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TODAY’S S&P 500 SET-UP – April 22, 2014


As we look at today's setup for the S&P 500, the range is 53 points or 2.02% downside to 1834 and 0.81% upside to 1887.                                             

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: 2.33 from 2.32
  • VIX closed at 13.25 1 day percent change of -0.82%

MACRO DATA POINTS (Bloomberg Estimates):

  • 7:45am: ICSC weekly sales
  • 8:55am:Redbook weekly sales
  • 9am: FHFA House Price Index m/m, Feb., est. 0.5% (prior 0.5%)
  • 10am: Richmond Fed, April, est. 2 (prior -7)
  • 10am: Existing Home Sales, March, est. 4.56m (prior 4.60m)
  • Existing Home Sales m/m, March, est. -0.9% (prior -0.4%)
  • 11:45am: Former Fed Chairman Ben Bernanke speaks at Economic Club of Canada on crisis management at Federal Reserve
  • 4:30pm: API weekly oil inventories

GOVERNMENT:

    • 8:30am: Dow Jones holds the 2014 Global Compliance Symposium
    • 11am: Supreme Court hears arguments in copyright case between Aereo, broadcast industry
    • House, Senate not in session
    • Congressional delegation, Vice President Biden in Ukraine
    • President Obama travels to site of Washington mudslide
    • Primary for special election to replace Rep. Radel in Fla.
    • U.S. ELECTION WRAP: Radel Seat; Billionaires Max Out

WHAT TO WATCH:

  • Novartis buys Glaxo cancer unit, sells animal drugs to Lilly
  • Valeant, Pershing will bid for drugmaker Allergan
  • Allergan says had no talks with Valeant, Pershing Square
  • HCA said to consider offer for Australia’s Healthscope
  • Samsung says $2b for Apple patents 57 times too much
  • Diller goes big in U.S. high court gamble on Aereo’s future
  • Pfizer agrees to pay $190m to settle Neurontin case
  • LinkedIn said to fully lease Tishman’s SF skyscraper
  • Amazon sales take hit in states with online tax, study says
  • Icahn, Starboard’s Smith at Active-Passive Investor Conf.
  • BlackRock seeks buyers for Malaysian office towers, mall
  • JPGoldman Stanley intact as Basel change leaves banks entwined
  • Ukraine accord nears collapse as Biden meets leaders in Kiev
  • Samaras sees bond yields falling as Greek economy rebounds

AM EARNS:

    • AK Steel Holding (AKS) 8:30am, ($0.43)
    • Allegheny Technologies (ATI) 7am, ($0.07)
    • Arch Coal (ACI) 7:45am, ($0.43)  - Preview
    • Bank of New York Mellon (BK) 6:30am, $0.54
    • Canadian Pacific Railway (CP CN) 7:30am, $1.41  - Preview
    • Carlisle Cos (CSL) 6am, $0.51
    • Centene (CNC) 6am, $0.41
    • Comcast (CMCSA) 7am, $0.64  - Preview
    • FirstMerit (FMER) 7:30am, $0.36
    • Genuine Parts Co (GPC) 8:34am, $1.02
    • Harley-Davidson (HOG) 7am, $1.08
    • Hubbell (HUB/B) 7:13am, $1.07
    • Illinois Tool Works (ITW) 8am, $0.98
    • Interpublic Group (IPG) 7am, ($0.08)
    • Janus Capital Group (JNS) 7am, $0.16
    • Lexmark International (LXK) 6:30am, $0.87
    • Lockheed Martin (LMT) 7:25am, $2.54  - Preview
    • McDonald’s (MCD) 7:58am, $1.24  - Preview
    • MGIC Investment (MTG) 7am, $0.11
    • Omnicom Group (OMC) 7am, $0.79
    • Pentair (PNR) 7am, $0.73
    • Prologis (PLD) 8am, $0.05
    • Regions Financial (RF) 6:51am, $0.20  - Preview
    • Simon Property Group (SPG) 6am, $0.96 - Preview
    • Synovus Financial (SNV) 7am, $0.05
    • TCF Financial (TCB) 8am, $0.23
    • Travelers (TRV) 6:57am, $2.16 - Preview
    • United Technologies (UTX) 6:59am, $1.27  - Preview
    • Xerox (XRX) 6:45am, $0.24

PM EARNS:

  • Amgen (AMGN) 4pm, $1.94 - Preview
  • AT&T (T) 4:01pm, $0.70 - Preview
  • Canadian National Railway Co (CNR CN) 4:01pm, C$0.62 -Preview
  • Covanta Holding (CVA) 4:01pm, ($0.15)
  • CR Bard (BCR) 4:05pm, $1.86
  • Cree (CREE) 4:01pm, $0.38
  • Cubist Pharmaceuticals (CBST) 4pm, $0.04
  • Discover Financial (DFS) 4:05pm, $1.25
  • FMC Technologies (FTI) 4pm, $0.50
  • Fulton Financial (FULT) 4:30pm, $0.21
  • Gilead Sciences (GILD) 4:05pm, $0.91 - Preview
  • Hatteras Financial (HTS) 4:30pm, $0.49
  • IDEX (IEX) 4:35pm, $0.84
  • Illumina (ILMN) 4:05pm, $0.44
  • International Game Technology (IGT) 4:15pm, $0.19
  • Intuitive Surgical (ISRG) 4:05pm, $2.70
  • Juniper Networks (JNPR) 4:05pm, $0.29 - Preview
  • Nabors Industries (NBR) 4:067pm, $0.15
  • Packaging of America (PKG) 5pm, $1.00
  • Sanmina (SANM) 4:02pm, $0.39
  • Skyworks Solutions (SWKS) 4:30pm, $0.59
  • Torchmark (TMK) 4pm, $1.51
  • Total System Services (TSS) 4pm, $0.43
  • Trustmark (TRMK) 4:15pm, $0.42
  • VMware (VMW) 4:01pm, $0.79
  • Woodward (WWD) 4pm, $0.50
  • WR Berkley (WRB) 4:01pm, $0.79
  • Yum! Brands (YUM) 4:15pm, $0.84

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • El Nino’s Arrival Is Forecast by All Models Tracked by Australia
  • Nickel Rises to 14-Month High as Ukraine Adds to Indonesia Cuts
  • Zinc-Output Deficit Widens as China Buys More Stuff: Commodities
  • WTI Falls From Seven-Week High Before Supply Data; Brent Slips
  • Nickel to Swing to Deficit on Indonesia Ban, Sumitomo Metal Says
  • Gold Trades Near 2-Week Low as U.S. Outlook Weighed With Ukraine
  • Wheat Rebounds From Biggest Drop in a Year on Ukraine Flare-Up
  • Rebar in Shanghai Rises From One-Month Low as Inventory Declines
  • Coffee Advances on Brazilian Weather Concerns; Cocoa Also Climbs
  • Goa Miners Hoping for Boom After Bust Turn to Guevara Fan
  • Keystone Route Ruling Should Be Overturned, Nebraska Tells Court
  • Ex-Goldman Banker Emerges as Barrick Dealmaker on Newmont Talks
  • Rubber in Tokyo Settles Near Four-Year Low on Oversupply Concern
  • Indonesia Seizes Tin Cargo on Ship Heading to Singapore

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