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TODAY’S S&P 500 SET-UP – March 5, 2013


As we look at today's setup for the S&P 500, the range is 23 points or 1.06% downside to 1509 and 0.45% upside to 1532.       

SECTOR AND GLOBAL PERFORMANCE


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EQUITY SENTIMENT:


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CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 1.66 from 1.64
  • VIX  closed at 14.01 1 day percent change of -8.79%

MACRO DATA POINTS (Bloomberg Estimates):

  • 10am: ISM Non-Manf. Composite, Feb., est. 55.0 (prior 55.2)
  • 10am: IBD/TIPP Eco. Optimism, March, est. 48.1 (prior 47.3)
  • 11am: Fed to purchase $2.75b-$3.5b notes in 2020-2023 sector
  • 11:30am: U.S. to sell 4W bills, $25b 52W bills
  • 2pm: Fed’s Lacker speaks on monetary policy in Washington
  • 4:30pm: API Energy Inventories

GOVERNMENT:

    • Senate Budget Cmte holds hearing on tax code, 10:30am
    • Senate HELP Chairman Tom Harkin, D-Iowa, House Education & Workforce ranking member Rep. George Miller, D-Calif., announce introduction of legislation to raise federal minimum wage to $10.10/hr from $7.25, then provide automatic annual increases linked to changes in cost of living, 12pm
    • Agriculture Sec. Tom Vilsack among witnesses testifying on state of rural econ. at House Agriculture Cmte. hearing, 10am
    • Nuclear Regulatory Commission staff meets officials from Duke Energy to discuss whether company violated license for fire protection at a South Carolina nuclear plant, 1pm
    • Rep. Maxine Waters, D-Calif., FDIC Chairman Martin Gruenberg, SEC Commissioner Luis Aguilar speak at Greenlining Institute conference on diversity in financial industry, 8:30am
    • Treasury Dept, OCC hold a meeting to discuss the minority depository institution industry, 8:30am
    • House Fin Svcs panel holds hearing on Bernanke’s recent testimony on monetary policy, 10am
    • North American Securities Administrators Assoc. releases 2013 legislative agenda, including measures to regulate crowdfunding and fiduciary duty rule for broker-dealers, 10am
    • House Ways and Means panel holds hearing on tax provisions in Affordable Care Act, 11am
    • U.S. Homeland Security Secretary Janet Napolitano discusses airport, airspace security at International Air Transport Assn conference in Brooklyn, N.Y., 9:30am

WHAT TO WATCH

  • EU opens way for easier budgets after Italian austerity backlash
  • Martha Stewart to testify today in J.C. Penney/Macy’s suit
  • House budget bill would continue automatic spending cuts
  • Compuware said to attract private-equity firms’ buyout interest
  • Pearson CEO said to tell FT staff to brace for fewer jobs
  • Commonwealth stock sales may be completed, U.S. judge rules
  • Fannie Mae regulator sets securities platform for post-GSE world
  • J&J, Bayer fail to win U.S. backing for expanded Xarelto use
  • Heinz CEO Johnson would get $200m in post-Berkshire exit
  • Rexnord said to draw Watts as suitor for water-management unit
  • News Corp. said to start cable-sports challenge to ESPN
  • Anadarko, Dhoot start sale of Mozambique gas stake: Reuters
  • Artisan Partners Asset Mgmt IPO books close tonight, terms show
  • Senate report faults JPMorgan’s “whale” disclosures: NYT
  • Tribune said to aim to sell all newspapers in single deal
  • Chavez health worsens with second lung infection, Venezuela says

EARNINGS:

    • Bank of Nova Scotia (BNS CN) 7:30am, C$1.25
    • Infinity Pharmaceuticals (INFI) 4pm, $(0.84)
    • VeriFone Systems (PAY) 4:01pm, $0.49
    • Smith & Wesson (SWHC) 4:05pm, $0.23
    • First Quantum Minerals Ltd (FM CN) 5pm, $0.33
    • Qihoo 360 Technology Co Ltd (QIHU) 5pm, $0.17
    • Trilogy Energy (TET CN) 5pm, C$0.03
    • Allied Properties Real Estate (AP-U CN) Aft-mkt, C$0.46
    • Gibson Energy (GEI CN) Aft-mkt, C$0.34
    • Uranium One (UUU CN) Aft-mkt, $0.02
    • Taro Pharmaceutical Industries Ltd (TARO) Aft-mkt, NA

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Gold Hoarders Turn Sellers as Bull Run Decays: Chart of the Day
  • Rice Glut Expands With Farms Poised for Record Crop: Commodities
  • Gold Rises for First Time in Five Days on Stimulus; Silver Gains
  • Copper to Climb on Chinese Demand This Year, Jiangxi Copper Says
  • Soybeans Reach One-Week High on Signs of Stronger Export Demand
  • Sugar Rises for Second Day on Ethanol Outlook; Coffee Also Gains
  • WTI Crude Rebounds From 10-Week Low; Brent Pipeline Remains Shut
  • Cooparaiso Sees Brazil Reaping Record Off-Year Coffee Harvest
  • Palm Oil to Trade at 1,950-2,500 Ringgit a Ton, Sauthoff Says
  • CME’s Asian Business Expanding 35% Stoked by Gold to Currencies
  • U.K. Natural Gas Stores May Empty in Two Weeks: Chart of the Day
  • Oil Inventories Gain a Seventh Week in Survey: Energy Markets
  • Scorpio Wins as U.S. Crude Curbs Spur Shale Refineries: Freight
  • Copper Advances Most in a Week as China Maintains Growth Goal

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CURRENCIES


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EUROPEAN MARKETS

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ASIAN MARKETS

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MIDDLE EAST


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The Hedgeye Macro Team