THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – April 28, 2014


As we look at today's setup for the S&P 500, the range is 53 points or 1.42% downside to 1837 and 1.43% 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: 2.25 from 2.23
  • VIX closed at 14.06 1 day percent change of 5.56%

MACRO DATA POINTS (Bloomberg Estimates):

  • Employment Cost Index revisions released
  • 10am: Pending Home Sales m/m, March, est. 0.7% (prior -0.8%)
  • 10:30am: Dallas Fed Mfg Activity, April, est. 6 (prior 4.9)

GOVERNMENT:

    • U.S., Philippines to sign defense pact amid China tensions
    • House, Senate return from 2-wk recess
    • Agriculture Sec. Tom Vilsack speaks at Bloomberg Government breakfast, 8:30am
    • Supreme Court Court releases list of cases it plans to consider, 9:30am; hears arguments in Nautilus patent case; 10am

WHAT TO WATCH:

  • Siemens pitches Alstom asset swap, wins France’s support
  • French President Hollande meeting w/GE CEO today; Siemens CEO and chairman also set to meet Hollande
  • ALSTOM STREETWRAP: GE success “better evil” for Siemens
  • Pfizer confirms proposing $98.7b AstraZeneca deal
  • Mylan’s 2nd offer for Swedish drugmaker Meda rejected
  • Merck said near consumer unit sale for $14b: Reuters
  • Bayer said to weigh sale of plastics unit amid health focus
  • Wall Street swap-trading shift abroad draws CFTC scrutiny
  • Apple-Samsung $2b patent case over Google hits last round
  • Charter said to finalize Comcast deal for subscribers: NYT
  • Hartford to sell Japan operation to Orix in $895m deal
  • Och-Ziff African Oil, mining deals probed by SEC, DOJ: WSJ
  • Pimco to BlackRock protest expansion of too-big-to-fail rules
  • Toyota said to plan to shift U.S. sales operations to Texas
  • Putin’s inner circle targeted as U.S., EU prepare sanctions
  • Goodman Fielder rejects $1.2b takeover offer from Wilmar
  • WR Grace said to weigh bid for PQ; Blackstone, KKR drop out
  • Appeals court to weigh Apple bid to delay e-book damages trial
  • General Electric, Metlife strike $1.8b Malaysia deals
  • American Airlines-US Airways merger settlement wins approval
  • China’s largest Bitcoin exchange halts merchants bank deposits

AM EARNS:

    • Armstrong World Industries (AWI) 7am, $0.44
    • Capitol Federal Financial (CFFN) 9am, $0.13
    • Charter Communications (CHTR) 8am, $(0.09)
    • CNA Financial (CNA) 6am, $0.83
    • CNO Financial (CNO) 7am, $0.27
    • Corning (GLW) 7am, $0.30
    • Ecolab (ECL) 8:30am, $0.74
    • Franklin Resources (BEN) 8:30am, $0.89
    • Laboratory of America (LH) 6:34am, $1.58
    • Loews (L) 6am, $0.70
    • National Oilwell Varco (NOV) 7am, $1.38 - Preview
    • Old National Bancorp (ONB) 9am, $0.26
    • Precision Drilling (PD CN) 6am, C$0.36 - Preview
    • Roper Industries (ROP) 7am, $1.35
    • Tenneco (TEN) 7am, $0.86

PM EARNS:

    • American Capital Agency (AGNC) 4:01pm, $0.68
    • Ameriprise Financial (AMP) 4:05pm, $1.88
    • Amkor Technology (AMKR) 4:06pm, $0.03
    • CoreLogic (CLGX) 4:10pm, $0.16
    • Crane (CR) 5:48pm, $1.05
    • General Growth Properties (GGP) 4:01pm, $0.05 - Preview
    • Hartford Financial (HIG) 4:15pm, $0.93
    • HealthSouth (HLS) 4:30pm, $0.49
    • Herbalife (HLF) 4:10pm, $1.29
    • Jacobs Engineering (JEC) 8:28pm, $0.89
    • NetSuite (N) 4:05pm, $0.02
    • Norwegian Cruise Line (NCLH) 4pm, $0.22
    • PartnerRe (PRE) 4:15pm, $2.52
    • Plum Creek Timber (PCL) 4:01pm, $0.15
    • Questcor Pharmaceuticals (QCOR) 4:01pm, $1.61
    • Range Resources (RRC) 5:01pm, $0.51
    • Rock-Tenn (RKT) 5pm, $1.53
    • STMicroelectronics (STM IM) 4:46pm, $(0.03)
    • Suncor Energy (SU CN) 10pm, C$0.96 - Preview

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Nickel at Highest in Almost 15 Months as Sanctions Threat Looms
  • Brent Rises on Ukraine Risk With WTI After Worst Loss in 3 Weeks
  • Gold Bulls Return in Time for Rally on Haven Demand: Commodities
  • Gold Jewelers in India Betting on Festival Rush to Halt Slowdown
  • Crop Futures Climb as Rainy U.S. Weather May Slow Planting Pace
  • Gold Trades Near 1-Week High on Ukraine Crisis as Dollar Slips
  • Arabica Falls for 2nd Session on Profit Taking; Sugar Also Drops
  • Rebar Falls as Iron Ore Drops Amid Reports of Financing Curbs
  • Chavez Food Utopia Withers as Development Plans Left Unfulfilled
  • Hedge Funds Wager on U.S. Gasoline Gains as Exports Rise: Energy
  • Dairy Prices Seen Declining by Rabobank as Chinese Demand Slows
  • Egypt Shariah Loans Rise on Record Sugar Deal: Islamic Finance
  • China Metals Tied Up in Financing Is Mystery Written By Traders
  • China March Gold Imports Drop as Local Discount Curbs Shipments

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

 

 

 

 

 

 

 

 

 

 

 

 

 


Cartoon of the Day: 'Biggest Tax Cut Ever'

President Donald Trump's economic team unveiled what he called last week, "the biggest tax cut we’ve ever had.” Before you get too excited about that hang on a sec. "Trump Tax Reform ain’t gettin’ done anytime soon," Hedgeye CEO Keith McCullough wrote in today's Early Look.

read more

Neurofinance: The Psychology Behind When To Sell A Bull Market

"Most momentum investors stay invested too long, under-reacting and holding tight after truly bad news finally arrives to break the trend," writes MarketPsych's Richard Peterson.

read more

Energy Stocks: Time to Buy the Dip? | $XLE

What the heck is happening in the Energy sector (XLE)? Energy stocks have trailed the S&P 500 by a whopping 15% in 2017. Before you buy the dip, here's what you need to know.

read more

Cartoon of the Day: Hard-Headed Bears

How's this for "hard data"? So far, 107 of 497 S&P 500 companies have reported aggregate sales and earnings growth of 4.4% and 13.2% respectively.

read more

Premium insight

McCullough [Uncensored]: When People Say ‘Everyone is Bullish, That’s Bulls@#t’

“You wonder why the performance of the hedge fund indices is so horrendous,” says Hedgeye CEO Keith McCullough, “they’re all doing the same thing, after the market moves. You shouldn’t be paid for that.”

read more

SECTOR SPOTLIGHT Replay | Healthcare Analyst Tom Tobin Today at 2:30PM ET

Tune in to this edition of Sector Spotlight with Healthcare analyst Tom Tobin and Healthcare Policy analyst Emily Evans.

read more

Ouchy!! Wall Street Consensus Hit By Epic Short Squeeze

In the latest example of what not to do with your portfolio, we have Wall Street consensus positioning...

read more

Cartoon of the Day: Bulls Leading the People

Investors rejoiced as centrist Emmanuel Macron edged out far-right Marine Le Pen in France's election day voting. European equities were up as much as 4.7% on the news.

read more

McCullough: ‘This Crazy Stat Drives Stock Market Bears Nuts’

If you’re short the stock market today, and your boss asks why is the Nasdaq at an all-time high, here’s the only honest answer: So far, Nasdaq company earnings are up 46% year-over-year.

read more

Who's Right? The Stock Market or the Bond Market?

"As I see it, bonds look like they have further to fall, while stocks look tenuous at these levels," writes Peter Atwater, founder of Financial Insyghts.

read more

Poll of the Day: If You Could Have Lunch with One Fed Chair...

What do you think? Cast your vote. Let us know.

read more

Are Millennials Actually Lazy, Narcissists? An Interview with Neil Howe (Part 2)

An interview with Neil Howe on why Boomers and Xers get it all wrong.

read more