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
EQUITY SENTIMENT:
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
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team