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TODAY’S S&P 500 SET-UP – March 12, 2013


As we look at today's setup for the S&P 500, the range is 31 points or 1.43% downside to 1534 and 0.56% upside to 1565.    

SECTOR AND GLOBAL PERFORMANCE


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EQUITY SENTIMENT:


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CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 1.78 from 1.80
  • VIX  closed at 11.56 1 day percent change of -8.18%

MACRO DATA POINTS (Bloomberg Estimates):

  • 7:30am: NFIB Small Bus. Optimism, Feb., est. 90.0 (prior 88.9)
  • 7:45am: ICSC weekly sales
  • 8:55am: Johnson/Redbook weekly sales
  • 10am: JOLTs Job Openings, Jan. (prior 3.617m)
  • 11am: Fed to purchase $1b-$1.5b TIPS due in 2017-2043 sector
  • 11:30am: U.S. to sell 4W bills
  • 1pm: U.S. to sell $32b 3Y notes
  • 4:30pm: API weekly inventories

GOVERNMENT:

    • House, Senate in session
    • Senate Banking Cmte holds hearing on Cordray, White, 10am
    • House Appropriations panel holds oversight hearing on SEC, 3pm
    • House Appropriations panel hears from Food Safety, Inspection Service Admin. Alfred Almanza at oversight hearing, 10am
    • All FCC commissioners testify at Senate Commerce Cmte’s oversight hearing on FCC, 2:30pm
    • National Transportation Safety Board meets to consider 5 Safety Alerts aimed at reducing number of general aviation incidents, 9:30am
    • Washington Day Ahead

WHAT TO WATCH

  • HP says Serious Fraud Office investigating Autonomy
  • SEC nominee White to face conflict questions at hearing
  • Cordray nomination at stalemate amid wait for court ruling
  • Citigroup added to team advising Dell buyout group: WSJ
  • Costco 2Q revenue $24.87b misses est. of $24.95b
  • GM share sale brought Treasury $489.9m in February
  • Roman Catholic Cardinals to begin election of new pope
  • U.S. accuses China of cyber espionage that threatens ties
  • Greece in talks with creditors to cut 150,000 civil servants
  • Yandex founders, investors to sell up to $607m of shares
  • Goldman among banks to get lower fees for Japan Tobacco sale
  • Galaxy Securities said to pick Goldman, JPMorgan for $1.5b IPO
  • Suntech gets 2-mth forbearance on $541m in bonds

EARNINGS:

    • Stage Stores (SSI) 6am, $1.15
    • FactSet (FDS) 7am, $1.24
    • Empire Co (EMP/A CN) 7:03am, C$1.15
    • Laredo Petroleum Holdings (LPI) 7:26am, $0.10
    • Raven Industries (RAVN) 9am, $0.25
    • Acadia Pharmaceuticals (ACAD) 4:01pm, $(0.09)
    • Dole Food (DOLE) 4:06pm, $(0.02)
    • Investors Real Estate (IRET) 4:30pm, $0.17
    • Kennedy-Wilson Holdings (KW) 4:33pm, $(0.08)
    • PetroBakken Energy (PBN CN) After-mkt C$0.13
    • Black Diamond (BDI CN) After-mkt C$0.31

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • WTI Halts Three-Day Advance on Supply; Chinese Refining Declines
  • Gold Sales From Soros Reveal 12-Year Bull Run Decay: Commodities
  • Soybeans Drop on Signs Brazil Is Gaining Market Share From U.S.
  • Gold Futures Advance to Highest This Month on Technical Buying
  • Copper Rises to $7,762 a Ton in London Trading, Erasing Decline
  • Europe Copper Premium Seen Dropping for Second Month by Traders
  • Oil Supplies Climb to Eight-Month High in Survey: Energy Markets
  • Cocoa at 1-Month High as Prices May Have Bottomed; Coffee Slips
  • Gold in India Heading to Lowest Since May: Technical Analysis
  • Ships Reject Unprofitable Cargo to Halt Slump in Rates: Freight
  • Arabica-Coffee Premium Versus Robusta Falls to Lowest Since 2009
  • Europe Gas Carnage Shown by EON Closing 3-Year-Old Plant: Energy
  • Crop Price Ratios Can Foreshadow Crop Planting Decisions
  • Wall Street $100 Million Man Makes Downton Abbey in Vermont Town

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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