THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – April 10, 2014


As we look at today's setup for the S&P 500, the range is 60 points or 2.25% downside to 1830 and 0.95% upside to 1890.                                      

                                                                                         

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: 2.31 from 2.33
  • VIX closed at 13.82 1 day percent change of -7.19%

MACRO DATA POINTS (Bloomberg Estimates):

  • 7am: Bank of England interest rate decision
  • 8:30am: Initial Jobless Claims, April 5, est. 320k (prior 326k)
  • Continuing Claims, March 29, est. 2.835m (prior 2.836m)
  • 8:30am: Import Price Index m/m, March, est. 0.2% (prior 0.9%)
  • Import Price Index y/y, March, est. -0.9% (prior -1.1%)
  • 8:45am  Bloomberg April U.S. Economic Survey
  • 9:45am: Bloomberg Consumer Comfort, April 6
  • 10:30am: DOE Energy Inventories
  • 11:30am: Fed’s Evans speaks in Washington along with Reserve Bank of India’s Rajan, other central bankers
  • 2pm: Monthly Budget Statement, March, est. -$36b (year ago -$106.5b)

GOVERNMENT:

    • President Barack Obama speaks at LBJ Library in Texas
    • House takes up Rep. Paul Ryan’s budget proposal
    • 9am: House panel plans to consider whether to hold hold former IRS official Lois Lerner in contempt
    • FY Budget request testimony/panels:
    • 9:30am: Senate Armed Services Cmte: Air Force Sec. Deborah Lee James
    • 10am: House Appropriations panel: HUD Secretary Shaun Donovan
    • 10am: Senate Appropriations Cmte: Commerce Sec. Penny Pritzker
    • 10am: Senate Finance Cmte: HHS Secretary Kathleen Sebelius
    • 11am: Senate GOP leader Mitch McConnell, House Ways and Means Cmte Chairman Dave Camp among speakers at Americans for Tax Reform news conf.
    • 11:15am: House Speaker John Boehner holds press conf.
    • 1:45pm: Morgan Stanley President Gregory Fleming speaks at Sifma Private Client Conf. in  NYC
    • U.S. ELECTION WRAP: Sidelined Donors; Incumbent Disadvantage

WHAT TO WATCH:

  • March retail sales likely hurt by weather, Easter
  • Ally Financial raises $2.38b pricing IPO low end of range
  • Colorado State releases Atlantic hurricane forecast 11am
  • Bed Bath & Beyond drops after profit forecast trails ests.
  • Dimon says banks to gain as crisis-era rules hurt cities, poor
  • Merck data Show potent drug rival to Gilead’s Hepatitis C pill
  • GM argues park-it order unneeded because recalled cars are safe
  • Greece said to get $28b of orders in return to bond mkt
  • China unveils plan to connect Shanghai and Hong Kong bourses
  • BOE seen keeping key rate at record low with slack in focus
  • LVMH rises on fastest fashion rev. growth in 2 yrs
  • White House said to consider community bankers for Fed’s board
  • New Jersey’s rating lowered to A+ by S&P amid budget imbalances
  • PC unit shipments drop; corporate demand slows pace of decline
  • Putin expected to sign China gas deal as crisis forces hand
  • GE may sell 43% stake in Hyundai Capital: Korea Economic Daily

EARNINGS:

    • Commerce Bancshares/MO (CBSH) 7am, $0.68
    • Corus Entertainment (CJR/B CN) 7am, C$0.32
    • Family Dollar Stores (FDO) 7am, $0.90  - Preview
    • iGATE (IGTE) 6:32 am, $0.42
    • Pier 1 Imports (PIR) 6am, $0.40
    • Rite Aid (RAD) 7am, $0.05
    • Shaw Communications (SJR/B CN) 8:15am C$0.41

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Brent Crude Premium to U.S. Oil Narrows to Least Since September
  • Sugar Exports From India Seen Sustained Next Year on Inventories
  • Iron-Ore Bear Market Deepens as Aussie Mines Expand: Commodities
  • Gold Rises to Two-Week High in London as Fed Minutes Spur Demand
  • Uralkali Cuts 2014 Global Potash Sales Forecast as Profit Drops
  • Shanghai Clearing House Mulls Yuan-Denominated Iron Ore Swaps
  • Palm Oil Drops After Malaysian Stockpiles Exceed Estimates
  • Rubber Falls to Two-Month Low as China Trade Misses Estimates
  • U.S. Gulf Coast Fills With Crude Oil That Few Ships Can Take Out
  • Polar Politics Threaten Norway’s Deepest Drive in Arctic: Energy
  • Miners Urge Chile Not to Squander Wealth in Development Efforts
  • MORE: European Cocoa Grind Rose 0.4% in First Quarter
  • Hedge Fund Twins Stage Campaign to Undercut Energy Regulator
  • China Aluminum Exports Highest Since 2011 on Overseas Premium

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

 

 

 

 

 

 

 

 

 

 

 

 

 



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