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TODAY’S S&P 500 SET-UP – May 1, 2013     


As we look at today's setup for the S&P 500, the range is 35 points or 1.41% downside to 1575 and 0.78% upside to 1610.

                                                                                               

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 1.46
  • VIX  closed at 13.52 1 day percent change of -1.39%

MACRO DATA POINTS (Bloomberg Estimates):

  • Treasury Quarterly Refunding Announcement
  • 7am: MBA Mortgage Applications, April 26 (prior 0.2%)
  • 8:15am: ADP Employment Change, April, est. 150k (prior 158k)
  • 8:58am: Markit US PMI Final, April, est. 52.0
  • 10am: Construction Spending M/m, March, est. 0.6% (prior 1.2%)
  • 10am: ISM Manufacturing, April, est. 50.6 (prior 51.3)
  • 10am: ISM Prices Paid, April, est. 52.6 (prior 54.5)
  • 10:30am: DOE Energy Inventories
  • 2pm: FOMC meeting ends today, est. 0.25% (prior 0.25%)
  • 5pm: Total Vehicle Sales, April, est. 15.30m (prior 15.22m)
  • 5pm: Domestic Vehicle Sales, April, est. 12.00m (prior 12.00m)

GOVERNMENT:

    • House, Senate not in session
    • Treasury announces quarterly refunding plans for govt operations, may comment on U.S. debt; Obama in Feb. signed legislation suspending $16.4t debt limit through May 18
    • FOMC releases policy statement at close of two-day meeting

WHAT TO WATCH

  • Fed seen slowing stimulus with QE cut to $50b by yr-end
  • PREVIEW April Auto Sales: SAAR may post 6th month above 15m
  • U.S. manufacturing probably grew at slower pace in April
  • Facebook seen reporting sales jump as mobile-ad options expand
  • T-Mobile USA to debut on NYSE today after MetroPCS combination
  • ING U.S. unit prepares IPO led by “unsung heroes” of AIG bailout
  • SEC weighs cross-border swap rules amid calls to restrict reach
  • BMC Software gets >$6.5b bid from Bain, Golden Gate: Reuters
  • Schwab sues BofA, other banks over alleged Libor manipulation
  • China manufacturing expanded at weaker pace in April
  • Yahoo discussions over Dailymotion stall, French official says
  • DreamWorks posts surprise 1Q profit aided by “The Croods”

EARNINGS:

    • Haemonetics (HAE) 6am, $0.46
    • Iron Mountain (IRM) 6am, $0.27
    • ADT (ADT) 6am, $0.43
    • Humana (HUM) 6am, $1.80
    • Knight Capital Group (KCG) 6am, $0.04
    • Genesee & Wyoming (GWR) 6am, $0.89
    • Coventry Health Care (CVH) 6:30am, $0.81
    • Blackbaud (BLKB) 6:30am, $0.20
    • Progressive Waste Solutions (BIN CN) 6:30am, $0.20
    • Loblaw (L CN) 6:30am, C$0.47
    • SPX (SPW) 6:30am, $0.26
    • CVS Caremark (CVS) 7am, $0.79 - Preview
    • Merck (MRK) 7am, $0.79 - Preview
    • Time Warner (TWX) 7am, $0.74 - Preview
    • Radian (RDN) 7am, $(0.09)
    • Chesapeake Energy (CHK) 7am, $0.25 - Preview
    • WEX (WEX) 7am, $0.96
    • Amtrust Financial (AFSI) 7am, $0.73
    • Jean Coutu Group (PJC/A CN) 7am, C$0.26
    • American Tower (AMT) 7am, $0.82
    • Jones Group (JNY) 7am, $0.15
    • Comcast (CMCSA) 7am, $0.51 - Preview
    • El Paso Electric (EE) 7am, $0.12
    • Viacom (VIAB) 7am, $0.95 - Preview
    • AllianceBernstein (AB) 7:02am, $0.36
    • Avista (AVA) 7:05am, $0.69
    • ViroPharma (VPHM) 7:30am, $0.17
    • Hyatt Hotels (H) 7:30am, $0.08
    • Energizer (ENR) 7:30am, $1.28
    • Hospira (HSP) 7:30am, $0.44 - Preview
    • Sealed Air (SEE) 7:30am, $0.18
    • Exelon (EXC) 7:30am, $0.68
    • Clean Harbors (CLH) 7:30am, $0.33
    • IntercontinentalExchange (ICE) 7:30am, $1.97
    • MSCI (MSCI) 7:30am, $0.54
    • Pinnacle Entertainment (PNK) 8am, $0.19
    • Cott (BCB CN) 8am, $0.09
    • Devon Energy (DVN) 8am, $0.55 - Preview
    • Mastercard (MA) 8am, $6.17
    • Phillips 66 (PSX) 8am, $1.89 - Preview
    • Arrow Electronics (ARW) 8am, $0.88
    • IPG Photonics (IPGP) 8am, $0.70
    • KKR Financial (KFN) 8:20am, $0.35
    • Clorox (CLX) 8:30am, $1.05
    • Rowan (RDC) 8:30am, $0.52
    • PDC Energy (PDCE) 8:30am, $0.16
    • MFA Financial (MFA) 8:30am, $0.21
    • Allergan (AGN) 9am, $0.96
    • Expeditors Intl of Washington (EXPD) 9am, $0.39
    • Enbridge Energy Partners (EEP) Bef-mkt, $0.17
    • Cameco (CCO CN) Bef-mkt, C$0.08
    • Unum Group (UNM) 4pm, $0.78
    • Covance (CVD) 4pm, $0.72
    • MedAssets (MDAS) 4pm, $0.29
    • Walter Energy (WLT) 4pm, $(0.90) - Preview
    • Equity One (EQY) 4pm, $0.29
    • Acadia Healthcare (ACHC) 4pm, $0.20
    • Genpact (G) 4pm, $0.22
    • Caesars Entertainment (CZR) 4pm, $(1.46)
    • Kimco Realty (KIM) 4:01pm, $0.32
    • CBS (CBS) 4:01pm, $0.68 - Preview
    • New Gold (NGD CN) 4:01pm, $0.10
    • Impax Laboratories (IPXL) 4:01pm, $0.20
    • Pioneer Natural Resources (PXD) 4:01pm, $0.97
    • Cornerstone OnDemand (CSOD) 4:01pm, $(0.08)
    • Synchronoss Technologies (SNCR) 4:01pm, $0.28
    • DexCom (DXCM) 4:01pm, $(0.17)
    • Las Vegas Sands (LVS) 4:01pm, $0.67 - Preview
    • Healthcare Realty Trust (HR) 4:02pm, $0.32
    • Shutterfly (SFLY) 4:02pm, $(0.14)
    • Pharmacyclics (PCYC) 4:02pm, $0.21
    • MetLife (MET) 4:03pm, $1.30
    • CACI International (CACI) 4:05pm, $1.65
    • Allstate (ALL) 4:05pm, $1.30
    • Con-way (CNW) 4:05pm, $0.27
    • Atmel (ATML) 4:05pm, $0.03
    • Hanger (HGR) 4:05pm, $0.26
    • Tetra Tech (TTEK) 4:05pm, $0.40
    • JDS Uniphase (JDSU) 4:05pm, $0.11
    • Mid-America Apartment Communities (MAA) 4:05pm, $1.19
    • Sovran Self Storage (SSS) 4:05pm, $0.83
    • Corporate Executive Board (CEB) 4:05pm, $0.63
    • Endurance Specialty (ENH) 4:05pm, $1.09
    • ExlService (EXLS) 4:05pm, $0.40
    • PHH (PHH) 4:05pm, $0.39
    • Facebook (FB) 4:05pm, $0.13 - Preview
    • Visa (V) 4:05pm, $1.81
    • Yelp (YELP) 4:05pm, $(0.06)
    • Rovi (ROVI) 4:05pm, $0.46
    • Prudential Financial (PRU) 4:07pm, $1.88
    • Lincoln National (LNC) 4:10pm, $1.10
    • Boston Beer (SAM) 4:10pm, $0.62
    • SS&C Technologies (SSNC) 4:10pm, $0.43
    • Western Gas Partners (WES) 4:10pm, $0.38
    • Fidelity National (FNF) 4:15pm, $0.40
    • Northeast Utilities (NU) 4:15pm, $0.66
    • Intrepid Potash (IPI) 4:15pm, $0.19
    • KAR Auction Services (KAR) 4:15pm, $0.32
    • C&J Energy Services (CJES) 4:20pm, $0.57
    • Atwood Oceanics (ATW) 4:30pm, $1.22
    • Essex Property Trust (ESS) 4:30pm, $1.88
    • Concur Technologies (CNQR) 4:30pm, $0.24
    • Charles River Laboratories (CRL) 4:30pm, $0.71
    • Sabra Health Care REIT (SBRA) 4:30pm, $0.48
    • Eagle Rock Energy (EROC) 4:30pm, $0.08
    • CVR Partners (UAN) 4:30pm, $0.47
    • Federal Realty Investment Trust (FRT) 4:30pm, $1.12
    • Tesoro (TSO) 4:31pm, $0.70
    • Avis Budget (CAR) 4:35pm, $0.02
    • RenaissanceRe (RNR) 4:45pm, $3.04
    • BioMed Realty Trust (BMR) 4:45pm, $0.39
    • Marriott International (MAR) 5pm, $0.40
    • WGL Holdings (WGL) 5pm, $1.47
    • Canfor (CFP CN) 5pm, C$0.49
    • TeleTech Holdings (TTEC) 5pm, $0.31
    • Triumph Group (TGI) 5pm, $1.60
    • Orient-Express Hotels (OEH) 5pm, $(0.13)
    • Hornbeck Offshore Services (HOS) 5pm, $0.30
    • Constellation Software (CSU CN) 5pm, $1.74
    • Concho Resources (CXO) 5pm, $0.78
    • Murphy Oil (MUR) 5pm, $0.98
    • Atmos Energy (ATO) 5:01pm, $1.32
    • PolyOne (POL) 5:05pm, $0.26
    • Integrys Energy (TEG) 5:08pm, $1.60
    • Brookdale Senior Living (BKD) 5:12pm, $(0.04)
    • Vectren (VVC) 5:30pm, $0.67
    • MDU Resources (MDU) 5:45pm, $0.23
    • Archer-Daniels-Midland (ADM) Aft-mkt, $0.50
    • Curtiss-Wright (CW) Aft-mkt, $0.41
    • Pengrowth Energy (PGF CN) Aft-mkt, C$0.01
    • Macerich (MAC) Aft-mkt, $0.79
    • Pason Systems (PSI CN) Aft-mkt, C$0.35
    • CVR Refining (CVRR) Aft-mkt, $1.58
    • Western Gas Equity Partners (WGP) Aft-mkt, $0.12
    • HudBay Minerals (HBM CN) Aft-mkt, C$0.02
    • Bell Aliant (BA CN) Aft-mkt, C$0.40
    • Realogy Holdings (RLGY) Aft-mkt, $(0.44)

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Gold ETP Holdings Cap Record Drop Wiping $17.9 Billion in Assets
  • China Affair With Cheap Diamonds Heats Mass Market: Commodities
  • U.S. Mint Sales of Gold Coins Advance to Highest in Three Years
  • Brent Crude Declines a Second Day as Global Supplies Increase
  • Copper Slides on Weaker-Than-Estimated Chinese Manufacturing
  • Gold Falls as Investors Weigh Fed Meeting With ETP Holdings Drop
  • Wheat Slides as World Supply Rebound Makes Up for Kansas Losses
  • Sugar Swings in New York on Delivery Speculation; Cocoa Stable
  • Cash for Doomed Crops Means U.S. Farmers Avoid Disaster Costs
  • Biofuel Pioneer Forsakes Renewables to Make Gas-Fed Fuel: Energy
  • Biggest Brazil Smelter Says Copper Demand Is Exceeding Capacity
  • WTI Set to Tumble If It Fails to Breach $100: Technical Analysis
  • Cocoa Deliveries From Brazil’s Bahia Little Changed: Hartmann
  • Cheapest Europe Naphtha Seen Losing Asian Luster: Energy Markets

 

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