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