THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – March 13, 2013


As we look at today's setup for the S&P 500, the range is 27 points or 0.93% downside to 1538 and 0.81% upside to 1565.      

                                                                                                                         

SECTOR AND GLOBAL PERFORMANCE


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EQUITY SENTIMENT:


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CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 1.75 from 1.76
  • VIX  closed at 12.27 1 day percent change of 6.14%

MACRO DATA POINTS (Bloomberg Estimates):

  • 7am: MBA Mortgage Applications, March 8 (prior 14.8%)
  • 8:30am: Import Price Index M/m, Feb., est. 0.6% (prior 0.6%)
  • 8:30am: Advance Retail Sales, Feb., est. 0.5% (prior 0.1%
  • 8:30am: Retail Sales Less Autos, Feb., est. 0.5% (prior 0.2%)
  • 8:30am: Ret Sales Ex Auto & Gas, Feb., est. 0.2% (prior 0.2%)
  • 10am: Business Inventories, Jan., est. 0.5% (prior 0.1%)
  • 10:30am: DOE Energy Inventories
  • 11am: Fed to buy $1.25b-$1.75b notes in 2036-2043 sector
  • 1pm: U.S. to sell $21b 10Y notes in re-opening
  • 2pm: Monthly Budget Stmnt, Feb., est. -$205b (prior $231.7b)

GOVERNMENT:

    • 10am: House Armed Svcs Cmte panel hearing on effect of CR, sequestration on military personnel
    • 10am: House Oversight and Govt Reform Cmte hearing on increasing transparency in federal govt
    • 10am: Senate Armed Svcs panel hearing on sexual assault in the military
    • 10am: House Appropriations panel hears from FEMA’s Craig Fugate on Hurricane Sandy recovery
    • 12pm: Congressional Progressive Caucus introduces budget plan intended to create jobs, reduce deficit

WHAT TO WATCH

  • U.S. retail sales probably advanced as job market picked up
  • Dell to open investor list to Southeastern amid LBO opposition
  • Silver Spring Networks raises $81m pricing IPO at midpoint
  • China Cosco said to weigh raising $4.3b from parent
  • G4S U.S. govt unit sale has attracted potential bidders: CEO
  • STMicro, Ericsson said to fail to find chip-venture buyer
  • New York City appeals soda size restriction ruling
  • American tax cheats picked off as Swiss adviser mails list
  • Venezuelan oil spending may extend decline under Maduro: IEA
  • Papal vote in 2nd day as cardinals consider non-Europeans

EARNINGS:

    • Express (EXPR) 7am, $0.74
    • Genivar (GNV CN) 7am, C$0.39
    • Hot Topic (HOTT) 4pm, $0.27
    • Orexigen (OREX) 4pm, ($0.44)
    • Vera Bradley (VRA) 4:02pm, $0.57
    • Men’s Wearhouse (MW) 5:30pm, $(0.05)
    • Summit Midstream (SMLP) After-mkt, $0.25
    • Bright Horizons (BFAM) After-mkt, N/A
    • Power Corp. of Canada (POW CN) After-mkt, C$0.54
    • Alacer Gold (ASR CN) After-mkt, C$0.06
    • Northern Property Real Estate (NPR-U CN) C$0.52

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Central Banks Seen Buying More Gold to Help Diversify Reserves
  • Stranded Hotel in Australia Emblem of Mining Bust: Commodities
  • WTI Trades Near Two-Week High; IEA Trims Oil Demand Forecast
  • Rebar Falls to Lowest Level This Year on Inventory, Production
  • Soybeans Decline as Advancing Harvest in Brazil Boosts Shipments
  • Gold Swings Near March High on Improving Data, Stimulus Outlook
  • Wheat Exports From Australia May Climb as Much as 13%, CBH Says
  • Palm Oil Stockpile Drawdown to Help Suport Prices, Wang Says
  • Oil May Halt at $95 After Rally From Support: Technical Analysis
  • Uranium Rally Falters on Japanese Nuclear Delays: Energy Markets
  • OPEC Producers Said in Talks to Replace Iran Oil to India
  • Marex May Boost Staff as Much as 20% for Growth in Asia and U.S.
  • Paris Wheat Heads Toward Bear Market as EU Production Rebounds
  • Zinc Rises on Speculation China to Further Loosen Rate Controls

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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

 

 

 

 

 

 


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