THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – April 15, 2014


As we look at today's setup for the S&P 500, the range is 51 points or 1.45% downside to 1804 and 1.33% upside to 1855.                                                

                                                                               

SECTOR PERFORMANCE

 

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EQUITY SENTIMENT:

 

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CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 2.28 from 2.28
  • VIX  closed at 16.11 1 day percent change of -5.40%

MACRO DATA POINTS (Bloomberg Estimates):

  • 7:45am: ICSC weekly sales
  • 8:30am: Empire Manufacturing, April, est. 8 (prior 5.61)
  • 8:30am: CPI m/m, March, est. 0.1% (prior 0.1%)
  • CPI Ex Food and Energy m/m, March, est. 0.1% (prior 0.1%)
  • 8:30am: Fed’s Lockhart speaks at Stone Mountain, Ga., conf.
  • 8:45am: Fed’s Yellen speaks to Stone Mountain, Ga., conf.
  • 8:55am: Redbook weekly sales
  • 9am: Net Long-term TIC Flows, Feb. est. $30b (prior $7.3b)
  • Total Net TIC Flows, Feb. (prior $83b)
  • 10am: NAHB Housing Market Index, April, est. 49 (prior 47)
  • 3pm: Fed’s Plosser moderates panel at Stone Mountain
  • 4pm: Fed’s Rosengren speaks in Bangor, Maine
  • 4:30pm: API weekly oil inventories
  • 8pm: Fed’s Kocherlakota speaks in Fargo, N.D.

GOVERNMENT:

    • FEC 1Q filing deadline for congressional campaign cmtes, some PACs and some party cmtes
    • 2pm: Bloomberg Government holds “Is This The First (And Final) Act of the Tax Overhaul?” Webinar
    • House, Senate on recess
    • U.S. ELECTION WRAP: RNC’s Focus on Women; First Quarter Funds

WHAT TO WATCH:

  • Diageo offers $1.9b to gain United Spirits majority stake
  • China new credit declines as money-supply growth slows
  • Obama warns Putin on Ukraine after deadly clashes in East
  • German investor confidence declines for fourth month in April
  • Nestle reports slowest 1Q sales growth since 2009
  • Roche’s 1Q sales fall on strength of Swiss Franc
  • SABMiller considers options for $1.04b Tsogo Sun stake
  • Moelis IPO offers founders riches as investment bank shrs fall
  • GM CEO seeks new top spokesman, replaces human resources chief
  • Heartbleed hackers steal encryption keys in test showing danger
  • Hedge fund’s gains on distressed debt decline to 7-month low
  • Dell extends offerings for SAP’s Hana to win business clients
  • JPMorgan, Citigroup, others release monthly delinquencies
  • Encana seeks to tap oil royalties demand with unit IPO by June
  • Rio produces record iron ore output as global supply gains
  • Onex, Cineplex said in lead to buy Dave & Buster’s: WSJ
  • Fed’s Yellen speaks via video to Stone Mountain conf.

     AM EARNS:   

    • Charles Schwab (SCHW) 8:45am, $0.22
    • Coca-Cola (KO) 7:30am, $0.44 - Preview
    • Comerica (CMA) 6:40am, $0.72
    • Johnson & Johnson (JNJ) 7:45am, $1.48 - Preview
    • Northern Trust (NTRS) 7:30am, $0.78 – Preview

     PM EARNS:   

    • Boston Private (BPFH) 4:05pm, $0.19
    • CSX (CSX) 4:03pm, $0.37
    • Intel (INTC) 4:01pm, $0.37 - Preview
    • Interactive Brokers Group (IBKR) 4:01pm, $0.30
    • Linear Technology (LLTC) 5pm, $0.53
    • Wintrust Financial (WTFC) post-mkt, $0.67
    • Yahoo! (YHOO) 4:05pm, $0.37 – Preview

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Nickel Drops Most in Nine Months as Metals Fall on China Concern
  • WTI Falls From Six-Week High With Brent on U.S. Supply Forecast
  • Profit Tastes Like Chicken in Search for Cheap Meat: Commodities
  • Palm Oil Crop at Risk Across Southeast Asia as El Nino Looms
  • Gold Falls From 3-Week High on U.S. Outlook as Palladium Drops
  • White Sugar Halts Decline Before Delivery as Coffee Also Climbs
  • Corn Declines as Planting Concerns Ease While Soybeans Advance
  • China Gold Demand Rising 25% by 2017 as Buyers Get Wealthier
  • Rio Produces Record Iron Ore Output as Global Supply Gains
  • Coal Returns to German Utilities Replacing Lost Nuclear: Energy
  • Canada’s Climate Warms to Corn as Grain Seeks Great White North
  • Pump Prices in U.S. Climb to Eight-Month High as Supplies Slide
  • Nestle Sees 2H Commodity-Cost Rise, Will Raise Prices: BI Chart
  • Gold Seen Losing 22% by Westpac’s Smirk to End Year at $1,025

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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