm, $0.23
    • Arch Capital Group (ACGL) 4:01pm, $0.96
    • SBA Communications (SBAC) 4:01pm, $ (0.21)
    • Buffalo Wild Wings (BWLD) 4:01pm, $0.99
    • Allison Transmission (ALSN) 4:01pm, $0.19
    • Wesco Aircraft Holdings (WAIR) 4:01pm, $0.27
    • Plum Creek Timber (PCL) 4:02pm, $0.32
    • Hanover Insurance (THG) 4:05pm, $1.05
    • Alexandria Real Estate Equities (ARE) 4:05pm, $1.11
    • Macquarie Infrastructure (MIC) 4:05pm, $0.32
    • Riverbed Technology (RVBD) 4:05pm, $0.24
    • HeartWare International (HTWR) 4:10pm, $ (1.21)
    • Hertz Global Holdings (HTZ) 4:11pm, $0.17
    • Hartford Financial Services (HIG) 4:15pm, $0.82
    • CapitalSource (CSE) 4:15pm, $0.14
    • PartnerRe (PRE) 4:15pm, $2.38
    • Advent Software (ADVS) 4:15pm, $0.30
    • Erie Indemnity (ERIE) 4:15pm, $0.73
    • Community Health Systems (CYH) 4:30pm, $0.85
    • Cleco (CNL) 4:35pm, $0.48
    • Investors Bancorp (ISBC) 5pm, $0.24
    • Masco (MAS) 5pm, $0.14
    • Post Properties (PPS) 5:01pm, $0.70
    • Newmont Mining (NEM) 5:03pm, $0.76 - Preview
    • Jacobs Engineering Group (JEC) 10pm, $0.83
    • Suncor Energy (SU CN) 10pm, $0.76
    • Helen of Troy (HELE) Aft-mkt, $0.94
    • Innophos Holdings (IPHS) Aft-mkt, $0.78

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Silver Slump Lures Buyers as Waiting Time Rises in Singapore
  • Gold Bears Defy Rally as Goldman Closes Short Wager: Commodities
  • WTI Crude Rises to Near Two-Week High; OPEC Basket Above $100
  • Gold Climbs as Higher Physical Demand Counters Decline From ETPs
  • Nickel Advances on Speculation of Producer Cuts; Lead Declines
  • Corn Reaches a One-Week High Amid Speculation Planting Slowed
  • Robusta Coffee Falls as Traders Sell After Rally; Cocoa Drops
  • India Sugar Reserves at Five-Year High Set to Avert Imports
  • Hedge Funds Raise Bullish Gas Bets for 10th Week: Energy Markets
  • Palm Oil Snaps Four-Day Rally After Indonesia Cuts Export Tax
  • Swiss Bank Pictet’s Water Fund Boosted by Mideast Shortage
  • Copper Rout Spurs Chile Rate-Cut Bets as CDS Jumps: Andes Credit
  • Keystone Pipeline Support Enlists Oil Firms to U.S. Jews: Energy
  • Sugar Mills in Thailand Battle Strengthening Baht as Prices Drop

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