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TODAY’S S&P 500 SET-UP – April 8, 2014


As we look at today's setup for the S&P 500, the range is 37 points or 0.82% downside to 1830 and 1.19% upside to 1867.                                                                                                                              

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: 2.30 from 2.31
  • VIX closed at 15.57 1 day percent change of 11.53%

MACRO DATA POINTS (Bloomberg Estimates):

  • 7:30am: NFIB Small Business, March, est. 92.5 (prior 91.4)
  • 7:45am ICSC weekly sales
  • 8:55am: Redbook weekly sales
  • 9am: IMF releases biannual world economic outlook
  • 10am: JOLTs Job Openings, Feb., est. 4.020m (prior 3.974m)
  • 1:30pm: Fed’s Kocherlakota speaks in Rochester, Minn.
  • 2:45pm: Fed’s Plosser speaks in Philadelphia
  • 4pm: Fed holds open board mtg in Washington on leverage ratios
  • 4pm: Fed’s Evans speaks in Washington
  • 4:30pm: API weekly oil inventories

GOVERNMENT:

    • 10am: House Ways & Means hearing on supporting economic growth through “a Fairer Tax Code”
    • 10am: House Armed Services Cmte hearing on Russia’s military developments, implications
    • 10am: Atty Gen. Holder testifies on Justice Dept. at House Judiciary Cmte
    • 10am: PPP hearing at House Transp. and Infrastructure Cmte
    • Senate leaders hold news conferences after party luncheons
    • FY15 budget panels/hearings:
    • 9:30am: NASA Admin. Charles Bolden, House Appropriations
    • 9:30am: Gen. Raymond Odierno, National Guard Bureau Chief Gen. Frank Grass, Army Reserve Chief Gen. Jeffrey Talley, Senate Armed Services Cmte
    • 10am: Secretary of State John Kerry, Senate Foreign Relations
    • 10:30am:Education Sec. Arne Duncan, House Appropriations
    • 2pm: GSA Admin Dan Tangherlini, House Appropriations
    • 2:30pm: Senate Judiciary marks up patent troll bill  S. 1720

WHAT TO WATCH:

  • Takeda, Lilly jury awards $9b over hiding Actos risks
  • Citigroup agrees to $1.13b settlement over mortgage bonds
  • Koch said to near deal for CVC’s Flint Group with Goldman Sachs
  • Fed holds open board meeting in Washington on leverage ratios
  • GM SUVs get top marks in insurance-industry front crash test
  • U.S. Court of Appeals hears Apple/Google patent arguments
  • Long-term jobless benefits stalled even with Senate passage
  • China approves Microsoft, Nokia deal with conditions
  • Express Scripts threatens to blackball Gilead’s Sovaldi
  • Barclays settles U.K. Libor case weeks before trial to start
  • BOJ refrains from boosting stimulus as recovery seen
  • U.K. industrial output rises more than forecast on factories
  • Weekly release of FDA warning letters
  • IMAX to sell 20% stake in China business for $80m: WSJ

EARNINGS:

    • Alcoa (AA) 4:03pm, $0.05 - Preview
    • International Speedway (ISCA) 7:30am, $0.34
    • Science Applications Intl (SAIC) 4:01pm, $0.65
    • WD-40 Co (WDFC) 4pm, $0.68

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Gold Climbs to Two-Week High as Dollar to Ukraine Spur Demand
  • EU Pig Farmers Miss Out on Boom as Russian Ban Spurs WTO Case
  • WTI Rebounds as Gasoline Stockpiles Seen Shrinking; Brent Gains
  • China Corn Glut No Barrier to Farmers as State Buys: Commodities
  • Copper Falls 0.4% to $6,648 a Ton in London; Nickel, Tin Drop
  • Coffee Extends Gains in London as Arabica Climbs for 4th Day
  • Soybeans Snap Two-Day Drop as USDA May Report Reduced Stockpiles
  • Rebar in Shanghai Climbs to One-Month High as Stockpiles Decline
  • U.S. Beef to Japan May Decline on Australia Deal, Ministry Says
  • Age of Gas Seen as Sideshow to U.S. Producers Preoccupied by Oil
  • Copper Producers Keep Faith in China as Rout Belies Demand
  • Gold’s Open-Interest Drop Signals Rally Ending: Chart of the Day
  • Ending Iran Oil Ban May Cut Refiners’ Supply Cost: Bull Case
  • Turkey’s Fracking Push Won’t Be Stalled by Bribery Probe: Energy

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