THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – April 14, 2014


As we look at today's setup for the S&P 500, the range is 46 points or 1.64% downside to 1786 and 0.90% upside to 1832.                                                                 

                                                              

SECTOR PERFORMANCE

 

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EQUITY SENTIMENT:

 

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CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 2.27 from 2.27
  • VIX closed at 17.03 1 day percent change of 7.17%

MACRO DATA POINTS (Bloomberg Estimates):

  • 8:30am: Retail Sales  m/m, March, est. 0.9% (prior 0.3%)
  • 10am: Business Inventories, Feb., est. 0.5% (prior 0.4%)
  • 11am: Fed to purchase $900m-$1.15b in 2036-2044 sector
  • 11:30am: U.S. to sell $25b 3M, $23b 6M bills
  • 12:45pm: Fed’s Tarullo, ECB’s Noyer speak in New York

GOVERNMENT:

    • Treasury Sec. Jack Lew, Ukranian Finance Minister Oleksandr Shlapak discuss situation in Ukraine, U.S. pledge of support for $1b loan guarantee: 9:30am
    • Congressional Budget Office plans to issue new baseline deficit projections: 11am
    • President Obama attends Easter prayer breakfast
    • House, Senate out of session on 2-wk recess
    • U.S. Election Wrap: GOP Forms Joint Fund; Rep. Petri to Retire

WHAT TO WATCH:

  • Citigroup earns: Higher fee income, elevated expenses seen
  • Citigroup said to cut up to 300 jobs in global markets unit
  • East Ukraine clashes turn deadly as Russia seeks UN meeting
  • U.S. stocks seek to rebound after worst week since 2012
  • CME gave high-frequency traders peek at market, suit claims
  • High-frequency traders set for curbs in EU
  • Minmetals Group to buy Glencore Peru mine for $5.85b
  • Memos show regulators held back as evidence grew of GM defect
  • Amazon.com to introduce smartphone in June: WSJ
  • UBS Chair Weber sees lev.-ratio rules tightening globally
  • KKR to sell Ipreo stake for $975m, FT reports
  • Goldman Sachs countersues client over commodities stocks rout
  • Apollo’s Momentive files for bankruptcy with exit financing
  • China tightens oversight of trust as risk of defaults increases
  • Brazil’s Mantega calls for alternatives to U.S. OK on IMF
  • Renewables, nuclear should triple to save climate: UN panel
  • Corn planting behind schedule for second straight yr
  • ’Captain America’ tops ‘Rio 2’, leads N.A. cinemas a 2nd wk

EARNINGS:

    • Bank of the Ozarks (OZRK) 6pm, $0.64
    • Citigroup (C) 8am, $1.14 - Preview
    • JB Hunt Transport (JBHT) 8:30am, $0.61
    • M&T Bank (MTB) 8:01am, $1.61
    • Pinnacle Financial (PNFP) 5:30pm, $0.46
    • Sensient Technologies (SXT) 4:34pm, $0.66
    • Sirius XM Canada (XSR CN) 4pm, C$0.05
    • Triangle Petroleum (TPLM) 5:58pm, $0.13

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

 

  • Goldman Predicts Commodity Declines Amid Rally in Bullion, Crops
  • Brent, WTI Crudes Pares Gains as Libya Offsets Ukraine Tensions
  • Gold Bears Bet Wrong Again as Fed Talk Favors Bulls: Commodities
  • Nickel Rises to 14-Month High as Goldman Sachs See More Gains
  • Palladium Climbs to Highest Since 2011 on Ukraine as Gold Rises
  • Wheat Climbs as Ukraine Tensions Boost Supply Disruption Concern
  • Commodities Rally to Highest in Six Weeks on Crisis in Ukraine
  • Sugar Climbs as El Nino Seen Threat to Brazil Crops; Cocoa Slips
  • Nickel May Rise to $20,000 If Indonesian Ban Stays, Goldman Says
  • Hedge Funds Boosting Bullish Crude Wagers on Output Drop: Energy
  • CME Gave High-Frequency Traders Peek at Market, Lawsuit Claims
  • Rebar in Shanghai Unchanged as Spot Price Gains, Inventory Falls
  • China Soybean Defaults Rattle Copper Traders, Markets: Bear Case
  • Goldman Stands By $1,050 Gold Target on Outlook for Recovery

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CURRENCIES


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GLOBAL PERFORMANCE

 

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EUROPEAN MARKETS

 

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ASIAN MARKETS

 

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MIDDLE EAST

 

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The Hedgeye Macro Team