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TODAY’S S&P 500 SET-UP – May 9, 2013     


As we look at today's setup for the S&P 500, the range is 34 points or 1.70% downside to 1605 and 0.39% upside to 1639.

                                                                                               

SECTOR PERFORMANCE


THE HEDGEYE DAILY OUTLOOK - 1A

THE HEDGEYE DAILY OUTLOOK - 2

EQUITY SENTIMENT:


THE HEDGEYE DAILY OUTLOOK - 10


CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 1.57 from 1.55
  • VIX  closed at 12.66 1 day percent change of -1.33%

MACRO DATA POINTS (Bloomberg Estimates):

  • 7am: Bank of England monetary policy cmte decision
  • 8am: Fed’s Lacker speaks on financial stability in New York
  • 8:30am: Initial Jobless Claims, May 4, est. 335k (prior 324k)
  • 8:45am:  Bloomberg U.S. Economic Survey, May
  • 9:45am: Bloomberg Consumer Comfort, May 5
  • 10am: Wholesale Inventories, March, est. 0.4% (prior -0.3%)
  • 10am: Wholesale Sales, March. est.  0.1% (prior 1.7%)
  • 10am: Freddie Mac mortgage rates
  • 10:30am: EIA natural-gas storage change
  • 11am: Fed to purchase $1b-$1.5b TIPS in 2017-2043 sector
  • 1pm: U.S. to sell $16b 30Y bonds
  • 1:15pm: Fed’s Plosser speaks on monetary policy in New York

GOVERNMENT:

    • 9am: House Homeland Security hears from Boston Police
    • Commissioner Edward Davis on Boston bombings
    • 9:15am: Senate Environment Cmte hears from EPA administrator nominee Gina McCarthy at confirmation hearing
    • 10:30am: FCC holds open meeting to consider proposed rules to improve broadband access on airplanes and on access to spectrum for commercial space launch operators
    • 11am: Congressional-Executive Commission on China holds discussion on re-education through labor with Sen. Sherrod Brown, D-Ohio, Rep. Chris Smith, R-N.J.

WHAT TO WATCH

  • Buffett’s MidAmerican plans $1.9b of wind farms in Iowa
  • Boeing supplier resumes 787 cell output, forecasts profit jump
  • JPMorgan says watchdog may seek to punish units, workers
  • BlackRock vote on Dimon’s future highlights links to JPMorgan
  • Rambus fined $250m in Hynix patent-infringement case
  • CFTC said to weigh lower price-quote in Dodd-Frank swap rule
  • Facebook in talks to buy Waze for up to $1b: Calcalist
  • Microsoft offering $1b for Nook’s digital assets: TechCrunch
  • Hess said to seek $1.5b for Thailand, Indonesia assets
  • Eni sells as much as $2b stake in gas network Snam
  • Highfields’ Jacobson: Digital Realty is stock to sell short
  • Gundlach says short Chipotle on unimpressive earnings growth
  • Softbank says deal can save Sprint $3b a year by 2017
  • Disney said to tell advertisers of live ABC app in mobile push
  • Sony says weak yen, games to drive sales; TVs to turn profit
  • Vestia asks court to void $924m of Credit Suisse swaps
  • China passenger-vehicle sales rise 13% in April, beat ests.
  • Bangladesh plant fire kills 8; Rana Plaza death toll hits 921
  • Millennial Media CEO says now not time to sell co.

EARNINGS:

    • Precision Castparts (PCP) 6am, $2.75
    • AES (AES) 6am, $0.28
    • Bombardier (BBD/B CN) 6am, $0.08
    • TELUS (T CN) 6am, $0.54 - Preview
    • MEMC Electronic Materials (WFR) 6am, $(0.14)
    • DISH Network (DISH) 6am, $0.53
    • EchoStar (SATS) 6am, $(0.06)
    • Visteon (VC) 6am, $0.88
    • Windstream (WIN) 6:15am, $0.11
    • Cineplex (CGX CN) 6:15am, C$0.24
    • Paladin Labs (PLB CN) 6:30am, C$0.53
    • Carlyle Group (CG) 6:30am, $0.96
    • MAXIMUS (MMS) 6:30am, $0.70
    • Manitoba Telecom Services (MBT CN) 6:30am, C$0.54
    • Starz-Liberty Capital (STRZA) 6:45am, $0.49
    • BCE (BCE CN) 7am, C$0.71 - Preview
    • Harsco (HSC) 7am, $0.05
    • Dean Foods (DF) 7am, $0.27
    • Walter Investment Management (WAC) 7am, $0.41
    • DENTSPLY International (XRAY) 7am, $0.56
    • WhiteWave Foods (WWAV) 7am, $0.15
    • Laredo Petroleum Holdings (LPI) 7am, $0.12
    • Rentech Nitrogen Partners (RNF) 7am, $0.54
    • Agrium (AGU CN) 7:15am, $1.08 - Preview
    • FTI Consulting (FCN) 7:30am, $0.50
    • Kosmos Energy (KOS) 7:30am, $0.07
    • Suburban Propane Partners (SPH) 7:30am, $2.50
    • Cominar REIT (CUF-U CN) 7:30am, C$0.44
    • Alere (ALR) 7:30am, $0.52
    • Cooper Tire & Rubber (CTB) 7:35am, $0.66
    • Teekay (TK) 8am, $(0.20)
    • Baytex Energy (BTE CN) 8am, C$0.22
    • Teekay LNG Partners (TGP) 8am, $0.46
    • TreeHouse Foods (THS) 8am, $0.70
    • Teekay Offshore Partners (TOO) 8am, $0.26
    • Apache (APA) 8am, $2.21 - Preview
    • NPS Pharmaceuticals (NPSP) 8am, $(0.13)
    • Brookfield Asset Management (BAM/A CN) 8am, $0.31
    • Crescent Point Energy (CPG CN) 8am, C$0.20
    • Canadian Tire (CTC/A CN) 8:07am, C$0.89
    • Dorel Industries (DII/B CN) 8:27am, $0.86
    • Coeur d’Alene Mines (CDE) 8:28am, $0.14
    • Cablevision Systems (CVC) 8:30am, $0.04
    • Granite Construction (GVA) 8:30am, $(0.22)
    • AMC Networks (AMCX) 8:30am, $0.79
    • Industrial Alliance Insurance (IAG CN) 9am, C$0.79
    • Stantec (STN CN) 9am, C$0.63
    • Inland Real Estate (IRC) 9:30am, $0.22
    • Inter Pipeline Fund (IPL-U CN) 11:19am, C$0.26
    • Diodes (DIOD) 4pm, $0.02
    • Assured Guaranty (AGO) 4pm, $0.71
    • Sotheby’s (BID) 4pm, $(0.12)
    • Salix Pharmaceuticals (SLXP) 4pm, $0.66
    • MannKind (MNKD) 4pm, $(0.13)
    • Air Lease (AL) 4pm, $0.38
    • Amarin (AMRN) 4pm, $(0.40)
    • Stifel Financial (SF) 4:01pm, $0.57
    • Air Methods (AIRM) 4:01pm, $(0.15)
    • priceline.com (PCLN) 4:01pm, $5.27
    • Allscripts Healthcare Solutions (MDRX) 4:01pm, $0.14
    • Molycorp (MCP) 4:01pm, $(0.30) - Preview
    • PDL BioPharma (PDLI) 4:02pm, $0.36
    • CareFusion (CFN) 4:02pm, $0.53
    • Sapient (SAPE) 4:05pm, $0.13
    • ExactTarget (ET) 4:05pm, $(0.10)
    • Ubiquiti Networks (UBNT) 4:05pm, $0.22
    • Osisko Mining (OSK CN) 4:05    pm    , C$0.06
    • Medivation (MDVN) 4:09pm, $(0.40)
    • Advisory Board (ABCO) 4:10pm, $0.16
    • Universal Display (PANL) 4:11pm, $(0.10)
    • Nektar Therapeutics (NKTR) 4:15pm, $(0.43)
    • Nortek (NTK) 4:15pm, no est.
    • Bonanza Creek Energy (BCEI) 4:15pm, $0.41
    • NVIDIA (NVDA) 4:19pm, $0.15
    • Pembina Pipeline (PPL CN) 4:21pm, C$0.28
    • Darling International (DAR) 4:30pm, $0.27
    • Nelnet (NNI) 4:35pm, $1.27
    • Public Storage (PSA) 5:09pm, $1.62
    • Great Plains Energy (GXP) 5:15pm, $0.12
    • AuRico Gold (AUQ CN) Aft-mkt, $0.05
    • Bright Horizons Family Solutions (BFAM) Aft-mkt, $0.22
    • Algonquin Power & Utilities (AQN CN) Aft-mkt, C$0.12
    • Dundee International REIT(DI-U CN) Aft-mkt, C$0.21

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Egypt’s Wheat Farmers Hobbled by Fuel Shortages as Silos Run Low
  • Corn Drought Easing Boosts Reserves Most Since 1960: Commodities
  • Gold Declines as ETF Withdrawals Continue and Commodities Fall
  • Brent Declines for Third Day as U.S. Crude Stockpiles Increase
  • Copper Slides Most in a Week as China Inflation Misses Estimates
  • Corn Swings Before USDA Report Predicted to Show Higher Supply
  • Iraq Resumes Northern Crude Exports via Turkey After Sabotage
  • Carbon Market Champions Undeterred by Kyoto Dead-End, EU Says
  • Sugar Falls to 3-Month Low on Sales From Thailand; Cocoa Drops
  • China Steel Production Rose to Record 89.6 Mt in March: BI Chart
  • Gasoline Imports Shrink in Mideast on Refineries: Energy Markets
  • China Dowry Filled With Gold Signals Gains for Jewelers: Retail
  • Rebar Drops as Producer Price Decline Boosts Concern on Economy
  • World Food Prices Rise as Drought Hurts New Zealand Dairies

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