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TODAY’S S&P 500 SET-UP – April 21, 2014


As we look at today's setup for the S&P 500, the range is 47 points or 1.71% downside to 1833 and 0.81% upside to 1880.                                                

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: 2.32 from 2.33
  • VIX closed at 13.36 1 day percent change of -5.78%

MACRO DATA POINTS (Bloomberg Estimates):

  • 8:30am: Chicago Fed, March, est. 0.20 (prior 0.14)
  • 10am: Leading indicators index, March, est. 0.7% (prior 0.5%)
  • 11am: Fed to purchase $3.25b-$4b in 2019 sector
  • 11am: U.S. to announce plans for auction of 4W bills
  • 11:30am: U.S. to sell $25b 3M, $23b 6M bills

GOVERNMENT:

  • Vice President Joe Biden to Ukraine, meets w/govt officials
  • Congressional Delegation led by House Foreign Affairs Cmte Chairman Ed Royce travels to Ukraine
  • 8:30am: Outgoing NTSB Chairman Deborah Hersman speaks about her tenure at National Press Club
  • 9:30am: Supreme Court issues list of cases it may consider
  • 10am: Supreme Court hears arguments in Argentinian bond case
  • 11am: Supreme Court hears arguments in Coca-Cola false-advertising cases
  • House, Senate out of session on recess
  • WASHINGTON RECESS: Nationals Park Eats, Shakespeare’s Birthday
  • U.S. ELECTION WRAP: New Koch Attack; NRCC Sees More Contenders

WHAT TO WATCH:

  • Pfizer said to have held now-dormant talks to buy AstraZeneca
  • Barrick-Newmont deal talks said to hit snag on spinoff plans
  • Keystone review delay angers pipeline backers
  • SEC said to weigh shining light on how brokers route stocks
  • Square Inc. discussed possible sale to Google: WSJ
  • Japan’s trade deficit widens as export growth weakens
  • Ukraine says Russia prepares grounds to invade after deaths
  • Tesla poised to start delivery of Model S to Chinese drivers
  • China Auto Show coverage
  • Teva rejected by Justice Roberts on generic copaxone delay
  • BofA, NYSE sued by Providence, RI, on high-frequency trading
  • VW signals outselling GM in China; carmakers gather in Beijing
  • Pacific-trade talks proceed as agreement eludes U.S., Japan
  • Express Scripts awarded 7-yr Tricare Pharmacy pact
  • ’Captain America’ takes N.A. box office for third week
  • Barclays to exit some commodities trading: FT
  • 2014 Boston Marathon takes place amid heightened security

AM EARNS:

  • Halliburton Co (HAL) 7am, $0.71  - Preview
  • Hasbro (HAS) 6:30am, $0.10 - Preview
  • Kimberly-Clark (KMB) 7:30am, $1.47  - Preview
  • SunTrust Banks (STI) 6am, $0.66

PM EARNS:

  • BancorpSouth (BXS) 4:01pm, $0.30
  • Brookfield Canada Office (BOX-U CN) 5pm, C$0.43
  • Brown & Brown (BRO) 4:15pm, $0.42
  • Cadence Design Systems (CDNS) 4:05pm, $0.20
  • Celanese (CE) 4:35pm, $1.21
  • CYS Investments (CYS) 4:01pm, $0.36
  • Hexcel (HXL) 4:06pm, $0.49
  • Netflix (NFLX) 4:05pm, $0.81
  • Rambus (RMBS) 4:05pm, $0.12
  • Rent-A-Center (RCII) 4:15pm, $0.55
  • Rogers Communications (RCI/B CN) 4pm, C$0.71  - Preview
  • Umpqua Holdings (UMPQ) 4:05pm, $0.23
  • Waste Connections (WCN) 4:05pm, $0.41
  • Zions Bancorporation (ZION) 4:10pm, $0.42

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Gold Drops to Two-Week Low as Technical Indicator Signals Losses
  • India’s Top Court Ends Ban on Iron Ore Mining in State of Goa
  • Hedge Funds Cut Gold Bets in Longest Slide of 2014: Commodities
  • India Said to Forecast Normal Monsoon Rainfall as El Nino Looms
  • Brent Falls Amid Speculation Price Gains Excessive; WTI Steady
  • Barclays to Exit Some Commodities Trading on Revenue Decline: FT
  • China Spot Copper Premium Surges as Supply Cut: Chart of the Day
  • Wheat Declines to One-Week Low as Rains Seen Helping U.S. Crops
  • China Nickel Concentrate Imports Hit 19-Month High on Prices
  • Strike-Hit Platinum Companies Increase Pay Offer Amid Strike
  • Korea Agro-Fisheries Buys 19,521 Tons of Rice in Tenders
  • Rebar in Shanghai Drops Near 1-Month Low on Signs of Weak Demand
  • Libya Currently Pumping 235,000 Bbl/Day of Crude: NOC Spokesman
  • Indonesia’s Kharisma Sells 6,000 Tons of Crude Palm Oil (Table)

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