TODAY’S S&P 500 SET-UP – February 22, 2013
As we look at today's setup for the S&P 500, the range is 16 points or -0.70% downside to 1513 and 1.77% upside to 1529.
SECTOR AND GLOBAL PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 1.74 from 1.73
- VIX closed at 15.22 1 day percent change of 3.68%
MACRO DATA POINTS (Bloomberg Estimates):
- 10:30am: Fed’s Powell, Rosengren speak in New York
- 11am: Fed to buy $1.25b-$1.75b notes in 2036-2043 sector
- 1pm: Baker Hughes rig count
- 6:30pm: Fed’s Tarullo speaks on regulation in New York
GOVERNMENT:
- Obama hosts lunch mtg w/ Japanese Prime Minister Shinzo Abe
- Defense Sec Leon Panetta attends NATO mtg in Brussels
- 8am: HHS, FDA to discuss, vote on pre-mkt approval of NeuroPace Responsive Neurostimulation System
- 3pm: Sec. of State John Kerry meets with Japanese Minister of Foreign Affairs Fumio Kishida
WHAT TO WATCH
- Gardner Denver to release earnings, may update on sale
- KKR said to offer ~$3.68b for Gardner Denver
- Bernanke said to minimize asset-bubble concern at dealer meeting
- Boeing said to present battery redesign for 787 to FAA
- Tosoh develops material that may help solve B787’s battery issue: Nikkei
- Bausch & Lomb owner Warburg Pincus said to seek banks for IPO
- BOE, PBOC discussing 3yr pound/renminbi swap arrangement
- S&P probe by Massachusetts said to extend to post-crisis ratings
- Euro-area economy to shrink, Spain deficit widened, EU says
- Elan plans $1b share repurchase
- German IFO business confidence rises more than forecast
- China’s new home prices rise for 3rd month
- ING to name Ralph Hamers CEO
- Alcatel-Lucent names Michel Combes CEO; France said to weigh stake
- EMA Preview: Glaxo, Sanofi, Pfizer, J&J, Roche, Takeda
- 85th annual Academy Awards ceremony to take place Sunday
- Anschutz Entertainment bids are below asking price: NY Post
- Bernanke, Italian Election, Oscars: Wk Ahead Feb. 23-March 2
EARNINGS:
- Enerplus (ERF CN) 6am, C$0.12
- Gardner Denver (GDI) 6:30am, $1.35
- Barnes Group (B) 6:30am, $0.51
- Eldorado Gold (ELD CN) 7am, $0.15
- Cyberonics (CYBX) 7am, $0.39
- Interpublic (IPG) 7am, $0.53
- Selectome REIT (SIR) 7am, $0.72
- Abercrombie & Fitch (ANF) 7am, $1.96 - Preview
- NV Energy (NVE) 7am, $0.07
- Mobile Mini (MINI) 7:30am, $0.30
- HMS Holdings (HMSY) 7:30am, $0.26
- Warner Chilcott (WCRX) 7:30am , $0.73
- Charter Communications (CHTR) 8am, $0.06
- Pinnacle West Capital (PNW) 8am, $0.17
- Washington Post (WPO) 8:30am, NA
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Nickel Narrows Biggest Drop Since 2011 as Slump Attracts Buying
- Sugar Traders Most Bullish Since October on Ethanol: Commodities
- Soybeans Head for Longest Rally Since April on Chinese Demand
- Gold Cuts Third Weekly Drop as Slide to 7-Month Low Spurs Demand
- Brent Crude Rises, Paring Biggest Weekly Decline Since December
- Coffee Rises as Investors May Cut Bearish Bets After Price Drop
- Soybeans Held at Brazil Ports Boost Prices in China, Wilmar Says
- China’s Grain Supply in ‘Structrual Shortage’, Minister Says
- Gas Curve Shows Export Profit as Obama Hosts Abe: Energy Markets
- Crude May Fall as Weak Demand Boosts Inventories, Survey Shows
- India Seen Raising Cooking Oil Import Taxes to Protect Growers
- U.S. Forecasts ‘Modest Further Rise’ in Gasoline Prices at Pump
- Gasoline Rally Seen Fueling U.S. Stock Losses: Chart of the Day
- Record Sugar Output in India’s Top Grower Seen Curbing Imports
CURRENCIES
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team