THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – May 6, 2014


As we look at today's setup for the S&P 500, the range is 34 points or 1.52% downside to 1856 and 0.28% upside to 1890.                                                       

SECTOR PERFORMANCE

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EQUITY SENTIMENT:

 

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CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 2.20 from 2.19
  • VIX closed at 13.29 1 day percent change of 2.94%

MACRO DATA POINTS (Bloomberg Estimates):

  • 7:45am: ICSC weekly sales
  • 8:30am: Trade Balance, March, est. -$40b (prior -$42.3b)
  • 8:55am: Redbook weekly sales
  • 10am: IBD/TIPP Economic Optimism, May, est. 47.9 (prior 48)
  • 11:30am: U.S. to sell $35b 4W bills
  • Noon: DOE short-term energy outlook
  • 1:00pm: U.S. to sell $29b 3Y notes
  • 4:30pm: API inventories
  • 7pm: Discussion with Fed in St. Louis

GOVERNMENT:

    • Primaries today in Indiana, North Carolina, Ohio
    • 9:30am: Attorney General Eric Holder delivers remarks at Correctional Workers Week Memorial Service
    • 9:30am: Senate Armed Services Cmte hears from Joint Chiefs Chairman Martin Dempsey and services’ chiefs of staff on military pay
    • 10am: Senate Finance Cmte holds hearing on highway trust fund
    • 10am: Hillary Clinton speaks at Nat’l Council Behavioral Health
    • 1pm: Statoil CEO Helge Lund discusses his strategy at CSIS
    • 3pm: Senate Foreign Relations Cmte hears from Asst. Sec. of State Victoria Nuland on Russia
    • 7pm: Federal Reserve Gov. Jeremy Stein speaks at dinner held by Money Marketeers of New York Univ.
    • U.S. ELECTION WRAP: May Primaries; Buffett on Hillary

WHAT TO WATCH:

  • French President Hollande says GE bid undervalues Alstom
  • Barclays 1Q profit declines more than est. on fixed income
  • Ukraine unrest intensifies as toll rises from East offensive
  • Google to ask U.S. appeals court to throw out $30m Vringo jury verdict
  • Samsung says will challenge Apple patent infringement verdict
  • AstraZeneca chairman asks Cameron to stay bid-neutral: FT
  • Pfizer CEO willing to walk away from AstraZeneca bid: WSJ
  • Investors pushing U.S. banks for cash returns, special divs.
  • Credit Suisse put business probed by U.S. into separate unit
  • Fiat said to start Alfa Romeo model expansion with own funds
  • Sprint matches T-Mobile’s prepaid plan in Son’s price war
  • Coke, Pepsi to remove vegetable oil derivative from drinks
  • N.D. Sen. Hoeven says 3 votes short of Keystone cloture
  • Senate Foreign Relations Cmte meets on Russia, Ukraine
  • Fed Gov. Jeremy Stein speaks at 7pm NYU dinner

AM EARNS:

    • Akorn (AKRX) 6:00am, $0.15
    • AMETEK (AME) 7am, $0.56 - Preview
    • Arcos Dorados Holdings (ARCO)  8am, $0.02
    • Ares Capital (ARCC) 8am, $0.39
    • Arrow Electronics (ARW) 8am, $1.21
    • BCE (BCE CN) 7am, C$0.76 - Preview
    • Carrizo Oil & Gas (CRZO) 6:30am, $0.40
    • CBOE Holdings (CBOE) 7:30am, $0.56
    • Denbury Resources (DNR) 7:30am, $0.25
    • Dentsply International (XRAY) 7am, $0.56
    • Discovery Communications (DISCA) 7am, $0.71
    • Emerson Electric Co (EMR) 6:30am, $0.81 -Preview
    • FirstEnergy (FE) 8:30am, $0.42
    • George Weston (WN CN) 8am, $0.76
    • GNC Holdings (GNC) 8am, $0.76
    • Henry Schein (HSIC) 7am, $1.13
    • Hillshire Brands (HSH) 7:30am, $0.36
    • HollyFrontier (HFC) 7am, $0.77
    • Intl. Flavors & Fragrances (IFF) 7am, $1.25
    • Isis Pharmaceuticals (ISIS) 8:30am, ($0.24)
    • Magellan Midstream Partners LP (MMP)  8:30am, $0.68
    • Mosaic (MOS) 7am, $0.59  - Preview
    • NRG Energy (NRG) 6:49am, ($0.13)
    • Nu Skin Enterprises (NUS) 7:30am, $0.94
    • Office Depot (ODP) 7am, $0.03
    • Quicksilver Resources (KWK) 7:30am, ($0.07)
    • Radian Group (RDN) 7am, $0.22
    • Rowan Cos Plc (RDC) 8:00am, $0.20
    • Semafo (SMF CN) 8:23am, ($0.02)
    • Towers Watson & Co (TW) 6:00am, $1.48
    • Vantage Drilling Co (VTG) 7am, $0.08
    • Vishay Intertechnology (VSH) 7:30am, $0.18
    • Vulcan Materials (VMC)  8am, ($0.33)
    • Western Refining (WNR) 6:00am, $0.40
    • WestJet Airlines (WJA CN) 6:30am, C$0.63 -Preview
    • Zoetis (ZTS) 7am, $0.37 - Preview

PM EARNS:

    • Acadia Pharmaceuticals (ACAD) 4:01pm, ($0.13)
    • Activision Blizzard (ATVI) 4:05pm, $0.10
    • Agrium (AGU CN) 6:45pm, C$0.04 - Preview
    • Allstate (ALL) 4:05pm, $1.20
    • Electronic Arts (EA) 4:03pm, $0.11 - Preview
    • FireEye (FEYE) 4:05pm, ($0.53)
    • First Solar (FSLR) 4:05pm, $0.52
    • FMC (FMC) 4:15pm, $0.95
    • Forest Oil (FST) 4:22pm, ($0.02)
    • Frontier Communications (FTR) 4:01pm, $0.06
    • Groupon (GRPN) 4pm, ($0.03) - Preview
    • Iamgold (IMG CN) 5:04pm, $0.02
    • Liberty Global PLC (LBTYA) 5:40pm, ($0.08)
    • Marathon Oil (MRO) 4:03pm, $0.72
    • Matador Resources Co (MTDR) 4:05pm, $0.28
    • Microchip Technology (MCHP) 4:15pm, $0.62
    • Myriad Genetics (MYGN) 4:05pm, $0.45 - Preview
    • Oneok (OKE) 4:05pm, $0.37
    • Pioneer Natural Resources Co (PXD) 4:05pm, $1.06
    • Prospect Capital (PSEC) 4pm, $0.32
    • Qiagen NV (QGEN) 4pm, $0.22
    • Sun Life Financial (SLF CN) 5:10pm, C$0.66 - Preview
    • Trimble Navigation (TRMB) 4:02pm, $0.42
    • TripAdvisor (TRIP) 4:02pm, $0.54
    • Veresen (VSN CN) 4:22pm, C$0.05
    • W&T Offshore (WTI) 5:20pm, $0.21
    • Walt Disney (DIS) 4:15pm, $0.95 - Preview
    • Whole Foods Market (WFM) 4:03pm, $0.41
    • Zulily (ZU) 4:05pm, $0.00

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

 

  • Brent Rises as Russia and Europe Discuss Ukraine; WTI Advances
  • El Nino Alert Signals Drought, Flood Risks for World’s Farmers
  • Crop ETFs See 27% Surge in Assets on Weather Risks: Commodities
  • Nickel Advances as Ukraine Fuels Concern Supply Might Run Short
  • Corn to Soybeans Slip as U.S. Weather Outlook Favors Planting
  • Gold Near Three-Week High as Ukraine Weighed With U.S. Economy
  • Sugar Rises Amid El Nino Alert Update; Arabica Coffee Also Gains
  • Nickel to Rally 20% Further Amid Indonesia Ban, Survey Shows
  • G-7 ‘Determined’ to Cut Russian Energy Dependence, U.K. Says
  • British Coins Pass Test in 800-Year-Old Rite as Osborne Watches
  • Cushing Oil Storage Area May Empty in Weeks: Morgan Stanley
  • Oseberg Crude Exports Said to Jump to Seven Cargoes in June
  • Copper Supply Additions May Peak in 2014, Plunge 79% by 2020
  • No Petroleum No Problem for Pipelines Backed by Private Equity

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CURRENCIES


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GLOBAL PERFORMANCE

 

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EUROPEAN MARKETS

 

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ASIAN MARKETS

 

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MIDDLE EAST

 

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The Hedgeye Macro Team