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TODAY’S S&P 500 SET-UP – April 2, 2014


As we look at today's setup for the S&P 500, the range is 32 points or 1.57% downside to 1856 and 0.13% upside to 1888.                                         

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: 2.33 from 2.32
  • VIX closed at 13.1 1 day percent change of -5.62%

MACRO DATA POINTS (Bloomberg Estimates):

  • 7am: MBA Mortgage Applications, March 28 (prior -3.5%)
  • 8:15am: ADP Employment Change, March, est. 195k (prior 139k)
  • 9:45am: ISM New York, March (prior 57.0)
  • 10am: Factory Orders, Feb., est. 1.2% (prior -0.7%)
  • 10:30am: DOE Energy Inventories
  • EU finance ministers, central bankers continue Athens meeting
  • 12:30pm: Fed’s Lockhart speaks in Miami
  • 4pm: Fed’s Bullard meets reporters in St. Louis

GOVERNMENT:

    • 10am: Supreme Court hears worker stock plans case arguments, may issue opinions
    • 10am: GM CEO Mary Barra, NHTSA Acting Administrator David Friedman at Senate Commerce, Science and Transportation panel on defective ignition switch recall
    • Budget panels/hearings:
    • 10am: House appropriations panel: Energy Dept’s Sec. Ernest Moniz; Treasury Sec. Jack Lew
    • 10am: House Energy and Commerce panel: EPA Administrator Gina McCarthy
    • 10am: House Armed Services Cmte: Navy Adm. Cecil Haney, commander of the U.S. Strategic Command, Army Gen. Curtis Scaparrotti, commander of U.S. Forces Korea
    • 10:30am: House appropriations panel: Labor Sec. Thomas Perez; U.S. Ambassador to United Nations Samantha Power
    • 10:30am: House Energy and Commerce hearing on Obama’s plan to give up control of system for assigning website addresses
    • 2:55pm: Obama speaks on minimum wage in Ann Arbor, Mich.
    • U.S. Election Wrap: Camp Replacement; Scott Brown Visits Senate

WHAT TO WATCH:

  • Amazon said set to debut TV-viewing device
  • Netflix plans to target French mkt from Luxembourg: Les Echos
  • Virtu said to delay IPO amid furor over Michael Lewis book
  • GM CEO Barra, NHTSA Acting Admin Friedman at Senate on recall
  • Microsoft executives speak at “Microsoft Build 2014”
  • Energy Future plan said to almost wipe out owners KKR to Goldman
  • House sends Ukraine aid bill to Obama rebuking Putin
  • Russia pressures Ukraine to disarm “radicals” as NATO mulls response
  • Greece said to plan EU2b bond sale in 1H
  • British nuclear submarine joins search for missing Malaysian jet
  • Malaysia sees possibility cause of MH370 loss won’t be known
  • SAC asks managers to sign 2-yr deals to prevent departures: NYT
  • GE to bid for part of Investec’s Australian ops: Australian
  • ADM says it may seek to raise GrainCorp stake: WSJ
  • Univar exploring IPO that may value co. at $6b: Reuters
  • BNP Paribas sells Miami private bank to Santander: Les Echos
  • Cofco to pay initial $1.5b cash for Noble Unit stake
  • Bouygues says earlier offer for Vivendi’s SFR remains valid

EARNINGS:

    • Acuity Brands (AYI) 8:47am, $0.83 - Preview
    • Monsanto (MON) 8am, $3.06 - Preview
    • Resources Connection (RECN) 4pm, $0.05
    • Texas Industries (TXI) 6:21pm, ($0.58)
    • UniFirst (UNF) 8am, $1.39

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Copper Pares Gains as Chile Earthquake Leaves Mines Undamaged
  • Brent Falls Below $105 for First Time in Five Months; WTI Slides
  • Billionaire Amazon Bet Vindicated as Apple Buys Tin: Commodities
  • Gold Rises on Speculation Drop to Seven-Week Low to Spur Demand
  • Sugar Falls With Coffee as Investors Review Brazil Drought Risk
  • Soybeans Climb Third Day to 9-Month High as U.S. Stocks Dwindle
  • Copper Surplus Seen by Study Group Growing to 595kt in 2015
  • California Mountain Snow Pack Improves While Drought Persists
  • Louis Dreyfus Commodities Readies for Possible IPO or Stake Sale
  • MORE: Europe Would Need $215B Capex to Cut Russia Gas: Bernstein
  • U.S. Joins EU in Seeking New Gas Supplies for Europe, Ukraine
  • South Africa’s Platinum-Belt Economy Crippled by 10-Week Strike
  • Powder River Coal Grabs Market Share in North Asia, South Korea
  • Rebar in Shanghai Falls 1st Time in 4 Days on Ore Price Outlook

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