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THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – April 25, 2014


As we look at today's setup for the S&P 500, the range is 53 points or 2.21% downside to 1837 and 0.61% 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: 2.23 from 2.24
  • VIX closed at 13.32 1 day percent change of 0.38%

MACRO DATA POINTS (Bloomberg Estimates):

  • 9:45am: Markit US Composite PMI, April (prior 55.7)
  • Markit US Services PMI, April, est. 55.5 (prior 55.3)
  • 9:55am: UofMich Confidence, April final, est. 83 (prior 82.6)
  • 1pm: Baker Hughes rig count

GOVERNMENT:

    • House, Senate on recess
    • 9am: Day 2 of Ex-Im Bank conf. in Washington speakers incl.:
    • Tesla CEO Elon Musk
    • Frmer Treasury Sec. Larry Summers
    • Commerce Sec. Penny Pritzker
    • Agriculture Sec. Tom Vilsack
    • Energy Sec. Ernest Moniz,
    • John Podesta, counselor to President Obama
    • Ex-Im Chairman Fred Hochberg
    • 11am BofAML’s Anne Finucane, global strategy and marketing officer, speaks at Brookings Institution
    • WASHINGTON RECESS: Sec. Hagel, Forest Whitaker, New Coffee
    • US ELECTION WRAP: Paul Beats Clinton in Poll; Democrats’ Funds

WHAT TO WATCH:

  • Kerry warns Putin on Ukraine as Russia begins troop drills
  • Russia debt rating cut to step above junk at S&P on Ukraine
  • Gazprombank said to ready for U.S. sanctions on Ukraine
  • Alstom board said to plan meeting today to discuss GE deal
  • BofA said to face more than $13b demand in U.S. RMBS case
  • Backbone of U.S. equities trading said to be closer to upgrade
  • Relational Investors amasses 9.08% stake in Clean Harbors
  • China tells Nike shoemaker to fix striker benefits by today
  • Apple, Google, Intel, Adobe said to reach $324m accord
  • Glaxo, Novartis may receive EMA decisions
  • Navient, Under Armour to Replace SLM, Beam in S&P 500
  • Obama visits South Korea as North shows nuclear test signs
  • Cabinet members, Elon Musk speak at Ex-Im Bank conference
  • Oregon may close $303m health site to join U.S. exchange
  • U.K. retail sales unexpectedly rise; sign of growing momentum
  • U.S. Jobs, Fed Meeting, BOJ, U.K. GDP: Wk Ahead April 26-May 3

EARNINGS:

    • Aaron’s (AAN) 7:30am, $0.53
    • AbbVie (ABBV) 7:47am, $0.68 - Preview
    • Alaska Air Group (ALK) 6:01am, $1.24
    • American Electric Power (AEP) 6:57am, $0.93
    • Aon PLC (AON) 6:30am, $1.18
    • Autoliv (ALV) 6am, $1.43
    • Brookfield Office Properties (BPO CN) 7am, est. n/a
    • Burger King Worldwide (BKW) 7am, $0.19
    • Canadian Utilities (CU CN) 7:40am, C$0.75
    • Colgate-Palmolive Co (CL) 7am, $0.68 - Preview
    • Covidien (COV) 6am, $0.95 - Preview
    • Dana Holding (DAN) 7am, $0.38
    • DTE Energy Co (DTE) 7:15am, $1.47
    • FLIR Systems (FLIR) 7:30am, $0.27
    • Ford Motor Co (F) 7am, $0.31 - Preview
    • IDEXX Laboratories (IDXX) 7am, $0.87
    • ImmunoGen (IMGN) 6:30am, ($0.26)
    • Laboratory of America (LH) 6:34am, $1.58
    • Lear (LEA) 7am, $1.69
    • LifePoint Hospitals (LPNT) 6:30am, $0.65
    • Moody’s (MCO) 7am, $0.91
    • State Street (STT) 7:30am, $1.00
    • Tyco Int’l (TYC) 6am, $0.41
    • Ventas (VTR) 7:10am, $1.07
    • VF (VFC) 7am, $0.63 - Preview
    • WABCO Holdings (WBC) 6:30am, $1.23
    • Whirlpool (WHR) 6am, $2.31

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Eating Less Beef Seen Way for Farming to Reduce Carbon Emissions
  • WTI Set for Weekly Loss on Stockpiles, Widens Discount to Brent
  • Sunken Gold Off U.S. Coast Lures Treasure Hunters: Commodities
  • Copper Declines as Equities Slump Amid Tensions Over Ukraine
  • Wheat Climbs Fourth Day as Ukraine Tension Raises Supply Concern
  • Gold Rises a Third Day as Ukraine Keeps Traders Wary About Sales
  • Rebar in Shanghai Pares Weekly Advance on China Output Gain
  • Rubber in Tokyo Falls for Sixth Week on China Demand Concerns
  • World Cup Power Cut Fears Spur Record Brazil LNG Buying: Energy
  • China Shale Boom Seen by Honghua as Pollution Cuts Coal Use
  • FCA Said to Observe London Gold Fixing as Scrutiny Increases
  • Anglo Plans Move Away From Labor-Intensive Platinum Mining
  • Gold Remains a Currency Central Bankers Don’t Control
  • Palm Heads for Second Week of Advance as Demand Seen Rebounding

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