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TODAY’S S&P 500 SET-UP – May 8, 2013     


As we look at today's setup for the S&P 500, the range is 71 points or 4.12% downside to 1559 and 0.25% upside to 1630.

                                                                                               

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: 1.57 from 1.56
  • VIX  closed at 12.83 1 day percent change of 1.34%

MACRO DATA POINTS (Bloomberg Estimates)

  • 7am: MBA Mortgage Applications, May 3  (prior 1.8%)
  • 8:30am: Fed’s Stein speaks at Chicago Fed conference
  • 10:30am: DOE Energy Inventories
  • 11am: Fed to purchase $3b-$3.75b debt in 2019-2020 sector
  • 1pm: U.S. to sell $24b 10Y notes

GOVERNMENT:

    • 9am: Congressional Progressive Caucus event w/ low wage workers employed under federal contracts, w/ Reps. Raul Grijalva, D-Ariz.; Keith Ellison, D-Minn.; Barbara Lee, D-Calif.; Rep. Jan Schakowsky, D-Ill.
    • 9am: Mandiant CEO Kevin Mandia, Symentec cyber VP Cheri McGuire testify on Senate Judiciary Cmte panel on law enforcement, private sector responses to cyber threats
    • 10am: Senate Health, Education and Labor Cmte votes on nomination of Thomas Perez to Labor sec
    • 10am: House Natural Resources Cmte hearing on hydraulic fracturing
    • 11:30am: House Oversight holds Benghazi hearing
    • 11:30am: Sen. Chris Murphy, D-Conn., Rep. Mo Brooks, R-Ala., Rep. Tim Ryan, D-Ohio, participate in Alliance for American Manufacturing news conf. on supply chain vulnerabilities, natl security risks in defense industrial base
    • Sanford defeats Colbert’s sister in South Carolina

WHAT TO WATCH

  • Yahoo CEO Mayer said to seek ways to end Microsoft search deal
  • Microsoft CFO search said to pit Windows’ Reller against Hood
  • Sprint said to press Dish for details before its due diligence
  • Fannie Mae settles investor accounting lawsuit for $153m
  • Whole Foods raises annual forecast as same-store sales improve
  • “Bullish” about acquiring regional food stores
  • J.C. Penney reports 1Q prelim. sales drop below ests.
  • Walt Disney 2Q adj. EPS, revenue beat estimates
  • Electronic Arts projects annual profit exceeding analyst ests.
  • WebMD’s CEO Redmond steps down as co. raises sales forecast
  • Toyota forecasts profit will rise to 6-yr high on weaker yen
  • China export gains spur doubts as U.S., Europe shipments fall
  • Berkshire agrees to limit DaVita stake after weighing increase
  • China’s CNPC said in talks to buy Brazil’s Barra for $2b
  • Apple seeks documents on Android source code in Samsung lawsuit
  • Bristol-Myers sues Genentech claiming “Cabilly” patents invalid
  • Tom Mockridge is named CEO of Virgin Media on Liberty deal
  • Ackman, Einhorn, Eisman to speak at Ira Sohn conference

EARNINGS:

    • Calfrac Well Services (CFW CN) 6am, C$0.50
    • Susser Holdings (SUSS) 6am, $(0.05)
    • Lamar Advertising (LAMR) 6am, $(0.03)
    • Cognizant Technology Solutions (CTSH) 6am, $0.93
    • Calumet Specialty Products (CLMT) 6:30am, $1.03
    • Franco-Nevada (FNV CN) 6:30am, $0.27
    • Starwood Property Trust (STWD) 6:45am, $0.46
    • Intact Financial (IFC CN) 6:55am, $1.32
    • CommonWealth REIT (CWH) 7am, $0.73
    • Wendy’s (WEN) 7am, $0.03
    • Enbridge (ENB CN) 7am, C$0.52
    • AOL (AOL) 7am, $0.45
    • Genivar (GNV CN) 7am, C$0.35
    • Huntington Ingalls Industries (HII) 7:15am, $0.85
    • Sodastream (SODA) 7:30am, $0.65
    • Geo Group (GEO) 7:30am, $0.38
    • Tim Hortons (THI CN) 7:30am, C$0.61
    • Cedar Fair (FUN) 7:35am, $(1.20
    • Brookfield Renewable Energy  (BEP-U CN) 8am, $0.17
    • Vivus (VVUS) 8:15am, $(0.52)
    • Allete (ALE) 8:25am, $0.75
    • Liberty Interactive (LINTA) 11:45am, $0.19
    • News Corp (NWSA) 4pm, $0.35 - Preview
    • Linamar (LNR CN) 4pm, C$0.60
    • Cousins Properties (CUZ) 4pm, $0.12
    • Green Mountain Coffee Roasters (GMCR) 4pm, $0.73
    • Tower Group International (TWGP) 4pm, $0.53
    • Groupon (GRPN) 4pm, $0.03
    • Quebecor (QBR/B CN) 4pm, C$0.61
    • Rackspace Hosting (RAX) 4pm, $0.20
    • Quantum (QTM) 4:01pm, ($0.01)
    • St Joe (JOE) 4:01pm, $(0.01)
    • Sunoco Logistics Partners (SXL) 4:01pm, $0.82
    • MarkWest Energy (MWE) 4:01pm, $0.26
    • Polypore International (PPO) 4:01pm, $0.41
    • Tumi (TUMI) 4:01pm, $0.15
    • MBIA (MBI) 4:01pm, $0.15
    • Andersons (ANDE) 4:01pm, $0.87
    • J2 Global (JCOM) 4:03pm, $0.65
    • Tesla Motors (TSLA) 4:03pm, $0.04 - Preview
    • CenturyLink (CTL) 4:04pm, $0.68
    • Activision Blizzard (ATVI) 4:05pm, $0.11 - Preview
    • Monster Beverage (MNST) 4:05pm, $0.46
    • Dealertrack Technologies (TRAK) 4:05pm, $0.26
    • Clean Energy Fuels (CLNE) 4:05pm, $(0.06)
    • SemGroup (SEMG) 4:05pm, $0.36
    • Shutterstock (SSTK) 4:05pm, $0.16
    • McDermott International (MDR) 4:10pm, $0.14
    • Corrections of America (CXW) 4:10pm, $0.48
    • Finning International (FTT CN) 4:14pm, C$0.47
    • Veresen (VSN CN) 4:14pm, C$0.05
    • Schweitzer-Mauduit International (SWM) 4:15pm, $0.92
    • CF Industries Holdings (CF) 4:15pm, $6.00
    • Oiltanking Partners (OILT) 4:15pm, $0.41
    • Hawaiian Electric Industries (HE) 4:15pm, $0.38
    • RLJ Lodging Trust (RLJ) 4:25pm, $0.37
    • Fifth Street Finance (FSC) 4:41pm, $0.28
    • Regency Energy Partners (RGP) 4:45pm, $0.03
    • Liberty Media (LMCA) 4:45pm, $0.41
    • Energy Transfer Partners (ETP) 4:53pm, $0.46
    • Transocean (RIG) 4:56pm, $0.99 - Preview
    • Ctrip.com (CTRP) 5pm, $0.24
    • American Financial (AFG) 5pm, $0.83
    • Home Capital Group (HCG CN) 5pm, C$1.67
    • Atlas Energy (ATLS) 5pm, $(0.01)
    • Atlas Resource Partners (ARP) 5pm, $0.23
    • Sun Life Financial (SLF CN) 5:10pm, C$0.66
    • Energy Transfer Equity (ETE) 5:10pm, $0.53
    • EPAM Systems (EPAM) 5:40pm, $0.34
    • Alon USA Energy (ALJ) 5:45pm, $0.55
    • Continental Resources (CLR) 5:48pm, $1.14
    • Granite REIT (GRT-U CN) 5:51pm, $0.69
    • Tronox (TROX) 5:56pm, $(0.21)
    • Quad/Graphics (QUAD) 6:30pm, $0.15
    • Crosstex Energy (XTEX) 7pm, $(0.25)
    • Delek US Holdings (DK) 11pm, $1.18
    • Middleby (MIDD) Aft-mkt, $1.31
    • Trican Well Service (TCW CN) Aft-mkt, C$0.18
    • Northland Power (NPI CN) Aft-mkt, $0.06
    • Alon USA Partners (ALDW) Aft-mkt, $1.44
    • Calloway REIT (CWT-U CN) Aft-mkt, C$0.45
    • Northern Property REIT (NPR-U CN) Aft-mkt, C$0.50

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Iron Ore Seen Dropping by BHP as Supply Growth Tops Demand
  • KKR to Goldman Breach Decade-Long Water Deal Dam: Commodities
  • Gold Rises in New York Amid Signs of Physical Demand in China
  • Copper Rises in New York After Gains in China Signal More Demand
  • Gold Assets in Fund Paulson Holds Decline to Four-Year Low
  • China’s Gold Purchases From Hong Kong Expand to Record in March
  • Sugar Declines on Brazilian Harvest Progress; Coffee Retreats
  • Rebar Advances After China’s Trade Performance Beats Estimates
  • Gold Eroding Farmer Collateral May Boost Defaults: India Credit
  • Carbon Rout Roiling Australia as Polluters Win: Energy Markets
  • China Copper Imports Drop 21.1% Yoy as Demand Slows: BI Chart
  • Copper Consumers Seen by Boliden Holding Very Low Stockpiles
  • Fed Panel Warned of Farmland Bubble Amid Increasing Credit Risk
  • Gold Imports by India Seen Topping 100 Tons for a Second Month

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