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TODAY’S S&P 500 SET-UP – April 17, 2014


As we look at today's setup for the S&P 500, the range is 70 points or 2.76% downside to 1811 and 1.00% upside to 1881.                                         

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: 2.27 from 2.26
  • VIX  closed at 14.18 1 day percent change of -9.16%

MACRO DATA POINTS (Bloomberg Estimates):

 

  • 8:30am: Jobless Claims, April 12, est. 315k (prior 300k)
  • Continuing Claims, April 5, est. 2.780m (prior 2.776m)
  • 9:45am: Bloomberg Economic Expectations, April (prior -12)
  • 9:45am: Bloomberg Consumer Comfort, April 13 (prior -31.9)
  • 10am: Philadelphia Fed, April, est. 10 (prior 9)
  • 10am: Freddie Mac mortgage rates
  • 10:30am: EIA natural-gas storage change
  • 1pm: Baker Hughes rig count

GOVERNMENT:

    • House, Senate not in session
    • John Kerry in Geneva for meeting with officials from Ukraine, Russia; EU to discuss ongoing situation in and around Ukraine
    • CFTC comment, request deadline for commercial end-users impacted by Dodd-Frank
    • 8:25am:  Northrop Grumman CEO Wes Bush at Economic Club of Washington, D.C. for discussion on defense industry, cybersecurity
    • 9am: American Gas Association holds conf. call briefing to discuss estimates for 2013 U.S. natural gas reserves
    • U.S. ELECTION WRAP: Sebelius May Challenge Roberts; FEC Reports

WHAT TO WATCH:

  • Post said to reach $2.5b agreement for Michael Foods
  • High frequency traders said to be subpoenaed in N.Y. inquiry
  • Weibo said to raise $286m pricing shares at low end of range
  • Apple said to prepare song-ID feature for iPhone update
  • Yahoo nominates three new directors as Mayer’s pay drops 32%
  • Discovery said to drop out of bidding for U.K.’s Channel 5
  • Google sales miss underscores mobile-transition challenges
  • Google earnings, rev. miss may pressure Internet stocks
  • GM move to freeze suits may cut customer payouts by billions
  • GM had ignition-switch scare in testing Cadillac SRX in 2007
  • Reynolds American says Susan Cameron to return as CEO
  • European car sales up 7th straight month on Renault growth
  • Sony PlayStation 4 sales reach 7m on surging demand
  • Toyota plans Scion line overhaul amid fading sales
  • John Kerry in Geneva for mtg w/Ukraine, Russia, EU officials
  • Equity markets closed tomorrow for Good Friday holiday

AM EARNS:

    • Alliance Data Systems (ADS) 7:30am, $2.71
    • AutoNation (AN) 6:15am, $0.72
    • Baker Hughes (BHI) 6am, $0.78 - Preview
    • Baxter International (BAX) 7am, $1.09 - Preview
    • BB&T (BBT) 5:45am, $0.70
    • BlackRock (BLK) 6:30am, $4.10
    • Blackstone (BX) 7am, $0.55
    • Chipotle Mexican Grill (CMG) 8am, $2.87 - Preview
    • Cypress Semiconductor (CY) 8am, $0.08
    • Dover (DOV) 7am, $1.02
    • EI du Pont de Nemours (DD) 6am, $1.59 - Preview
    • Fairchild Semiconductor (FCS) 7:30am, $0.03
    • Fifth Third Bancorp (FITB) 6:30am, $0.42
    • First Horizon National (FHN) 7am, $0.14
    • General Electric (GE) 6:30am, $0.32 - Preview
    • Goldman Sachs (GS) 7:35am, $3.49 - Preview
    • Honeywell International (HON) 7am, $1.26 - Preview
    • KeyCorp (KEY) 6:14am, $0.24 - Preview
    • Mattel (MAT) 6am, $0.07 - Preview
    • Morgan Stanley (MS) 7:15am, $0.60 - Preview
    • National Penn Bancshares (NPBC) 6:31am, $0.17
    • PepsiCo (PEP) 7am, $0.75 - Preview
    • Philip Morris (PM) 6:59am, $1.16 - Preview
    • PPG Industries (PPG) 8:11am, $1.84
    • Rockwell Collins (COL) 7:21am, $1.07
    • Sherwin-Williams (SHW) 7am, $1.09
    • Snap-on (SNA) 7am, $1.54
    • Sonoco Products Co (SON) 7:30am, $0.51
    • Union Pacific (UNP) 8am, $2.37 - Preview
    • UnitedHealth Group (UNH) 6am, $1.09 - Preview
    • Webster Financial (WBS) 7:55am, $0.49

PM EARNS:

    • Advanced Micro Devices (AMD) 4:15pm, $0.00
    • Athenahealth (ATHN) 4:01pm, $0.16
    • Select Comfort (SCSS) 4:01pm, $0.32

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Go Short Iron Ore Says StanChart as Steel Mills to Fail in China
  • Brent Crude Trades Near Six-Week High on Ukraine Risk; WTI Gains
  • Platinum Strike Widens Output Deficit Lasting Years: Commodities
  • Gold Import Curbs Seen Continuing in India to Protect Currency
  • Nickel Advances for Second Day on Indications of Curbed Supply
  • Wheat Rebounds as U.S. Weather to Ukraine Boost Supply Concerns
  • Gold Declines Below $1,300 as U.S. Economy Weighed With Ukraine
  • Sugar Drops as Demand Trails Abundant World Supply; Coffee Gains
  • Japan Adds Pork Tariff Cut to Beef in Trade Pact With Australia
  • Rebar in Shanghai Falls to 2-Week Low on Demand, Iron Ore Price
  • Ship Billionaires Unite Against Maersk Amid Container Rout
  • Midnight Welding Picks Up Labor Slack That Imperils Shale Boom
  • Exxon Russia Oil Output Unfazed by Politics, Plans Expansion
  • Burger King Hamburger Gets a Chicken Makeover as Beef Costs Rise

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