TODAY’S S&P 500 SET-UP – February 15, 2013
As we look at today's setup for the S&P 500, the range is 16 points or 0.55% downside to 1513 and 0.50% upside to 1529.
SECTOR AND GLOBAL PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 1.73 from 1.76
- VIX closed at 12.66 1 day percent change of -2.47%
MACRO DATA POINTS (Bloomberg Estimates):
- G20 finance ministers and central bankers meet in Moscow
- 8:30am: Empire Manufacturing, Feb., est. -2 (prior -7.78)
- 9am: Total Net TIC Flows, Dec. (prior $27.8b)
- 9:15am: Industrial Production, Jan., est. 0.2% (prior 0.3%)
- 9:15am: Capacity Utilization, Jan., est. 78.9% (prior 78.8%)
- 9:50am: Fed’s Pianalto speaks on economy in Florida
- 9:55am: U. of Mich. Confidence, Feb., est. 74.8 (prior 73.8)
- 1pm: Baker Hughes rig count
GOVERNMENT:
- Senate holds cloture vote on Chuck Hagel as defense sec
- 2pm: Council on Food, Agriculture and Resource Economics, Federation of Animal Science Societies discuss finely textured beef, or “pink slime”
- 2:40pm: President Barack Obama to speak on economy in Chicago
WHAT TO WATCH
- G-20 seeks common ground on currencies
- Paulson mulls vote against T-Mobile’s MetroPCS merger
- Airbus to use standard battery for A350 to avoid lithium woe
- JPMorgan said to cut traders, realign pay amid equities slump
- Nasdaq proposes earlier start to U.S. pre-mkt stock trading
- Lehman seeks to question JPMorgan London Whale over losses
- McGraw-Hill credit rating cut by Moody’s after U.S. sues S&P
- US Airways wins AMR after Horton said to wage bid to stay CEO
- Okada to ask judge to halt Wynn Resorts mtg to remove him
- Universal Music to sell Black Sabbath label to BMG Rights
- Vevo seeking new investors beyond major record-label owners
- Citigroup, others report credit card delinquencies/charge-offs
- Rogers Communications CEO to retire; 4Q adj. EPS above ests.
- Occidental board forms search committee for CEO successor
- U.S. Home Sales, Draghi, Wal-Mart, Ifo: Wk Ahead Feb. 16-23
EARNINGS:
- Telus (T CN) 6am, C$0.87
- Wabco Holdings (WBC) 6:30am, $0.94
- Kraft Foods Group (KRFT) 6:30am, $0.38
- American Electric Power Co (AEP) 6:57am, $0.46
- Enbridge (ENB CN) 7am, C$0.44
- LifePoint Hospitals (LPNT) 7am, $0.65
- Digital Realty Trust (DLR) 7am, $1.17
- Burger King Worldwide (BKW) 7am, $0.15
- JM Smucker (SJM) 7am, $1.40
- VF (VFC) 7am, $3.04
- TRW Automotive Holdings (TRW) 7am, $1.34
- Senior Housing Properties Trust (SNH) 7:01am, $0.44
- Ventas (VTR) 7:03am, $0.97
- Campbell Soup (CPB) 7:30am, $0.66 - Preview
- Alere (ALR) 7:30am, $0.56
- Lincoln Electric Holdings (LECO) 7:52am, $0.73
- Ultra Petroleum (UPL) 8am, $0.54
- Brookfield Asset Management (BAM/A CN) 8am, $0.29
- IPG Photonics (IPGP) 8am, $0.72
- Cott (BCB CN) 8am, $0.06
- Allete (ALE) 8:30am, $0.75
- MFA Financial (MFA) 8:30am, $0.20
- Industrial Alliance Insurance (IAG CN) 9am, C$0.74
- Hawaiian Electric Industries (HE) 8pm, $0.31
- NGL Energy Partners (NGL) Pre-Mkt, $0.82
- Dundee Precious Metals (DPM CN) Post-Mkt, C$0.16
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Billionaires Soros, Bacon Cut Gold Holdings as Price Slumps
- Gold Bears Braced for U.S. to China Growth Recovery: Commodities
- Zinc Rises as Meteorite Explosion Causes Damage at Russian Plant
- WTI Crude Trims Weekly Gain; Open Interest Advances to Record
- Gold Declines to Five-Month Low as Soros, Bacon Reduce Holdings
- Wheat Advances as Price Drop Stokes Demand for U.S. Supplies
- Sugar Rebounds as Prices May Have Fallen Too Far; Coffee Falls
- Malaysia Raises Crude Palm Oil Export Tax to 4.5% for March
- Oil May Fall Next Week Amid Ample U.S. Stockpiles, Survey Shows
- Gold May Extend Decline to Below $1,600: Technical Analysis
- Walking-Pace Trains Spur $17 Billion India Rail Revamp: Freight
- Impala Bond Sale Bets on Platinum Revival: South Africa Credit
- Climate Change as Source of Future Conflict Draws UN Attention
- MF Global CFTC Proposal Said to Jeopardize Futures Brokerages
CURRENCIES
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
