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TODAY’S S&P 500 SET-UP – February 8, 2013


As we look at today's setup for the S&P 500, the range is 24 points or 1.15% downside to 1492 and 0.44% upside to 1516. 

SECTOR AND GLOBAL PERFORMANCE


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EQUITY SENTIMENT:


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CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 1.69 from 1.71
  • VIX  closed at 13.5 1 day percent change of 0.67%

MACRO DATA POINTS (Bloomberg Estimates):

  • 6am: ECB announces 3-yr LTRO repayment
  • 8:30am: Trade Balance, Dec., est. -$46b (prior -$48.7b)
  • 10am: Wholesale Inventories, Dec., est. 0.4%  (prior 0.6%)
  • 11am: Fed to purchase $1b-$1.5b debt in 2017-2042 sector
  • 1pm: Baker Hughes rig count

GOVERNMENT:

    • Defense Dept. has ordered Army, Navy, Air Force, Marines to submit specific spending cuts they’ll make if across-the-board reductions take effect on March 1 under sequestration
    • CFTC holds closed meeting on surveillance matters. 10am
    • House Fin Svc Cmte holds hearing on FHA actuarial report, w/ Commissioner Carol Galante, 10am
    • Oral arguments at U.S. Court of Appeals for the Federal Circuit in Washington in CLS Bank Intl case that may clarify rules for when software is eligible for patent protection, 10am

WHAT TO WATCH

  • Trade deficit in U.S. probably narrowed as exports climbed
  • EU leaders prepare for budget cuts in bow to Cameron’s demand for thrift
  • China’s exports and imports rose more than estiamted in Jan.
  • German exports climbed in Dec. to propel year to record $1.5t
  • Charter to buy Cablevision’s Optimum West for $1.63b
  • S&P may face lawsuits by more states, Connecticut’s Jepsen says
  • Peugeot takes $5.5b writedown as sagging auto market saps assets
  • Boeing seen forced to alter 787 battery after U.S. NTSB findings
  • McDonald’s Jan. global comp sales may fall 1.1%
  • Warner Music agrees to buy Coldplay label for $764m
  • N.Y,, New England prepare for blizzard; 2,000 flights canceled
  • State of the Union, G-20, Cisco, Grammys: Wk Ahead Feb. 9-16

EARNINGS:

    • Soufun (SFUN) 5:45am, $0.56
    • Carlisle (CSL) 6am, $0.78
    • Corporate Office Properties Trust (OFC) 6am, $0.48
    • Sirona Dental Systems (SIRO) 6:30am, $0.84
    • Laboratory of America Holdings (LH) 6:45am, $1.62
    • AOL (AOL) 7am, $0.53
    • Apollo Global Management (APO) 7am, $0.93
    • Buckeye Partners (BPL) 7am, $0.82
    • Entergy (ETR) 7am, $1.71
    • Moody’s (MCO) 7am, $0.71
    • CBOE Holdings (CBOE) 7:30am, $0.42
    • Louisiana-Pacific (LPX) 8am, $0.21
    • American Axle (AXL) 8am, $0.06
    • Beacon Roofing (BECN) 8am, $0.40
    • Brookfield Infrastructure (BIP) 8am, $0.32
    • TC Pipelines (TCP) 8am, $0.63
    • IGM Financial (IGM CN) 9:39am, C$0.73
    • Emera (EMA CN) 10:20am, C$0.41
    • Cameco (CCO CN) Post-Mkt, C$0.41

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Arabica Coffee Premium Over Robusta Falls to Lowest Since 2009
  • Wheat Slump Seen Extending on Growth in Stockpiles: Commodities
  • Diesel Slumps in Europe as Output Capacity Soars: Energy Markets
  • Platinum Trades Near 16-Month High as Rally May Spur Selling
  • Brent Crude Advances to Nine-Month High, Boosts Premium to WTI
  • Copper Rises as Chinese Trade Tops Estimates and Car Sales Jump
  • Robusta Coffee Climbs to Four-Month High on Vietnam; Sugar Gains
  • Soybeans Head for Fifth Weekly Gain as U.S. Exports Cut Supplies
  • Brazil Prepares to Surprise Drillers This Time With Gas: Energy
  • TransCanada Says East Route Eases Oil Discount: Corporate Canada
  • Deutsche Bank Said to Fire 10 Traders as Banks Retrench
  • Chocolatier Petra Seen Targeted in Asia’s Deal Spree: Real M&A
  • Rebar Rises for Fourth Week as China’s Exports Beat Forecasts
  • Oil May Fall as Technical Tools Signal Pullback, Survey Shows

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CURRENCIES

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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