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TODAY’S S&P 500 SET-UP – May 5, 2014


As we look at today's setup for the S&P 500, the range is 28 points or 1.12% downside to 1860 and 0.36% 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: 2.16 from 2.16
  • VIX closed at 12.91 1 day percent change of -2.57%

MACRO DATA POINTS (Bloomberg Estimates):

  • 9:45am: Markit US Svcs PMI, April final, est. 54.5 (pr 54.2)
  • 10am: ISM Non-Manufacturing, April., est. 54.0 (prior 53.1)
  • 11am: U.S. announces plans for 4W bill auction

GOVERNMENT:

    • Democrats should boycott Benghazi select panel, Schiff says
    • Clinton sidesteps 2016 plans in accepting Illinois Lincoln award
    • House, Senate in session
    • Obama will host Djibouti President Ismail Omar Guelleh
    • 9:30am: Supreme Court releases list of cases it plans to consider; may issue opinions at 10am

WHAT TO WATCH:

  • China manufacturing gauge signals deeper slowdown risk
  • Buffett says likely to join with Lemann’s 3G on another deal
  • AstraZeneca rejects Pfizer, which may eye sweetened offer
  • Fed’s Fisher: Economy strengthening as private payrolls rise
  • EU reduces euro-area growth forecast as inflation seen slower
  • Ukraine unrest flares across country as Kiev’s control slips
  • Citigroup wins custody deal from world’s biggest sovereign fund
  • ‘Spider-Man’ leads N.A. box office, tho sales miss some est.
  • U.S. pump price hits 14-mo. high of $3.72: Lundberg survey
  • LightSquared makes closing arguments in bankruptcy exit hearing
  • Siemens said near deal to sell airport unit to Wilbur Ross
  • Twitter lock-up expires as shrs drop 47% from high
  • Swatch objects to authorities over Apple’s use of iWatch label
  • Nokia joins Musk to Google in investing in intelligent cars
  • Alibaba founders seek control with partnership alternative
  • B/E Aerospace puts itself up for sale, cancels investor mtg
  • Ackman, Einhorn speak at Sohn Investment Conference
  • Yellen Testimony, ECB, Bank of England: Wk Ahead May 5-10

AM EARNS:

    • Auxilium Pharmaceuticals (AUXL) 7am, $(0.22)
    • BroadSoft (BSFT) 7am, $0.11
    • Brookfield Infrastructure (BIP) 7:30am, $0.38
    • Hecla Mining (HL) 8am, $0.00
    • Occidental Petroleum (OXY) 7am, $1.70 - Preview
    • Orbitz Worldwide (OWW) 8:08am, ($0.03)
    • Pfizer (PFE) 7am, $0.55 - Preview
    • Realogy (RLGY) 6:35am, $(0.19)
    • Sysco (SYY) 8am, $0.40
    • Tyson Foods (TSN) 7:30am, $0.63
    • Westlake Chemical (WLK) 6am, $1.13

PM EARNS:

    • Alleghany (Y) 4:07pm, $8.16
    • American Intl Group (AIG) 4pm, $1.07
    • Anadarko Petroleum (APC) 4pm, $1.15
    • CareFusion (CFN) 4:02pm, $0.62
    • EOG Resources (EOG) 5:11pm, $1.19
    • Genpact (G) 4pm, $0.23
    • Integrated Device Technology (IDTI) 4:01pm, $0.13
    • Mindray Medical Intl (MR) 5pm, $0.38
    • Oasis Petroleum (OAS) 4:15pm, $0.63
    • Tenet Healthcare (THC) 4:30pm, $(0.15)
    • Vivus (VVUS) 4pm, $(0.34) - Preview
    • Vornado Realty Trust (VNO) 4:52pm, $0.53
    • YY (YY) 4:01pm, $0.49

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Wheat Rises to Highest in Year as Ukraine Boosts Supply Concern
  • Iron Ore Seen Slumping Below $100 as Surge in Supply Widens Glut
  • Hedge Funds Reduce Gold Bets to Lowest in 11 Weeks: Commodities
  • Gold Extends Climb to Three-Week High as Ukraine Spurs Demand
  • Brent Rises to Near 6-Day High as Ukraine Offsets China Slowing
  • Copper Declines as China Manufacturing Gauge Misses Estimates
  • Platinum Mines’ Union Bypass May Disrupt Industry, AMCU Says
  • Speculators Cut Bullish Oil Wagers on Record U.S. Supply: Energy
  • ARA Gasoil Supplies Rose 4.5% in Week to April 25, Genscape Says
  • Palm Oil Output in Indonesia Seen Hurt by Golden Agri on El Nino
  • U.S. Gasoline Rises to 14-Month High, Lundberg Survey Shows
  • Palm Oil Drops to Three-Week Low as Malaysian Output Seen Rising
  • Competition Means New GrainCorp Bid May Win Approval, UBS Says
  • Libya Crude Exports Dropped 36% in March, National Oil Says

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