THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – May 1, 2014


As we look at today's setup for the S&P 500, the range is 28 points or 1.27% downside to 1860 and 0.21% upside to 1888.                                                       

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: 2.24 from 2.24
  • VIX closed at 13.41 1 day percent change of -2.19%

MACRO DATA POINTS (Bloomberg Estimates):

  • 7:30am: Challenger Job Cuts y/y, April (prior -30.2%)
  • 7:30am: RBC Consumer Outlook Index, May (prior 50)
  • 8:30am: Fed’s Yellen speaks in Washington
  • 8:30am: Initial Jobless Claims, April 26, est. 320k (prior 329k)
  • Continuing Claims, April 19, est. 2.7m (prior 2.680m)
  • 8:30am: Personal Income, March, est. 0.4% (prior 0.3%)
  • Personal Spending, March, est. 0.6% (prior 0.3%)
  • 8:30am: PCE Deflator m/m, March, est. 0.2% (prior 0.1%)
  • PCE Deflator y/y, March, est. 1.1% (prior 0.9%)
  • PCE Core m/m, March, est. 0.2% (prior 0.1%)
  • PCE Core y/y, March, est. 1.2% (prior 1.1%)
  • 9:45am: Bloomberg Consumer Comfort, April 27 (prior -25.4)
  • 9:45am: Markit US Manufacturing PMI, April final est. 55.4 (prior 55.4)
  • 10am: ISM Manufacturing, April, est. 54.3 (prior 53.7)
  • ISM Prices Paid, April, est. 59.5 (prior 59)
  • 10am: Construction Spending m/m, March, est. 0.5% (prior 0.1%)
  • 10am: Freddie Mac mortgage rates
  • 10:30am: EIA natural-gas storage change

GOVERNMENT:

  • House, Senate in Session
  • U.S. Trade Representative Michael Froman testifies on agenda
  • German Chancellor Angela Merkel arrives for mtgs with Obama
  • Independent Community Bankers of America holds 2nd day of Washington Policy Summit, with speakers including Yellen
  • 12pm: Freddie Mac Chief Economist Frank Nothaft speaks at Natl Economists Club
  • U.S. ELECTION WRAP: Establishment Republicans Lead; N.C. Primary

WHAT TO WATCH:

  • U.S. signals Putin that any move against NATO nations risks war
  • Sprint said to plan T-Mobile bid as banks pushed for funds
  • Pfizer CEO meets w/large AstraZeneca holders, Osborne: FT
  • AT&T approached DirecTV about possible acquisition: WSJ
  • Abercrombie bows to activist by replacing 4 of its directors
  • Viacom said acquiring U.K.’s Channel 5 from Northern & Shell
  • Chesapeake cleared by U.S. prosecutors in Michigan shale probe
  • Ares seeks higher IPO value than buyout peers on stable rev.
  • Google unveils new advertising tools for marketers on YouTube
  • Musk’s SpaceX wins temporary order blocking rocket engine buys
  • Medicines Co.’s Cangrelor denied approval by FDA
  • April U.S. auto sales: Chrysler seen extending 48-month streak
  • U.K. manufacturing grows more than forecast as exports up
  • Fed Chair Janet Yellen speaks to community bankers conference

AM EARNS:

  • Airgas (ARG) 7:30am, $1.20
  • Alliant Energy (LNT) 6am, $0.79
  • Alpha Natural Resources (ANR) 7am, ($0.57) - Preview
  • American Tower (AMT) 7am, $0.50- Preview
  • AmTrust Financial Services (AFSI) 7am, $0.92
  • ANSYS (ANSS) 7:09am, $0.76
  • Avon Products (AVP) 7:01am, $0.21- Preview
  • Ball (BLL) 6am, $0.67
  • Baytex Energy (BTE CN) 8am, C$0.52
  • Becton Dickinson and Co (BDX) 6am, $1.50
  • BGC Partners (BGCP) 8am, $0.13
  • Bombardier (BBD/B CN) 6am, $0.08 - Preview
  • BorgWarner (BWA) 8am, $0.80
  • Bunge (BG) 6:30am, $1.40
  • Calpine (CPN) 6am, ($0.06)
  • Cardinal Health (CAH) 8am, $1.01 - Preview
  • CenterPoint Energy (CNP) 8:15am, $0.32
  • Church & Dwight Co (CHD) 7am, $0.73
  • Cigna (CI) 6am, $1.54
  • Clorox Co/The (CLX) 8:30am, $1.08 - Preview
  • CME Group (CME) 7am, $0.83
  • Cobalt International Energy (CIE) 7am, ($0.17)
  • ConocoPhillips (COP) 7am, $1.55- Preview
  • Domino’s Pizza (DPZ) 7:30am, $0.68
  • Endo International PLC (ENDP) 6:32am, $0.83
  • Enterprise Products Partners (EPD) 6am, $0.75
  • Exxon Mobil (XOM) 8am, $1.88 - Preview
  • Fidelity National Information (FIS) 7am, $0.68
  • Fortress Investment Group LLC (FIG) 7am, $0.15
  • Gartner (IT) 7am, $0.37
  • Generac Holdings (GNRC) 5:59am, $0.69
  • Goldcorp (G CN) 8am, $0.14 - Preview
  • Harman International (HAR) 8am, $1.01
  • Host Hotels & Resorts (HST) 6am, $0.15
  • Incyte (INCY) 7am, ($0.17)
  • Invesco (IVZ) 7:30am, $0.55
  • Iron Mountain (IRM) 6am, $0.26
  • ITT (ITT) 7am, $0.52
  • Jarden (JAH) 6:50am, $0.16
  • Kellogg Co (K) 8am, $0.97 - Preview
  • L-3 Communications Holdings (LLL) 7am, $1.95
  • Lazard (LAZ) 7am, $0.54
  • Legg Mason (LM) 7am, $0.58
  • Linn Energy LLC (LINE) 6:50am, $0.38
  • Manulife Financial (MFC CN) 6am, C$0.37 - Preview
  • Maple Leaf Foods (MFI CN) 7am, (C$0.16)
  • Marathon Petroleum (MPC) 7:06am, $1.06 - Preview
  • MasterCard (MA) 8am, $0.72
  • Motorola Solutions (MSI) 7am, $0.50
  • Mylan (MYL) 6:30am, $0.63 - Preview
  • Ocwen Financial (OCN) 7:30am, $1.02 - Preview
  • OGE Energy (OGE) 7am, $0.25
  • Penn West Petroleum (PWT CN) 6:31am, C$0.11
  • PG&E (PCG) 9:02am, $0.63
  • PPL (PPL) 6:57am, $0.71
  • Public Service Enterprise Group (PEG) 7:30am, $0.96
  • Realty Income (O) 9:15am, $0.23
  • Royal Gold (RGLD) 8am, $0.23
  • Sally Beauty Holdings (SBH) 7:30am, $0.39
  • Starz (STRZA) 7:30am, $0.53
  • Stillwater Mining Co (SWC) 8am, $0.09
  • Teva Pharmaceutical Industries (TEVA) 7am, $1.20 - Preview
  • Textron (TXT) 6:30am, $0.34 - Preview
  • T-Mobile (TMUS) 6am, ($0.11)
  • Viacom (VIAB) 6:45am, $1.05 - Preview
  • Vonage Holdings (VG) 8am, $0.03
  • Xcel Energy (XEL) 6am, $0.50

PM EARNS:

  • Agnico Eagle Mines (AEM CN) 5pm, $0.24 - Preview
  • Akamai Technologies (AKAM) 4:01pm, $0.53
  • AlonA Energy (ALJ) 6pm, $0.05
  • Arch Capital Group (ACGL) 4:01pm, $1.06
  • BioMarin Pharmaceutical (BMRN) 4pm, ($0.46)
  • Covance (CVD) 4:01pm, $0.90
  • DaVita HealthCare Partners (DVA) 4:01pm, $0.86
  • Eldorado Gold (ELD CN) 5:48pm, $0.05 - Preview
  • Expedia (EXPE) 4pm, $0.15
  • First Quantum Minerals (FM CN) 5pm, $0.24 - Preview
  • FleetCor Technologies (FLT) 4:01pm, $1.07
  • Fluor (FLR) 4:05pm, $0.97
  • Integrys Energy Group (TEG) 5:08pm, $1.75
  • InvenSense (INVN) 4:05pm, $0.11
  • Kodiak Oil & Gas (KOG) 4:01pm, $0.18
  • Kraft Foods Group (KRFT) 4pm, $0.76 - Preview
  • LinkedIn (LNKD) 4:05pm, $0.34
  • Manitowoc Co/The (MTW) 4:25pm, $0.20
  • Mohawk Industries (MHK) 4:01pm, $1.17
  • ON Semiconductor (ONNN) 4:05pm, $0.15
  • PMC-Sierra (PMCS) 4:05pm, $0.07
  • RR Donnelley & Sons Co (RRD) 4pm, $0.23
  • SBA Communications (SBAC) 4:01pm, ($0.03)
  • Southwestern Energy Co (SWN) 4:10pm, $0.63
  • Standard Pacific (SPF) 4:02pm, $0.11
  • Tempur Sealy International (TPX) 4:03pm, $0.51 - Preview
  • Vertex Pharmaceuticals (VRTX) 4pm, ($0.77)
  • Western Union Co/The (WU) 4:01pm, $0.35
  • Wynn Resorts (WYNN) 4:05pm, $2.07
  • XL Group PLC (XL) 4:01pm, $0.74

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • WTI Drops to Four-Week Low as Crude Supplies Rise; Brent Falls
  • Shale Revolution Luring Trading Houses Into U.S. Energy Assets
  • Silver Looks Like Gold as Slump Defies Car-Part Use: Commodities
  • Gold Drops for Fourth Day as Federal Reserve Curbs Bond Buying
  • Crop Futures Drop as Warmer U.S. Weather May Boost Planting Pace
  • Nickel Declines Amid Indications Rally Lifted Prices Too High
  • Robusta Coffee Drops Amid Ample Vietnamese Supplies; Cocoa Falls
  • European Gas Costs to Extend Longest Drop in 4 Years in Mild May
  • Rio Claims Vale, Steinmetz Conspired on Guinean Iron Ore Mine
  • Utility Investors Brush Off Supreme Court’s EPA Support: Energy
  • Dutch Police Arrest Activists Trying to Block Arctic Oil Tanker
  • Looming El Nino Seen Spurring Droughts to Smelly Reefs in Asia
  • Aluminum Inventories Rebound on Additional Capacity: Bear Case
  • Gas Swings Show Russia Avoids Iran-Style Curbs: Chart of the Day
  • Life Imitates Art as Wall Street Bets on Shipping Debt: Freight

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