TODAY’S S&P 500 SET-UP – March 4, 2013
As we look at today's setup for the S&P 500, the range is 32 points or 1.07% downside to 1502 and 1.04% upside to 1534.
SECTOR AND GLOBAL PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 1.62 from 1.61
- VIX closed at 15.36 1 day percent change of -0.97%
MACRO DATA POINTS (Bloomberg Estimates):
- 8am: Fed’s Yellen speaks in Washington
- 9:45am: ISM New York, Feb. (prior 56.7)
- 11am: Fed to buy $1.25b-$1.75b notes in 2036-2043 sector
- 11:30am: U.S. to sell $35b 3-mo. bills, $30b 6-mo. bills
- 11:45am: Former Fed Chairman Volcker speaks in Washington
- 1:15pm: Fed’s Powell speaks in Washington
- U.S. Rates Weekly Agenda
GOVERNMENT:
- This week, agencies implement automatic budget cuts, House may take up continuing resolution to keep govt funded
- IAEA board convenes in Vienna to discuss Iran
- Institute of International Bankers conference; speakers include Under Sec. of Treasury Mary J. Miller, Fed Gov. Jerome Powell, Comptroller of the Currency Thomas Curry, CFTC Chairman Gary Gensler, FDIC Chairman Martin Gruenberg
- Washington Week Ahead
WHAT TO WATCH
- Obama calls lawmakers to seek ways to recast budget cuts
- Euro leaders demand austerity; Italy moves closer to vote
- Las Vegas Sands says it probably violated FCPA
- Buffett plans acceleration of Berkshire capital spending
- Buffett plans to boost stake in IBM; says yr was subpar
- Transocean board seeks $2.24/shr div; Icahn wanted >$4
- Kuroda pledges bolder action as BoJ governor
- Samsung to seek further review as Apple damages cut ~45%
- Genting to buy unfinished Las Vegas Echelon resort from Boyd
- China monetary tightening pressure eases as rebound slows
- ‘Giant Slayer’ is wknd’s top film w/ $28m in NA sales
- 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
- U.S. Jobs, ECB Rate Meeting, Kenya Votes: Wk Ahead March 4-9
EARNINGS:
- Yingli Green Energy (YGE) Pre-mkt, $(0.57)
- Tech Data (TECD) 6am, $1.76
- Arena Pharmaceuticals (ARNA) 7am, $(0.05)
- Stratasys Ltd (SSYS) 7am, $0.38
- Vermilion Energy (VET CN) 7am, C$0.53
- Shuffle Entertainment (SHFL) 4pm, $0.12
- Cninsure (CISG) 4pm, NA
- Ascena Retail Group (ASNA) 4:02pm, $0.23
- Santarus (SNTS) 4:05pm, $0.01
- ABM Industries (ABM) 5pm, $0.22
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- WTI Oil Futures Decline for Third Day to Trade Near $90 a Barrel
- Investors Least Bullish in Four Years Pulling Funds: Commodities
- Gold Swings as Investors Weigh Economic Stimulus Against Dollar
- Cocoa Falls to 10-Month Low on Ivory Coast Rainfall; Sugar Rises
- Palm Oil Climbs as Worst Losing Streak Since 2006 Spurs Demand
- Indonesian Palm Reserves Seen Declining by Bangun on Demand
- Lead and Zinc Decline as China Property Curbs Could Damp Demand
- Vietnam 2013 Rice Exports Reach 744,408 Tons as of Feb. 28: VFA
- Angola to Start Cargo Rail Line From Luanda Port This Month
- Keystone Report Spurs Opponents to Vow Stiffer Fight on Pipeline
- Marathon Said to Join Oil CEO Search as Bid War Looms: Energy
- U.S. Soybean Reserve Seen Lower in Survey; Grain Supply May Rise
- Joblessness Down as Bernanke View of Cyclical U.S. Weakness Wins
- Rubber Drops to Two-Month Low as China to Cool Property Prices
CURRENCIES
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team