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
EQUITY SENTIMENT:
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
CURRENCIES
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team