TODAY’S S&P 500 SET-UP – January 28, 2013
As we look at today's setup for the S&P 500, the range is 23 points or 1.19% downside to 1485 and 0.34% upside to 1508.
SECTOR AND GLOBAL PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 1.69 from 1.68
- VIX closed at 12.89 1 day percent change of 1.58%
MACRO DATA POINTS (Bloomberg Estimates):
- 8:30am: Durable Goods Orders, Dec., est. 1.9% (prior 0.8%)
- 8:30am: Durables Ex Trans., Dec., est. 0.9% (prior 1.6%)
- 10am: Pending Home Sales M/m, Dec., est. 0.4% (prior 1.7%)
- 10:30am: Dallas Fed Manf. Activity, Jan. (prior 6.8)
- 11am: Fed to purchase $1.25b-$1.75b notes in 2036-2042 sector
- 11:30am: U.S. Treasury to sell $32b 3M bills, $28b 6M bills
- 1pm: U.S. Treasury to sell $35b 2Y notes
GOVERNMENT:
- Deadline for FERC staff to respond to Barclays over $470m penalty for alleged manipulation of energy market
- U.S. Comptroller of the Currency Thomas Curry delivers keynote address at American Securitization Forum
- U.S., EU, Japan to request WTO judges investigate Argentina’s import restrictions; Argentina to ask WTO to set up panel to probe U.S. curbs on imports of its animals, animal products
- Ryan says U.S. budget needs spending cuts, not increased revenue
WHAT TO WATCH
- Goods orders probably climbed as U.S. manufacturing stabilized
- Boeing risks revenue of $5b on Dreamliner probe’s outcome
- Japan’s Amari says mkts set currencies amid yen criticism
- LodgeNet files for bankruptcy on Colony, DirecTV partner plans
- J&J failed to forecast flaws leading to hip recall, jury told
- China needs stricter rules on generic biologic drugs, group says
- Barnes & Noble to cut 33% of stores over next decade: WSJ
- Volvo to buy 45% of Dongfeng Motor Groups unit for RMB5.6b
- U.S. air safety group urged tougher battery standards, WSJ says
- ‘Hansel & Gretel’ top weekend N.A. film with $19m ticket sales
- U.S. Weekly Agendas: Finance, Industrials, Energy, Health, Consumer, Tech, Media/Ent, Real Estate, Transports
- Canada Weekly Agendas: Energy, Mining
- Fed Meeting, U.S. Jobs, Boeing: Wk Ahead Jan. 28-Feb. 2
EARNINGS:
- Roper Industries (ROP) 7am, $1.46
- Biogen Idec (BIIB) 7am, $1.46 - Preview
- Rent-A-Center (RCII) 7am, $0.84
- Caterpillar (CAT) 7:30am, $1.70 - Preview
- Old National Bancorp (ONB) 9am, $0.23
- International Rectifier (IRF) 4pm, $(0.51)
- Integrated Device Technology (IDTI) 4pm, $0.04
- J&J Snack Foods (JJSF) 4pm, $0.44
- VMware (VMW) 4:01pm, $0.78
- Seagate Technology (STX) 4:01pm, $1.29
- Plum Creek Timber Co (PCL) 4:02pm, $0.29
- Yahoo! (YHOO) 4:05pm, $0.28
- Illumina (ILMN) 4:05pm, $0.41
- Sanmini-SCI (SANM) 4:05pm, $0.34
- BMC Software (BMC) 4:05pm, $1.02
- Zions (ZION) 4:10pm, $0.41
- Graco (GGG) 4:30pm, $0.60
- Brookfield Canada Office (BOX-U CN) 5pm, C$0.37
- NewMarket (NEU) 5:01pm, $4.11
- Crane Co (CR) 5:15pm, $0.96
- Celanese (CE) 5:25pm, $0.63
- Steel Dynamics (STLD) 6pm, $0.14
- Olin (OLN) Late PM, $0.35
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Russia, Kazakhstan Expand Gold Reserves as Central Banks Buy
- Hedge Funds Boost Bullish Bets by Most Since July: Commodities
- Oil Trades Near Highest Level in Four Months on Economic Outlook
- Copper Advances as Chinese Earnings Add to Revival Indications
- Gold Trades Near Two-Week Low Amid Signs Economy Is Improving
- Wheat Climbs Second Day After Tenders From Bangladesh and Jordan
- Sugar Climbs as Bets on Lower Prices Reach Record; Coffee Falls
- ICE to Start Iron Ore Futures as Market Grows on China Bets
- Oil Bulls Ride Longest-Winning Streak Since 2006: Energy Markets
- Indonesia Increasing Palm Oil Export Tax Seen Curbing Shipments
- German Green Energy Push Bites Mittelstand Hand That Feeds GDP
- Xstrata CEO Says Markets Not Best Route to Fund New Business: FT
- Zinc Seen Climbing in Rebound From Average: Technical Analysis
- Fonterra CEO Seeks to Reassure China, World on Milk Safety
- India Imported 33% More Gold in January to Beat Tax, Group Says
CURRENCIES
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
