TODAY’S S&P 500 SET-UP – February 28, 2013
As we look at today's setup for the S&P 500, the range is 87 points or 4.42% downside to 1449 and 1.32% upside to 1536.
SECTOR AND GLOBAL PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 1.64 from 1.66
- VIX closed at 14.73 1 day percent change of -12.69%
MACRO DATA POINTS (Bloomberg Estimates):
- 8:15am: Fed’s Lockhart to speak on banking in Atlanta
- 8:30am: GDP Q/q, 4Q revision, est. 0.5% (prior -0.1%)
- 8:30am: Personal Consumption, 4Q revision, est. 2.3%
- 8:30am: Core PCE Q/q, 4Q revision est. 0.9% (prior 0.9%)
- 8:30am: Init. Jobless Claims, Feb. 24 est. 360k (prior 362k)
- 9am: NAPM-Milwaukee, Feb., est. 52.0 (prior 51.3)
- 9:45am: Chicago Purchasing Mgr, Feb., est. 54.0 (prior 55.6)
- 9:45am: Bloomberg Consumer Comfort, Feb. 24 (prior -33.4)
- 10am: Freddie Mac weekly mortgage-rate survey
- 10:30: EIA natural-gas storage change
- 11am: Kansas City Fed Manf. Activ., Feb., est. -1 (prior -2)
- 11am: New York Fed Executive VP McAndrews holds press briefing on household debt in New York
- 12:30pm: Fed’s Raskin speaks on banking in Atlanta
- 8:00pm: Fed’s Evans speaks in Des Moines, Iowa
GOVERNMENT:
- 9am: House Armed Services subcmte hearing on impact of budget cuts on acquisition, programming
- 10am: Joint Economic Cmte of Congress hearing on state of U.S. economy
- House Judiciary Cmte panel meets on impact of Obama admin regulations on jobs, economy, global competitiveness
WHAT TO WATCH
- Senate plans symbolic votes as $85b budget fight to begin
- Boeing 3-Part fix won’t end 787 grounding quickly, FAA says
- RBS said will sell a stake in Citizens unit in U.S. in ~2 yrs
- Regency to buy Southern Union for $1.5b in shale move
- Wal-Mart U.S. chief administrative officer Tom Mars to leave
- Wal-Mart struggles to restock store shelves as U.S. sales slump
- AOL COO Arthur Minson is said to weigh resignation
- Sierra Nevada, Embraer win U.S. contract with $950m value
- GM said to be targeting up to 20% growth for Volt cars this yr
- Groupon forecast misses ests., raising pressure on CEO Mason
- Ahold to buy back shrs as 4Q profit miss ests.
- Lew confirmed as U.S. Treasury chief plunges into deficit fight
- Tudor said to plan 1st equity funds since Pallotta left in ’09
- J.C. Penney’s lowest sales in decades Show Johnson stumbling
- Abe nominates Haruhiko Kuroda as next Bank of Japan governor
- Draghi says ECB in no rush to tighten policy as inflation slows
- U.S. foreclosure deals drop as lenders approve more short sales
- MGA seeks to revive trade-secret lawsuit claims against Mattel
- MBIA swaps rise as cites “substantial doubt” over unit
EARNINGS:
- Canadian Imperial Bank of Commerce (CM CN) 5:35am, C$2.09
- Catamaran (CCT CN) 6am, $0.35
- Iron Mountain (IRM) 6am, $0.25
- Newcastle Investment (NCT) 6am, $0.27
- Sears Holdings (SHLD) 6am, $0.98
- Valeant Pharmaceuticals (VRX CN) 6am, $1.21
- Visteon (VC) 6am, $0.82
- Royal Bank of Canada (RY CN) 6am, C$1.32
- Toronto-Dominion Bank (TD CN) 6:30am, C$1.93
- Ocwen Financial (OCN) 6:34am, $0.50
- Kohl’s (KSS) 7am, $1.63
- LKQ (LKQ) 7am, $0.23
- WPX Energy (WPX) 7am, $(0.08)
- MGIC Investment (MGIC) 7am, $(1.67)
- ANSYS (ANSS) 7:09am, $0.74
- Chico’s FAS (CHS) 7:15am, $0.20
- AltaGas Ltd (ALA CN) 7:30am, C$0.47
- Domino’s Pizza (DPZ) 7:30am, $0.60
- Halcon Resources (HK) 7:30am, $0.03
- George Weston (WN CN) 8am, C$1.09
- Cablevision Systems (CVC) 8:30am, $0.09
- Rowan (RDC) 8:45am, $0.48
- Deckers Outdoor (DECK) 4pm, $2.58
- Esterline Technologies (ESL) 4pm, $0.61
- Gap (GPS) 4pm, $0.71
- Sotheby’s (BID) 4pm, $1.10
- Kodiak Oil & Gas (KOG) 4:01pm, $0.13
- Molycorp (MCP) 4:01pm, $(0.30)
- New Gold (NGD CN) 4:01pm, $0.13
- Universal Health Services (UHS) 4:01pm, $0.93
- Salesforce.com (CRM) 4:05pm, $0.40
- SandRidge Energy (SD) 4:05pm, $0.00
- Splunk (SPLK) 4:05pm, $0.02
- Medivation (MDVN) 4:09pm, $(0.46)
- McDermott International (MDR) 4:10pm, $0.23
- Mentor Graphics (MENT) 4:10pm, $0.55
- Omnivision (OVTI) 4:18pm, $0.41
- Integrys Energy Group (TEG) 5:07pm, $0.95
- National Bank of Canada (NA CN) 6pm, C$2.02
- Endo Health Solutions (ENDP) Post-Mkt, $1.55
- Great Plains Energy (GXP) Post-Mkt, $0.02
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Gold Heads for Biggest Monthly Drop Since May as ETPs Slide
- Rhodium Beating Platinum to Palladium on Car Sales: Commodities
- Wheat Rises as U.S. Export Demand May Increase After Price Drop
- WTI Oil Set for First Monthly Drop Since October as Supply Rises
- Copper Swings Between Gains and Declines Amid Lack of Demand
- Coffee Extends Gains in London on Reduced Sales; Sugar Advances
- Palm Seen Dropping to Four-Year Low on MACD: Technical Analysis
- Gold Demand in India Seen Rebounding After Import Tax Maintained
- Coffee Exports From Indonesia Dropping Even With Record Crop
- Mongolia Plans to Charge Rio’s Oyu Tolgoi Interest on Tax
- Shell Sees Solar as Biggest Energy Source After Exiting Industry
- India Left Gold Taxes Unchanged as Imports Continue, Group Says
- Investors Dumping Gold Means Slump to $1,400: Chart of the Day
- Palm Drops to Six-Week Low as Malaysian Inventories to Stay High
CURRENCIES
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team