TODAY’S S&P 500 SET-UP – March 15, 2013
As we look at today's setup for the S&P 500, the range is 23 points or 1.10% downside to 1546 and 0.37% upside to 1569.
SECTOR AND GLOBAL PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 1.77 from 1.77
- VIX closed at 11.30 1 day percent change of -4.48%
MACRO DATA POINTS (Bloomberg Estimates):
- 8:30am: Empire Manufacturing, March, est. 10.00 (prior 10.04)
- 8:30am: Consumer Price Index M/m, Feb., est. 0.5% (prior 0.0%)
- 8:30am: CPI Ex Food & Energy M/m, Feb., est. 0.2%
- 8:30am: CPI Y/y, Feb., est. 1.9% (prior 1.6%)
- 8:30am: CPI Ex Food & Energy Y/y, Feb., est. 2.0% (prior 1.9%)
- 8:30am: CPI Core Index SA, Feb.,, est. 232.482 (prior 232.108)
- 8:30am: CPI NSA, Feb., est. 232.102 (prior 230.280)
- 9am: Total Net TIC Flows, Jan. (prior $25.2b)
- 9am: Net Long-Term TIC Flows, est. $37.5b (prior $64.2b)
- 9:15am: Industrial Production, Feb., est. 0.4% (prior -0.1%)
- 9:15am:Capacity Utilization, Feb., est. 79.4% (prior 79.1%)
- 9:15am:Manufacturing Production, Feb., est. 0.5% (prior -0.4%)
- 9:30am: Fed’s Fisher speaks on banking in National Harbor, Md.
- 9:55am: U of Mich., March prelim., est. 78 (prior 77.6)
- 11:00am: Fed to buy $4.75b-$5.75b notes in 2017-2018 sector
- 1pm: Baker Hughes rig count
GOVERNMENT:
- 9:45am: Sen. Homeland Security and Governmental Affairs panel hears from former JPMorgan CIO Ina Drew, Comptroller of Currency Thomas Curry on JPMorgan whale trades
- 1pm: Rep. Mike Thompson, D-Calif., chair of Congressional Gun Violence Prevention Task Force, holds hearing on need for background checks.
WHAT TO WATCH
- Fed rejects Ally, BB&T capital plans; GS, JPM conditional OK
- Banks disclose capital plans for divs, buyback
- JPMorgan hid trades banned by Volcker, Senate probe finds
- Former JPM CIO Ina Drew testifies today
- Citigroup, others report monthly charge-offs, delinquencies
- Obama presses China President Xi on computer attacks
- Amgen, Novartis said to show interest in Hikma unit
- Molycorp loss wider than est. amid rare-earth mine delays
- BYD said to plan sale of up to 20% of Hong Kong stock
- China bad bank said to plan $3b IPO in Hong Kong
- CNPC to buy stake in Eni Mozambique assets for $4.2b
- FOMC, Obama in Israel, U.K. Budget, HP: Wk Ahead March 16-23
EARNINGS:
- Hibbett Sports (HIBB) 7am, $0.71
- Carnival (CCL) 9:15am, $0.03
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Top Robusta Grower Vietnam Seen Poised for Lowest Crop Since ‘06
- Copper Bulls Retreat on Signs Chinese Demand Weaker: Commodities
- WTI Crude Heads for Weekly Gain to Narrow Discount Versus Brent
- Industrial Metals Head for Second Weekly Advance on U.S. Rebound
- Gold Set for Weekly Gain Amid Signs of Physical Demand, Recovery
- Soybeans Advance for First Time in Four Days as U.S. Sales Gain
- Japan Aluminum Buyers to Pay Near-Record Fee on Recovery
- Arabica Coffee Seen Extending Slump on Ample Brazilian Supplies
- Silver Heads for $40 on China Solar-Power Push: Chart of the Day
- Patriot Coal Asks Court to Modify Wages, Benefits
- SHFE Copper, Aluminum Stockpiles Advance to Highest in a Decade
- Japan May Open Beef in TPP Trade Talks, Former Adviser Says
- Worst New Zealand Drought in 30 Years Weighs on Economic Growth
- Oil May Fall as Rising Output Boosts Inventories, Survey Shows
CURRENCIES
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team