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