There is a guideline for setting exposure under bright sunny conditions called the "Sunny 16 Rule". The rule is, if shooting under bright sunshine (clear day, no clouds, sun high in the sky) that if you set your aperture to f/16 your shutter speed will be the reciprocal of your ISO. e.g. at 100 ISO you can use a shutter speed of 1/100; at 200 ISO you can use 1/200 etc..
Of course, you aren't forced to shoot at f/16. You could open up 2 stops to f/8 and shoot at 100 ISO and 1/400, as an example. Obviously there are many combinations of ISO, aperture and shutter speed you can mix and match to yield the same overall exposure.
Following on from Sunny 16 there are similar guidelines (although I have trouble remembering them) to make adjustments for different degrees of cloud cover. If you Google for "Sunny 16" you will get plenty of examples returned. Here's one example....
http://en.wikipedia.org/wiki/Sunny_16
If you have constant lighting levels, not fluctuating from one minute to the next, you can save yourself a ton of grief by shooting with manual exposure. Once you have the exposure set to your liking you can then get on with shooting without constantly worrying about how your composition is affecting the metering. Of course, you should check your histogram once in a while to make sure the light hasn't changed without you noticing, but at least you won't be guessing at dialing in exposure compensation from one shot to the next.
Bear in mind that the "Rule" is really a guideline. For sunny conditions there isn't much room for argument about how sunny it is - either it is sunny with clear skies or it is not. Well the problem comes in figuring out how cloudy it actually is and how much that affects the lighting. So use the "Rules" as a framework and not to stick to rigidly. At the end of the day your histogram will tell you whether your exposure is correct or not.
If you don't understand histograms then try this....
http://www.luminous-landscape.com/tutorials/understanding-series/understanding-histograms.shtml