THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – March 18, 2013


As we look at today's setup for the S&P 500, the range is 32 points or 1.65% downside to 1535 and 0.40% upside to 1567.  

                                                                                                                             

SECTOR AND GLOBAL PERFORMANCE


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EQUITY SENTIMENT:


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CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 1.70 from 1.74
  • VIX  closed at 11.30 1 day percent change of 0.00%

MACRO DATA POINTS (Bloomberg Estimates):

  • U.S. Rates Weekly Agenda
  • 10am: NAHB Housing Market Index, March, est. 47 (prior 46)
  • 11am: Fed to buy $1.25b-$1.75b notes in 2036-2043 sector
  • 11:30am: U.S. Treasury to sell $35b 3M bills, $30b 6M bills

GOVERNMENT:

    • Senate to consider continuing resolution to keep govt funded past March 27
    • Boehner says mtgs w/ Obama didn’t ease budget standoff
    • Senate Judiciary Cmte holds hearing on immigration law, 2pm
    • U.S., U.K., France, China, Russia and Germany meet w/ Iran to review a proposal presented last mo.; sides will meet in Istanbul to discuss confidence-building steps
    • ITC Judge Thomas Pender releases findings in an infringement case by Dover’s Knowles Electronics against Analog Devices over microphones in digital devices
    • Washington Week Ahead

WHAT TO WATCH

  • Europe braces for more turmoil; Cyprus deposit levy at risk
  • Anastasiades seeks support from Cyprus political parties
  • Cypriot bank levy “ominous” for bondholders: Barclays
  • Banks raise cross-border lending by least in 13 yrs: BIS
  • Fed’s Fisher says too-big-to-fail banks should be broken up
  • Airbus said to win order for >200 planes from Lion Air
  • SpiceJet weighs switch to Airbus from Boeing on tech, cost
  • Chesapeake must meet w/BNY Mellon over weekend on call trial
  • SAC’s Plotkin may have been tipped by convicted SAC analyst
  • Office Depot Mexico sale talks said to go past deadline
  • Panasonic considers selling its health-care business
  • Dex One, SuperMedia file for bankruptcy to complete merger
  • AMR CEO Horton’s $20m severance draws U.S. objection
  • Boeing boosted CEO’s pay 20% year before Dreamliner grounding
  • AB InBev, U.S. seek lawsuit delay as Modelo talks progress
  • DuPont sued by retailers on price-fixing claim for pigment
  • Idemitsu, Mitsui consider U.S. petrochem plant on cheap gas
  • “Oz” leads NA box-office sales a second week w/ $42m
  • Osborne plans austere U.K. budget as political attacks ease
  • Li urges paring China state role to fuel 7.5% growth to 2020
  • Xiao quits Bank of China to head up securities regulator
  • U.S. Weekly Agendas: Finance, Industrials, Energy, Health, Consumer, Tech, Media/Ent, Real Estate, Transports
  • North American M&A Agenda
  • Canada Weekly Agendas: Energy, Mining
  • Eco Week Preview: Homebuilding probably climbed w/ sales
  • FOMC, Obama in Israel, U.K. Budget, HP: Wk Ahead March 16-23

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Commodities Slump as Cyprus Sparks Declines From Oil to Copper
  • Bullish Bets Jump Most Since July as Gold Rebounds: Commodities
  • Cocoa Deficit Lasting Two More Years on Pest, Disease, ICCO Says
  • Gold Advances Above $1,600 for First Time This Month on Cyprus
  • Copper Touches 4-Month Low as Cyprus Rescue Fuels Crisis Concern
  • WTI Drops From Three-Week High on Cyprus; Libyan Pipeline Shuts
  • Wheat Drops for Second Day as Global Supplies Set to Increase
  • India’s Cabinet to Consider Ending State Curbs on Sugar Mills
  • Russia Adopts Texas Drilling to Revive Soviet Oil Fields: Energy
  • Ivory Coast Holds Cocoa Farmer Price and Sets Mid-Crop Start
  • AngloGold Ashanti Loses 20,000 Ounces in South African Power Cut
  • Palm Oil Declines as Malaysian Export Tax Seen Curbing Demand
  • Japan’s Bid to Enter Trade Talks Opens Export Route for U.S. LNG
  • Stronger U.S. Dollar May Not Limit Commodities: Morgan Stanley

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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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