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TODAY’S S&P 500 SET-UP – April 16, 2014


As we look at today's setup for the S&P 500, the range is 50 points or 2.06% downside to 1805 and 0.65% upside to 1855.                                                      

SECTOR PERFORMANCE

THE HEDGEYE DAILY OUTLOOK - 1

THE HEDGEYE DAILY OUTLOOK - 2A

 

EQUITY SENTIMENT:

 

THE HEDGEYE DAILY OUTLOOK - 10                                                                                                                                                                  

 

CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 2.28 from 2.26
  • VIX  closed at 15.61 1 day percent change of -3.10%

MACRO DATA POINTS (Bloomberg Estimates):

  • 7am: MBA Mortgage Applications, April 11 (prior -1.6%)
  • 8:30am: Housing Starts, March, est. 970k (prior 907k)
  • 8:30am: Fed’s Stein speaks on QE at Atlanta Fed conf.
  • 9:15am: Capacity m/m, March, est. 78.7% (prior 78.8%)
  • 9:15am: Industrial Production m/m, March, est. 0.5% (pr 0.6%)
  • 10:30am: DOE Energy Inventories
  • 12pm: Fed’s Lockhart speaks at Atlanta Fed conf.
  • 12:25pm: Fed’s Yellen speaks to Economic Club of New York
  • 1:25pm: Fed’s Fisher speaks in Austin, Texas
  • 2pm: Federal Reserve releases Beige Book

GOVERNMENT:                 

    • President Obama, Vice President Biden visit Leetsdale, Pa., for an event on the economy
    • House, Senate not in session     
    • 9am: Energy Sec. Ernest Moniz speaks on energy policy at Sam Nunn Policy Forum          
    • 9:30am: Reps. Rosa DeLauro, D-Conn., Louise Slaughter, D-N.Y, on conf. call hosted by Economic Strategy Institute on Obama’s trip to Asia, refusal by Congress to provide fast-track trade authority

WHAT TO WATCH:

  • Ukraine says Russian forces helping separatists amid battles
  • China urged by U.S. to allow bigger mkt role in valuing yuan
  • NYSE owner said to buy Algo Technologies to modernize exchange
  • Citic Pacific to pay $36b for assets from Chinese parent
  • Moelis raises less than planned in investment-bank IPO
  • Ford, Dodge cars in focus at New York Auto Show
  • GM CEO Barra adds team to focus on safety
  • Anadarko joins ad blitz to pre-empt Colorado fracking limits
  • Obamacare sign-up extension closes regular enrollment for 2014
  • Credit Suisse net trails est. on lower investment bank income
  • Credit Suisse said to get N.Y. subpoena in tax-evasion probe
  • Deutsche Bank said to seek sale of Cosmopolitan Vegas resort
  • China’s expansion slows as property construction falls
  • Alibaba posts profit on sales promotion ahead of IPO
  • Alibaba said to plan Hong Kong-style fee as carrot for banks
  • BHP quarterly iron ore production rises 23% to beat forecast

AM EARNS:

    • Abbott Laboratories (ABT) 7:44am, $0.36 - Preview
    • Bank of America (BAC) 7am, $0.27 - Preview
    • First Republic Bank (FRC) 7am, $0.73
    • Huntington Bancshares (HBAN) 5:55am, $0.17
    • Kansas City Southern (KSU) 8am, $0.99 - Preview
    • Metro (MRU CN) 7am, C$1.02
    • PNC Financial (PNC) 6:24am, $1.65
    • St Jude Medical (STJ) 7:30am, $0.95 - Preview
    • US Bancorp (USB) 7am, $0.73 - Preview
    • WW Grainger (GWW) 8am, $2.96

PM EARNS:

    • Adtran (ADTN) 8:15pm, $0.20
    • Albemarle (ALB) 4:03pm, $0.95
    • American Express (AXP) 4:01pm, $1.30
    • Capital One Financial (COF) 4:05pm, $1.70
    • Crown Holdings (CCK) 5:03pm, $0.51
    • East West Bancorp (EWBC) 5:02pm, $0.53
    • Google (GOOG) 4:02pm, $6.39
    • International Business Machines (IBM) 4:05pm, $2.54 -Preview
    • Kinder Morgan (KMI) 4:05pm, $0.28
    • Noble (NE) 5pm, $0.70
    • People’s United Financial (PBCT) 4:03pm, $0.20
    • Plexus (PLXS) 4pm, $0.60
    • SanDisk (SNDK) 4:05pm, $1.27
    • SLM (SLM) 4:15pm, $0.55
    • Steel Dynamics (STLD) 6pm, $0.16
    • Triangle Petroleum (TPLM) 5:58pm, $0.12
    • United Rentals (URI) 4:15pm, $0.71

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

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