Hedgeye - THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – April 30, 2013

As we look at today's setup for the S&P 500, the range is 33 points or 1.48% downside to 1570 and 0.59% upside to 1603.

SECTOR PERFORMANCE

EQUITY SENTIMENT:

CREDIT/ECONOMIC MARKET LOOK:

YIELD CURVE: 1.45 from 1.46
VIX closed at 13.71 1 day percent change of 0.73%

MACRO DATA POINTS (Bloomberg Estimates):

FOMC opens two-day meeting
7:45am: ICSC weekly sales
8:30am: Employment Cost Index, 1Q, est. 0.5% (prior 0.5%)
8:55am: Johnson/Redbook weekly sales
9am: NAPM-Milwaukee, April (prior 50.98)
9am: S&P/CS 20 cities, M/m SA, Feb., est. 0.80%
9am:S&P/CS Composite 20 cities, Y/y, Feb., est. 8.90%
9am: S&P/CaseShiller Home Price Index, Feb. (prior 146.14)
9:45am: Chicago Purchasing Manager, April, est. 52.6
10am: Consumer Confidence, April, est. 60.0 (prior 59.7)
11am: Fed to purchase $4.25b-$5.25b notes in 2017 sector
11:30am: U.S. to sell 4W bills, $23b 52W bills
4:30pm: API energy inventories

GOVERNMENT:

House meets in pro forma session, Senate not in session
Federal Open Market Cmte meets on eco, interest rates, 9am
Bloomberg LINK holds Washington Summit w/ CFTC Chairman Gary Gensler, FCC Chairman Julius Genachowski, Lazard Vice Chairman Gary Parr, White House CEA Alan Krueger, CAP Chairman John Podesta, Va. Gov. Bob McDonnell, 8am

WHAT TO WATCH

KKR said to weigh bid for Rio Tinto Australia copper mine stake
Best Buy exits Europe with sale of stake to Carphone Warehouse
CBOE plans post mortem on response, procedures amid outage
BofA urges dismissal of U.S.’s $1b faulty mortgages suit
Time Warner Cable appoints AOL’s Minson CFO as Esteves departs
MBIA bid for pretrial ruling in Countrywide lawsuit is rejected
UBS 1Q profit beats ests. on investment bank
BP 1Q profit beats analyst estimates on trading
Deutsche Bank seeks $6.5b as co-CEO Jain reverses course
AB InBev’s quarterly results miss estimates on Brazil, U.S.
Heinz holders vote on acquisition by Berkshire, 3G Capital
Heinz wins ruling tossing investor suits over Berkshire buyout
Suncor Energy 1Q operating EPS beats est.
US Airways-AMR in talks on credit cards w/Barclays, Citigroup
German unemployment climbs in sign economic recovery delayed
Japan-to-Korea output misses estimates as Taiwan cools

EARNINGS:

Enterprise Products Partners (EPD) 6am, $0.65
Aetna (AET) 6am, $1.38
Starwood Hotels & Resorts Worldwide (HOT) 6am, $0.53
Huntsman (HUN) 6am, $0.16
Norbord (NBD CN) 6am, $1.36
NiSource (NI) 6:30am, $0.71
CGI Group (GIB/A CN) 6:30am, C$0.49
Rockwood Holdings (ROC) 6:30am, $0.67
Harris (HRS) 6:30am, $1.12
Pitney Bowes (PBI) 6:30am, $0.44
Cummins (CMI) 6:44am, $1.86
Legg Mason (LM) 6:59am, $0.20
Pfizer (PFE) 7am, $0.55
Thomson Reuters (TRI CN) 7am, $0.32
Sirius XM Radio (SIRI) 7am, $0.02
Fidelity National Information Services (FIS) 7am, $0.61
Cobalt International Energy (CIE) 7am, ($0.14)
Wisconsin Energy (WEC) 7am, $0.71
Avon Products (AVP) 7am, $0.14
TRW Automotive Holdings (TRW) 7am, $1.43
Xylem (XYL) 7am, $0.27
Oshkosh (OSK) 7am, $0.86
MGIC Investment (MTG) 7am, ($0.14)
Office Depot (ODP) 7am, $0.04
Marathon Petroleum (MPC) 7:03am, $2.17
McGraw-Hill (MHP) 7:10am, $0.73
MeadWestvaco (MWV) 7:15am, $0.24
NextEra Energy (NEE) 7:30am, $1.02
Public Service Enterprise Group (PEG) 7:30am, $0.74
Invesco (IVZ) 7:30am, $0.47
Tenet Healthcare (THC) 7:30am, $0.30
Domino’s Pizza (DPZ) 7:30am, $0.55
Vishay Intertechnology (VSH) 7:30am, $0.11
Valero Energy (VLO) 7:42am, $0.99
U.S. Steel (X) 7:45am, ($0.22)
Affiliated Managers Group (AMG) 7:54am, $2.03
HCP (HCP) 8am, $0.72
UDR (UDR) 8am, $0.33
AGL Resources (GAS) 8am, $1.34
BOK Financial (BOKF) 8am, $1.18
Hudson City Bancorp (HCBK) 8am, $0.11
3D Systems (DDD) 8am, $0.21
Arcos Dorados Holdings (ARCO) 8am, $0.06
Agco (AGCO) 8:15am, $0.88
Martin Marietta Materials (MLM) 8:15am, ($0.35)
Ecolab (ECL) 8:20am, $0.59
Franklin Resources (BEN) 8:30am, $2.49
Zoetis (ZTS) Pre-mkt, $0.33
Arthur J Gallagher (AJG) Pre-mkt, $0.24
Athabasca Oil (ATH CN) Pre-mkt, (C$0.03)
Edison International (EIX) 4pm, $0.66
Vertex Pharmaceuticals (VRTX) 4pm, ($0.21)
Western Union (WU) 4pm, $0.32
SolarWinds (SWI) 4pm, $0.37
Regal Entertainment Group (RGC) 4pm, $0.13
AvalonBay Communities (AVB) 4:01pm, ($0.63)
Fiserv (FISV) 4:01pm, $1.34
Canadian Oil Sands (COS CN) 4:01pm, C$0.42
Amdocs (DOX) 4:01pm, $0.72
Flextronics International (FLEX) 4:01pm, $0.13
IAC/InterActiveCorp (IACI) 4:01pm, $0.68
DreamWorks Animation (DWA) 4:01pm, ($0.03)
EXCO Resources (XCO) 4:01pm, $0.08
NCR (NCR) 4:02pm, $0.42
Oneok Partners (OKS) 4:05pm, $0.58
Oneok (OKE) 4:05pm, $0.59
Trimble Navigation (TRMB) 4:05pm, $0.38
QEP Resources (QEP) 4:05pm, $0.30
Questar (STR) 4:05pm, $0.43
Questcor Pharmaceuticals (QCOR) 4:06pm, $0.96
Verisk Analytics (VRSK) 4:10pm, $0.53
Genworth Financial (GNW) 4:10pm, $0.28
Access Midstream Partners (ACMP) 4:15pm, $0.34
Fortinet (FTNT) 4:15pm, $0.10
Yamana Gold (YRI CN) 4:20pm, $0.18
TECO Energy (TE) 4:24pm, $0.17
FMC (FMC) 4:30pm, $1.07
Willis Group Holdings PLC (WSH) 4:30pm, $1.31
Jones Lang LaSalle (JLL) 4:30pm, $0.23
Genworth MI Canada (MIC CN) 4:31pm, $0.81
Equity Residential (EQR) 4:55pm, $0.65
DDR (DDR) 5pm, $0.26
Boston Properties (BXP) 5:09pm, $1.21
SM Energy Co (SM) 5:30pm, $0.57
UGI (UGI) Post-mkt, $1.44
American Capital (ACAS) Post-mkt, $0.28
Manitowoc (MTW) Post-mkt, $0.14

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

Gold Rush From Dubai to Turkey Saps Supply as Premiums Jump
Lumber Mills Expand as Prices Rise Most Since 1993: Commodities
WTI Crude Heads for Monthly Decline as Stockpiles Seen Rising
Gold Swings Between Gains and Losses Before Policy Makers Meet
Copper Heads for Biggest Decline Since May on Demand Concern
Corn Extends Biggest Gain Since June as Rain Slows U.S. Planting
Sugar Climbs With Grains Before May Futures Expiry; Cocoa Falls
Perth Mint Works Through Weekend to Meet Most Demand Since 2008
Noble Group Said to Hire Former Goldman Trader Evans for Metals
India May Consider Cutting Wheat Export Price to Boost Shipments
Greeks Bet Ship Rout Ending With Most Orders Since 2008: Freight
Voestalpine Sees Steel Recovery Taking Until 2014 on Europe Glut
Crude Stockpiles Gain in Survey as Output Climbs: Energy Markets
Gold Exchange-Traded Products Poised for Record Monthly Decline

CURRENCIES

GLOBAL PERFORMANCE

EUROPEAN MARKETS

ASIAN MARKETS

MIDDLE EAST

The Hedgeye Macro Team