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TODAY’S S&P 500 SET-UP – March 6, 2013


As we look at today's setup for the S&P 500, the range is 24 points or 1.35% downside to 1519 and 0.21% upside to 1543.      

SECTOR AND GLOBAL PERFORMANCE


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EQUITY SENTIMENT:


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CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 1.68 from 1.66
  • VIX  closed at 13.48 1 day percent change of -3.78%

MACRO DATA POINTS (Bloomberg Estimates):

  • 7am: MBA Mortgage Applications, March 1 (prior -3.8%)
  • 8:15am: ADP Employment Change, Feb., est. 170k (prior 192k)
  • 8:15am: Fed’s Plosser speaks on economy in Lancaster, Penn.
  • 10am: Factory Orders, Jan., est. -2.2% (prior 1.8%)
  • 10:30am: DoE Energy Inventories
  • 11am: Fed to purchase $1.25b-$1.75b notes in 2036-2043 sector
  • 2pm: Federal Reserve releases Beige Book
  • 8:30pm: Fed’s Fisher speaks in San Antonio, Texas

GOVERNMENT:

    • 9:30am: Attorney General Eric Holder testifies at Sen. Judiciary Cmte oversight hearing
    • 10am: House Appropriations oversight hearing on Sandy disaster relief, recovery
    • 0am: House Fin Svcs panel meets on Fannie Mae, Freddie Mac role in financial crisis
    • 2pm: Congressional Gun Violence Prevention Task Force hearing on using background checks to prevent criminals, mentally ill from getting gun

WHAT TO WATCH

  • Kuroda will have limited options for easing at BOJ, ex-board member says
  • Dow index futures higher after closing at record yday
  • Obama seeks budget deal by phoning Republicans in spending talks
  • HSBC sells U.S. consumer, homeowner loans for $3.2b
  • Hewlett-Packard faces mounting pressure to remove Chairman Lane
  • Martha Stewart says J.C. Penney designs ‘absolutely allowed’
  • Home Depot sued by PayOne over patent-infringement claims
  • Artisan Partners seeks to sell 11.5m shrs in 2nd run at IPO
  • Cantor’s Johnson said to join Alcentra for U.K. direct lending
  • Capital One CEO gets cash pay for first time since 1997
  • Drought conditions in U.S. seen improving after snow, USDA says
  • LinkedIn wins dismissal of consumer privacy suit over hacking
  • Hugo Chavez, Venezuela’s anti-U.S. socialist leader, dies at 58

EARNINGS:

    • Staples (SPLS) 6am, $0.45
    • Fresh Market (TFM) 6am, $0.44
    • Big Lots (BIG) 6am, $1.98
    • Vail Resorts (MTN) 7:15am, $1.69
    • Brown-Forman (BF/B) 8am, $0.70
    • American Eagle Outfitters (AEO) 8am, $0.56
    • Laurentian Bank (LB CN) 8:40am, C$1.29
    • Hovnanian Enterprises (HOV) 9:15am, $(0.10) - Preview
    • Veresen (VSN CN) 1:54pm, C$0.10
    • PetSmart (PETM) 4:02pm, $1.21
    • Semtech (SMTC) 4:30pm, $0.43
    • DryShips (DRYS) 5:00pm, $(0.14)
    • Colony Financial (CLNY) 5:45pm, $0.38

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Brazil and Colombia Seen by ICO Making Up for Coffee Rust Losses
  • DuPont Faces Another Year of Pigment Price Declines: Commodities
  • Brent Trades Near Four-Day High on Pipeline Halt; Chavez Dies
  • Wheat Falls on Indications World New-Crop Supplies Set to Climb
  • Copper Falls on Concern Demand Is Weak Amid Ample Inventories
  • Gold for Immediate Delivery Falls to $1,574.34 an Ounce
  • Coffee Falls for a Second Day on Brazil, Colombia; Cocoa Drops
  • Iron Ore Trading Doubled to 18.35 Million Tons for February
  • Japan Said to Plan Talks With South Korea on Joint LNG Purchases
  • U.K. Gold Hallmarking at Lowest Since at Least ’07 on Price Gain
  • India Seen Boosting Wheat Exports From Stockpiles Before Harvest
  • China Joining U.S. Shale Renaissance With $40 Billion: Energy
  • Hedge Funds See Coffee Slump as Supplies Grow: Chart of the Day
  • Iron Ore Price Surge Partly Due to Manipulation, NDRC Says

THE HEDGEYE DAILY OUTLOOK - 5

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