THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – March 14, 2013


As we look at today's setup for the S&P 500, the range is 27 points or 0.87% downside to 1541 and 0.87% upside to 1568.          

                                                                                                                     

SECTOR AND GLOBAL PERFORMANCE


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EQUITY SENTIMENT:


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CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 1.79 from 1.76
  • VIX  closed at 11.83 1 day percent change of -3.59%

MACRO DATA POINTS (Bloomberg Estimates):

  • 8:30am: Current Acct Bal., 4Q, est. -$112.5b (pr -$107.5b)
  • 8:30am: PPI M/m, Feb., est. 0.7% (prior 0.2%)
  • 8:30am: PPI Ex Food & Energy, M/m, Feb., est. 0.1% (pr 0.2%)
  • 8:30am: Init Jobless Claims, March 10, est. 350k (pr 340k)
  • 9:45am: Bloomberg Consumer Comfort, March 10 (prior -32.4)
  • 9am: Fed’s Raskin gives remarks at symposium in Washington
  • 10:30am: EIA natural-gas storage change
  • 11am: Fed to purchase $2.75b-$3.5b notes in 2020-2023 sector
  • 1pm: U.S. to sell $13b 30Y bonds in re-opening
  • 4:30pm: Fed releases Comprehensive Capital Analysis and Review

GOVERNMENT:

    • 9:30am: Joint Economic Cmte hearing on debt crisis
    • 10am: House Oversight and Govt Reform Cmte panel hearing on sequestration oversight
    • 10am: House Education and Workforce Cmte panel on guest worker programs
    • 10am: Senate Health, Education, Labor and Pensions Cmte hearing on minimum wage
    • 10am: API Pres. Jack Gerard, Inst for Energy Research Pres. Thomas Pyle testify on energy partnerships with Mexico, Canada at House Foreign Affairs panel
    • 10am: House Financial Svcs panel hearing on GAO assessment of who is “too big to fail”
    • 11:30am: Lawyers for Cisco, Adobe, SAS, J.C. Penney, J&J testify before House Judiciary panel on patent litigation

WHAT TO WATCH

  • Fed releases stress-test results related to bank capital plans
  • JPMorgan, Morgan Stanley may divulge dividend/buyback plans
  • Senate panel releases findings on JPMorgan trading loss
  • EQT said to advance with IPO or sale of Springer Science
  • Dallas Fed cap would force U.S. banking units to shrink
  • Sprecher commitment to NYSE seen receding as cost cuts play out
  • CNPC to buy stake in Eni’s Mozambique assets for $4.2b
  • Glencore said to consider sale of Australia malt unit Joe White
  • Xi assumes China’s presidency to cement transition of power

 EARNINGS:

    • Quebecor (QBR/B CN) 6am, C$1.13
    • Cominar Real Estate (CUF-U CN) Bef-mkt, C$0.45
    • Buckle (BKE) 7am, $1.25
    • Dynegy (DYN) 7:30am $(0.46)
    • Crescent Point Energy (CPG CN) 8am, $0.19
    • Ulta Salon Cosmetics (ULTA) 4pm, $0.98
    • Aeropostale (ARO) 4:01pm, $0.22
    • Molycorp (MCP) 4:01pm, $(0.30)
    • Nortek (NTK) 4:15pm, N/A
    • Bonanza Creek Energy (BCEI) 4:16pm, $0.36
    • Algonquin Power & Utilities (AQN CN) N/A, C$0.05
    • North West (NWC CN) N/A, $0.33

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • WTI Oil Drops as Supplies Gain; Brent Spread Near Seven-Week Low
  • Zinc’s Six-Year Glut Seen Ending After China Curbs: Commodities
  • Goldman Ranked No. 1 in Commodities in 2012 Followed by JPMorgan
  • Soybeans Reach One-Week Low as Harvesting Progresses in Brazil
  • Aluminum and Nickel Gain on Stronger Equities and Demand Signals
  • Gold for Immediate Delivery Falls 0.5% to $1,579.60 an Ounce
  • Robusta Coffee Falls as Prices Climbed Too Far; Sugar Advances
  • Cooking Oil Imports by India Climbing Send Inventories to Record
  • Rebar Tumbles to Lowest in Three Months After Iron Ore Slumps
  • N.Y. Farmers Learn Fracking May Mean Drilling If Neighbors Agree
  • Natural Gas at $4 Seen as Plants Beat Forecasts: Energy Markets
  • China Steel Consumption Seen Peaking in 2017, Deutsche Bank Says
  • CFTC Discussing London Gold, Silver Price Fixings, WSJ Says
  • Fire Idles 20% of S. African Gold Output at AngloGold, Sibanye

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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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