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