TODAY’S S&P 500 SET-UP – March 30, 2012
SECTOR AND GLOBAL PERFORMANCE
EQUITY SENTIMENT:
- ADVANCE/DECLINE LINE: -662 (238)
- VOLUME: NYSE 817.38 (0.04%)
- VIX: 15.48 0.06% YTD PERFORMANCE: -33.85%
- SPX PUT/CALL RATIO: 1.49 from 3.16 (-52.85%)
CREDIT/ECONOMIC MARKET LOOK:
- TED SPREAD: 41.22
- 3-MONTH T-BILL YIELD: 0.06%
- 10-Year: 2.16 from 2.16
- YIELD CURVE: 1.82 from 1.82
MACRO DATA POINTS (Bloomberg Estimates):
- 8:30am: Personal income, Feb., est. 0.4% (prior 0.3%)
- 8:30am: Personal spending, Feb., est. 0.6% (prior 0.2%)
- 9:45am: Chicago Purchasing Mgr, Mar., est. 63.0 (prior 64.0)
- 9:55am: UMich Confidence, Mar. F, est. 74.6 (prior 74.3)
- 10am: NAPM Milwaukee, Mar., est. 58.0 (prior 58.6)
- 1pm: Baker Hughes rig count
GOVERNMENT:
- Secretary of State Hillary Clinton in Riyadh, Saudi Arabia, meets with King Abdullah regarding regional security and Syria
- President Obama travels to Maine and Vermont for campaign fundraising
- ITC holds meeting on the economic effect of the addition of certain products to the list of items eligible for duty-free treatment, 9:30 am
- FTC Bureau directors speak at antitrust conference, 8:15am
WHAT TO WATCH:
- Consumer spending probably climbed 0.6% in Feb., economist est., as Americans bought more cars
- FTC decision may occur today on Express Scripts and Medco Health antritrust law violation claims
- Research in Motion said it plans to refocus on business market, will consider partnerships and joint ventures
- BP said the U.S. govt. is withholding evidence that would show the oil spill in the Gulf of Mexico was smaller than claimed
- Wells Fargo and SEC lawyers told to meet to discuss documents related to a probe of mortgage-backed securities
- Pfizer judge certifies class action in Celebrex, Bextra suits
- Euro-area March consumer prices climbed 2.6%, more than est.
- Deadline for private-equity, hedge funds to meet registration requirements with SEC under Dodd-Frank
EARNINGS:
- Finish Line (FINL), Pre-Mkt, $0.81
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Copper Traders Most Bearish in Two Months on China: Commodities
- Gold, Poised for Quarterly Advance, May Gain on Weaker Dollar
- Oil Rises From Year’s Biggest Decline as Finance Ministers Meet
- Copper, Set for Quarterly Increase, Climbs as Equities Advance
- Soybeans, Headed for Quarterly Gain, Rise as Sowing May Stagnate
- Robusta Coffee Slides as Producers May Be Selling; Sugar Rises
- Carbon Like ‘Titanic’ Sinking on EU Permit Glut: Energy Markets
- Floating Windmills in Japan Help Wind Down Nuclear Power: Energy
- Gas Extends 10-Year Low as Inventories Gain More Than Expected
- Iran Sanctions Fuel ‘Junk for Oil’ Barter With China, India
- Oman Oil Output to Rise Next Month as Harweel Field Starts
- Japan’s February Oil Imports From Iran Fall 32.7%, METI Says
- Japan Expects Feed-Wheat Imports May Jump 82% Next Fiscal
- Copper Traders Most Bearish as China Slows
- GrainCorp at Lowest Valuation Seen Ripe for Plucking: Real M&A
- Stalin’s Siberian Enclave Revives as Putin Seeks Mines for China
- O’Neill Says He’s Not Convinced Oil Prices Going Up Further
CURRENCIES
EUROPEAN MARKETS
GERMANY – February retail sales come in weaker at -1.1% versus the estimate of +1.1%.
ASIAN MARKETS
JAPAN – Industrial production unexpectedly fell as strengthening yen hurt outlook for exporters earnings; and Japan February consumer prices unexpectedly increased +0.1% versus -0.1% estimates.
MIDDLE EAST
The Hedgeye Macro Team