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