TODAY’S S&P 500 SET-UP – February 25, 2013
As we look at today's setup for the S&P 500, the range is 28 points or 0.90% downside to 1502 and 0.95% upside to 1530.
SECTOR AND GLOBAL PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 1.73 from 1.71
- VIX closed at 14.17 1 day percent change of -6.90%
MACRO DATA POINTS (Bloomberg Estimates):
- 8:30am: Chicago Fed Nat Activity Index, Jan (prior 0.02)
- 10:30am: Dallas Fed Manf. Activity, Feb. (prior 5.5)
- 11am: Fed to buy $2.75b-$3.50b notes in 2020-2023 sector
- 11:30am: Treasury to sell $35b 3-mo. bills, $30b 6-mo. bills
- 1pm: Treasury to sell $35b 2Y notes
- 7pm: Fed’s Lockhart speaks on economy in Knoxville, Tenn.
GOVERNMENT:
- Senate may consider $110b plan to delay federal spending cuts, incl. tax increases
- Cnooc/Nexen deal expected to close this week
- Bipartisan Policy Center to release proposals for scaling back govt role in mortgage finance
- Karzai orders U.S. special forces out of key Afghan province
- EU levy on U.S. bioethanol to curb competition takes effect
- ITC judge to release findings in Cypress Semiconductor vs GSI Technology patent case
- WASHINGTON WK AHEAD: Sequestration Cuts Set to Begin March 1
WHAT TO WATCH
- Sinopec to buy 50% of Chesapeake’s Mississippi asset for $1.02b
- Knight said to agree to sell debt brokerage to Stifel
- Barnes & Noble founder said to offer to buy bookstore unit
- Mozilla boosts partners for Firefox smartphone debut in ’13
- Takeda, Affymax voluntarily recall anemia treatment Omontys
- Royalty Pharma offers to buy Elan Corp. for $11/shr
- Abe preparing to name Kuroda as next Bank of Japan governor
- Japan to sell $10.3b Japan Tobacco stake
- U.K. loses Aaa status at Moody’s; Osborne keeps austerity
- RBS said to plan IPO for U.S. Citizens Financial Group unit
- BHP says cost cuts a priority as mineral demand growth ebbs
- China manufacturing expands at slower pace, HSBC PMI shows
- China prepares for govt shuffle as Zhou stays PBOC chief
- Italy elects new govt, voting ends at 3pm CET
- ‘Identity Thief’ is top NA wknd film with $14m in sales
- ‘Argo’ Wins Best Picture Oscar; ‘Zero Dark Thirty’ Shunned
- U.S. manufacturing probably grew for third month: Weekly ECO preview
- U.S. Weekly Agendas: Finance, Industrials, Energy, Health, Consumer, Tech, Media/Ent, Real Estate, Transports
- North American M&A Agenda
- Canada Weekly Agendas: Energy, Mining
- Bernanke, China Manuf., Hagel: Wk Ahead Feb. 25-March 1
EARNINGS:
- Lowe’s (LOW) 6am, $0.23 - Preview
- Allied Nevada Gold (ANV) 6:30am, $0.19
- Donaldson Co (DCI) 7am, $0.38
- Kosmos Energy Ltd (KOS) 7am, $0.06
- Arbitron (ARB) 7am, $0.66
- CommonWealth REIT (CWH) 7am, $0.86
- Impax Laboratories (IPXL) 7am, $0.19
- Cooper Tire & Rubber Co (CTB) 7:30am, $0.85
- Ariad Pharmaceuticals (ARIA) 7:35am, $(0.35)
- Hecla Mining Co (HL) 8am, $0.03
- 3D Systems (DDD) 8:15am, $0.39
- FirstEnergy (FE) 8:24am, $0.79
- Ship Finance International Ltd (SFL) 8:24am, $0.32
- Dendreon (DNDN) 8:30am, $(0.54)
- Caesars Entertainment (CZR) 4pm, $(1.66)
- Tower Group (TWGP) 4pm, $(1.24)
- Amsurg (AMSG) 4pm, $0.51
- Rosetta Resources (ROSE) 4pm, $0.93
- Autodesk (ADSK) 4:01pm, $0.49
- Solar Capital Ltd (SLRC) 4:01pm, $0.60
- Stone Energy (SGY) 4:03pm, $0.60
- ONEOK (OKE) 4:05pm, $0.45
- ONEOK Partners (OKS) 4:05pm, $0.62
- URS (URS) 4:05pm, $0.97
- Stifel Financial (SF) 4:05pm, $0.61
- Dealertrack Technologies (TRAK) 4:05pm, $0.29
- General Cable (BGC) 4:10pm, $0.28
- Hertz Global Holdings (HTZ) 4:11pm, $0.31
- Legacy Reserves (LGCY) 4:27pm, $0.37
- Oasis Petroleum (OAS) 4:30pm, $0.46
- Eagle Rock Energy Partners (EROC) 4:30pm, $0.03
- Chemtura (CHMT) 4:36pm, $0.31
- Titan International (TWI) 4:57pm, $0.47
- Mindray Medical (MR) 5pm, $0.51
- Health Care REIT (HCN) 5:01pm, $0.84
- Vivus (VVUS) 5:15pm, $(0.44)
- Aqua America (WTR) Post-Mkt, $0.28
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- CME Said to Approach Deutsche Boerse to Consider Talks on Merger
- Gold Bets Cut by Most Since ’07 as Sugar Bears Grow: Commodities
- Brent Crude Trades Near Four-Day High Before Iran Nuclear Talks
- Wheat Falls to Eight-Month Low as Plains Snow May Ease Drought
- Gold Gains in New York as Central-Bank Buying Counters ETP Drop
- Aluminum Trades Unchanged at $2,048 a Ton in London, Erases Drop
- Sugar Reaches Two-Week High on Record Bearish Bets; Coffee Rises
- Russia, Kazakhstan Expand Gold Reserves for Fourth Month
- Wilmar Says China Crushers Cut Soy Stocks Before Brazil Harvest
- U.S. Gasoline Price Rises to $3.795 a Gallon in Lundberg Survey
- BHP Says Cost Cutting Tops Agenda as Mineral Demand Growth Wanes
- Rebar Declines to One-Month Low as China Plans Property Controls
- Silicon Valley Shifting to Power Grid After Solar Sours: Energy
- Oil May Fall to $91 After Double-Top Breach: Technical Analysis
CURRENCIES
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team