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TODAY’S S&P 500 SET-UP – April 23, 2014


As we look at today's setup for the S&P 500, the range is 56 points or 2.42% downside to 1834 and 0.56% upside to 1890.                                       

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 2.31
  • VIX closed at 13.19 1 day percent change of -0.45%

MACRO DATA POINTS (Bloomberg Estimates):

  • 7am: MBA Mortgage Applications, April 18 (prior 4.3%)
  • 9:45am: Markit US Manufacturing PMI, April, est. 56.0 (pr 55.5)
  • 10am: New Home Sales, March, est. 450k (prior 440k)
  • 10:30am: DOE Energy Inventories
  • 11am: Fed to purchase $2b-$2.5b in 2021-2024 sector

GOVERNMENT:

    • President Obama in Japan at start of 4-nation trip to Asia
    • Congressional Delegation led by House Foreign Affairs Cmte Chairman Ed Royce in Ukraine for meetings with major presidential candidates, NGOs, members of minority groups
    • House, Senate not in session
    • 10:30am: FCC meets on proposed rule that would make up to 150 MHz of spectrum available for wireless broadband use in 3 MHz band
    • 2:30pm: Consumer Financial Protection Bureau, other regulators at public forum on mortgage closing process

WHAT TO WATCH:

  • Ukraine weighs move on militants in east amid Russia warnings
  • Starboard asks Darden for investor say in Red Lobster spinoff
  • Dish said to target summer release for U.S. Internet-TV
  • Toyota outsells GM, Volkswagen in Jan.-March quarter
  • Buffett’s pay principles put to test on Coke vote: Winters
  • Apple’s slowing iPhone sales threaten stock after 5% slump
  • PTTEP agrees to pay Hess $1b cash for Thai assets
  • Australia to buy 58 more F-35 jets, scaling back initial plan
  • Charter said to be near deal for divested Comcast subscribers
  • Goldman unbowed as Barclays joins bank commodities exodus
  • Citigroup says has no plans to exit core businesses in Korea
  • Netflix said to expand into France by yr-end amid global push
  • Genworth to raise as much as $700m in Australia offer
  • LG Household considering making offer to buy Elizabeth Arden
  • Caesars Entertainment bids to build $750m New York casino
  • China manufacturing gauge signals economic weakness persists
  • Euro-area industry surveys increase as price weakness persists
  • Osborne hits U.K. deficit-reduction target; economy struggles

AM EARNS:

    • Air Products & Chemicals (APD) 6am, $1.35
    • Amphenol (APH) 8am, $0.96
    • Avery Dennison (AVY) 8:30am, $0.66
    • Biogen Idec (BIIB) 6:30am, $2.56 - Preview
    • Boeing (BA) 7:30am, $1.54 - Preview
    • Brinker Intl (EAT) 7:45am, $0.83
    • Celestica (CLS CN) 7am, $0.20
    • Delta Air Lines (DAL) 7:30am, $0.29 - Preview
    • Dow Chemical (DOW) 7am, $0.71
    • Dr Pepper Snapple  (DPS) 8am, $0.59 - Preview
    • EMC (EMC) 6:52am, $0.35 - Preview
    • Gannett (GCI) 8:30am, $0.46
    • General Dynamics (GD) 7am, $1.64 - Preview
    • Gentex (GNTX) 8am, $0.45
    • Ingersoll-Rand (IR) 7am, $0.26
    • Johnson Controls (JCI) 7am, $0.65
    • Lincoln Electric (LECO) 7:30am, $0.90
    • Manpowergroup (MAN) 7:30am, $0.68
    • Norfolk Southern (NSC) 8am, $1.15 - Preview
    • Northrop Grumman (NOC) 7am, $2.15 - Preview
    • Omnicare (OCR) 7am, $0.90
    • Owens Corning (OC) 7:28am, $0.35
    • Polaris Industries (PII) 6am, $1.16
    • Popular (BPOP) 8am, $0.67
    • Praxair (PX) 6:01am, $1.51
    • Procter & Gamble (PG) 7am, $1.02 - Preview
    • Reynolds American (RAI) 6:58am, $0.74 - Preview
    • Ryder System (R) 7:55am, $0.87
    • SEI Investments (SEIC) 8:30am, $0.40
    • Supervalu (SVU) 7am, $0.15
    • TD Ameritrade (AMTD) 7:30am, $0.34
    • TE Connectivity (TEL) 6am, $0.91
    • Thermo Fisher Scientific (TMO) 6am, $1.40 - Preview
    • Tupperware Brands (TUP) 7am, $1.16

PM EARNS:

    • Align Technology (ALGN) 4pm, $0.34
    • Angie’s List (ANGI) 4:05pm, $(0.06)
    • Apple (AAPL) 4:30pm, $10.17 - Preview
    • AvalonBay Communities (AVB) 5:26pm, $0.82
    • Cheesecake Factory (CAKE) 4:15pm, $0.49
    • Chicago Bridge & Iron (CBI) 4:01pm, $1.12
    • Citrix Systems (CTXS) 4:05pm, $0.59
    • Crown Castle Intl (CCI) 4:01pm, $0.29
    • E*Trade Financial (ETFC) 4:05pm, $0.23
    • Equifax (EFX) 4:10pm, $0.87
    • Everest Re Group (RE) 4:05pm, $5.42
    • F5 Networks (FFIV) 4:05pm, $1.25
    • Facebook (FB) 4:05pm, $0.24 - Preview
    • Flowserve (FLS) 4:07pm, $0.75
    • FNB (FNB) 4:15pm, $0.20
    • Fortinet (FTNT) 4:15pm, $0.09
    • Graco (GGG) 4:10pm, $0.82
    • Ingram Micro (IM) 4:05pm, $0.48
    • Lam Research (LRCX) 4:05pm, $1.17
    • O’Reilly Automotive (ORLY) 6:30pm, $1.58
    • Oceaneering Intl (OII) 4:01pm, $0.80
    • Polycom (PLCM) 4:05pm, $0.14
    • Qualcomm (QCOM) 4pm, $1.22
    • Raymond James Financial (RJF) 4:16pm, $0.77
    • ResMed (RMD) 4:05pm, $0.64
    • Robert Half Intl (RHI) 4pm, $0.44
    • Safeway (SWY) 4:05pm, $0.18
    • ServiceNow (NOW) 4:01pm, $(0.08)
    • Stryker (SYK) 4pm, $1.09
    • Susquehanna Bancshares (SUSQ) 4:30pm, $0.21
    • TAL Intl Group (TAL) 5:01pm, $0.96
    • Teradyne (TER) 5:01pm, $0.06
    • Texas Instruments (TXN) 4:30pm, $0.41
    • Tractor Supply (TSCO) 4:01pm, $0.37
    • TriQuint Semiconductor (TQNT) 4:02pm, $(0.12)
    • Varian Medical (VAR) 4:02pm, $1.03
    • Xilinx (XLNX) 4:20pm, $0.55
    • Zynga (ZNGA) 4:04pm, $(0.01)

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Goldman Sachs Unbowed as Barclays Joins Commodities Exodus
  • WTI Crude’s Discount to Brent Widest in Five Weeks on Supplies
  • Investors Checking Out of ‘Hotel Mongolia’ in Limbo: Commodities
  • Soybeans Post Longest Slump Since July as China Demand May Slow
  • Copper Falls on China Factories as Nickel Touches 14-Month High
  • Coffee Reaches 26-Month High as Brazil Drought Raises Volatility
  • Gold Above 10-Week Low as Ukraine Weighed Against U.S. Recovery
  • Rebar Advances Most in 2 Weeks on Inventory, China Reserve Ratio
  • Monsoon Seen Below Normal to Normal in South Asia This Year
  • LME Seeks to Lure Dinner Guests From Tables to Metal Trading
  • Coal Glut Foils Price Rally With Miners Tied to Exports: Energy
  • Japan May Offer Canada Head Start on Pork Duty to Sway U.S.
  • China Move to ’Go Green’ May Mean Lower Copper Use
  • Ukraine’s Unpaid Gas Bills Dwarf U.S. Offer Amid Shutoff Threat

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