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TODAY’S S&P 500 SET-UP – March 11, 2013

As we look at today's setup for the S&P 500, the range is 37 points or 1.49% downside to 1528 and 0.89% upside to 1565.                

SECTOR AND GLOBAL PERFORMANCE

THE HEDGEYE DAILY OUTLOOK - 1

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EQUITY SENTIMENT:


THE HEDGEYE DAILY OUTLOOK - 10


CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 1.70 from 1.69
  • VIX  closed at 12.59 1 day percent change of -3.60%

MACRO DATA POINTS (Bloomberg Estimates):

  • 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
  • Weekly rates agenda

GOVERNMENT:

    • House, Senate in session
    • Treasury may report $205b deficit for Feb.: Bloomberg
    • CSIS, Natl Assn of Manufacturers hold forum on APEC, 8am
    • Washington Week Ahead

WHAT TO WATCH

  • SEC denies Goldman request to drop indep. chairman proposal
  • Disney’s “Oz” has yr’s best NA opening wknd at $80m
  • China to revamp railway, energy, food-safety ministries
  • Japan’s machinery orders tumbled 13% in Jan.
  • Kuroda says Bank of Japan will consider buying derivatives
  • Korean-American Bank Hanmi’s talks w/ rivals said to stall
  • AT&T may buy >25% of Reliance Jio Infocomm: Times of India
  • Oaktree buys Wells Fargo-leased offices for $240m
  • 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. Retail Sales, Samsung, EU Summit: Wk Ahead March 11-16

EARNINGS:

    • Dick’s Sporting Goods (DKS) 7:30am, $1.07
    • Casey’s General Stores (CASY) 4pm, $0.47
    • Urban Outfitters (URBN) 4pm, $0.57
    • Scientific Games (SGMS), 4pm, $0.05
    • Heckmann (HEK) 4:01pm, $(0.02)
    • Synageva BioPharma (GEVA) 4:05pm, $(0.60)
    • Analogic (ALOG) 4:15pm, $0.90
    • Home Inns & Hotels (HMIN) 5pm, $0.44
    • CVR Energy (CVI) After-mkt, $0.89
    • CVR Refining (CVRR) After-mkt, $0.63

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Brent Oil Drops for Second Day as China Industrial Output Slows
  • Hedge Funds Cut Bets to ’09 Low as Goldman Says Buy: Commodities
  • Zinc Declines for a Second Day on Chinese Industrial Production
  • Corn Climbs as Livestock-Feed Demand Keep U.S. Inventories Low
  • Gold Swings as Investors Weigh U.S. Growth Against Europe Crisis
  • White Sugar Gains as Demand Leaves Limited Supply; Cocoa Falls
  • Fukushima Seeks Revival in Radiation-Free Farms With No Soil
  • Rebar Falls as China Industrial Output Shows Weaker Start to ’13
  • Vietnam Coffee Harvest May Drop 30% on Drought, Vicofa Says
  • Nuclear Industry Withers in U.S. as Wind Pummels Prices: Energy
  • Palladium May Extend Gains to Test 2011 Peak: Technical Analysis
  • Shell Seeks Fujairah Crude Tanks as U.A.E. Port Plans Berths
  • Bat-Killing Fungal Disease Has U.S. Lumber Firms Fighting States
  • Cooking Oil Imports by India Seen Advancing for a Third Month

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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