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    MARKET EDGES

    Identify global risks and opportunities with essential macro intel using Hedgeye’s Market Edges.

TODAY’S S&P 500 SET-UP – April 9, 2014


As we look at today's setup for the S&P 500, the range is 37 points or 1.19% downside to 1830 and 0.81% 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: 2.29 from 2.29
  • VIX closed at 14.89 1 day percent change of -4.37%

MACRO DATA POINTS (Bloomberg Estimates)

  • 7am: MBA Mortgage Applications, April 4 (prior -1.2%)
  • 10am: Wholesale Inventories, Feb, est 0.5% (pr 0.6%, rev 0.7%)
  • Wholesale Sales m/m, Feb., est. 1% (pr -1.9%, rev -1.8%)
  • 10:30am: DOE Energy Inventories
  • 2pm: Fed issues March 18-19 FOMC minutes
  • 3:30pm: Fed’s Evans speaks in Washington
  • 7:30pm: Fed’s Tarullo speaks in Washington

GOVERNMENT:

    • President Obama speaks at Fort Hood memorial service, then attends DCCC, DSCC fundraisers in Houston
    • House Financial Services Cmte panel holds hearing on capital formation for growth cos, 10am
    • Senate Judiciary Cmte hears from Comcast exec. VP David Cohen on proposed $45b purchase of Time Warner Cable, 10am
    • House Armed Services Cmte holds hearing on natl defense priorities, 10am
    • House Ways and Means trade subcmte holds hearing on trade implications of U.S energy policy, LNG exports; 1:15pm
    • Budget (Senate Appropriations):
    • EPA Administrator Gina McCarthy testifies, 9:15am
    • Labor Sec. Thomas Perez, 10am
    • Clinton says no imminent decision on presidential run

WHAT TO WATCH:

  • Toyota recalls more than 6m vehicles globally
  • Alcoa sees almost decade-long aluminum surplus ending on cuts
  • La Quinta raises $650m pricing IPO below marketed range
  • GM fined by U.S. safety agency for incomplete recall answers
  • Comcast to pitch its Time Warner deal as boost to innovation
  • Tougher leverage limits for U.S. banks approved by regulators
  • Tesla plans to find more financing for new Model S leasing unit
  • Weather Channel returns with less reality after DirecTV blackout
  • SAC Capital judge seeks profit info before approving plea
  • Greece said to plan opening book for 5-yr note sale tomorrow
  • Goldman Sachs considers closing Sigma X dark pool, WSJ reports
  • Goldman, Warburg in next round for Huarong stake: Reuters
  • Zayo explores IPO that values co. at $7b: Reuters
  • Detroit said near deal with some bond insurers: WSJ
  • Microsoft issues final security update for XP: Reuters

EARNINGS:

    • AngioDynamics (ANGO) 4:01 pm, $0.09
    • Apogee Enterprises (APOG) 4:30 pm, $0.29
    • Bed Bath & Beyond (BBBY) 4:15 pm, $1.60 - Preview
    • Cogeco Cable (CCA CN) Aft-Mkt, C$1.11 - Preview
    • Constellation Brands (STZ) 7:30 am, $0.76 - Preview
    • Dollarama (DOL CN) 7:30 am, C$1.10
    • MSC Industrial (MSM) 7:30 am, $0.85
    • PriceSmart (PSMT) 4:10 pm, $0.87

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • WTI Retreats From Month-High as Crude Supplies Gain; Brent Slips
  • World’s $8.9 Billion Banana Trade Threatened by Deadly Fungus
  • Texas Cotton Desert Boosts Cost for Clothing Makers: Commodities
  • Gold Trades Near Two-Week High as Investors Await Fed Minutes
  • Raw Sugar Rises as Brazil Seen Delaying Sales; Coffee Declines
  • Soybeans Climb to 10-Month High as U.S. Reserves Seen Declining
  • Grandfather’s Utility Threatened by Renewable Islands of Profits
  • Codelco Sees Copper Glut Imperiled by Project Lags: Commodities
  • OPEC Plans to Make Room for Extra Oil From Iran, Iraq, Libya
  • MORE: Iraq to Soon Reach Oil-Export Deal With Kurds, Luaibi Says
  • Copper Falls Amid Concern About Potential China Debt Defaults
  • Morgan Stanley Raises 2014 Brent Crude Forecast to $105/Barrel
  • Aluminum Surplus Seen Ending by Alcoa as Producers Pare Supplies
  • Renewables Replace Declining Nuclear, Coal in Northwest Europe

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