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