THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – March 20, 2013


As we look at today's setup for the S&P 500, the range is 27 points or 0.67% downside to 1538 and 1.08% upside to 1565.            

                                                                                                                   

SECTOR AND GLOBAL PERFORMANCE


THE HEDGEYE DAILY OUTLOOK - 1

 

THE HEDGEYE DAILY OUTLOOK - 2

 

THE HEDGEYE DAILY OUTLOOK - 3

 

THE HEDGEYE DAILY OUTLOOK - 4

 

EQUITY SENTIMENT:


THE HEDGEYE DAILY OUTLOOK - 10


CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 1.69 from 1.66
  • VIX  closed at 14.39 1 day percent change of 7.71%

MACRO DATA POINTS (Bloomberg Estimates):

  • 7am: MBA Mortgage Applications, March 15 (prior -4.7%)
  • 10:30am: DOE Energy Inventories
  • 2pm: FOMC announces rate decision, releases summary of economic projections
  • 2:30pm: Fed Chairman Ben Bernanke holds news conference

GOVERNMENT:

    • Obama’s first visit to Israel; 3-day trip includes mtgs, news conferences with Palestinian Authority President Mahmoud Abbas, Jordanian King Abdullah II in Amman
    • 10am: Sen. Judiciary Cmte hold hearing on domestic drones, law enforcement, privacy issues
    • 11am: Interior Dept opens bids to lease 38.6m acres off coasts of La., Miss., Ala., for exploration that may tap 1b barrels of oil, 4t cubic feet of natural gas
    • 2:30pm: FAA Admin. Michael Huerta, NTSB Chairman Debbie Hersman testify at Senate Commerce Cmte hearing on FAA’s safety initiatives and the effect of sequestration
    • 3pm: Japan Intl Transport Inst forum on vehicle safety w/ speakers from NHTSA, Japanese regulator and Toyota

WHAT TO WATCH

  • Bernanke seen keeping QE pace until 4Q as Fed meets
  • Freddie Mac sues BofA, UBS, JPMorgan for alleged Libor rigging
  • Europe weighs Cyprus’s fate after lawmakers reject bank levy
  • BlackRock’s CEO Fink says Cyprus is not major problem
  • HP holds annual meeting amid dismay over Autonomy purchase
  • Apple may face sanctions in privacy suit over document sharing
  • Hostess wins approval of asset sales of more than $800m
  • MF Global trustee reaches agreement with JPMorgan
  • Chesapeake trial over $1.3b bond call set for April 23
  • Wall Street may win swap-rule reprieve in House legislation
  • Vodafone said to be ready to accept lower debt rating on M&A
  • Yahoo may buy stake in France Telecom’s Dailymotion: WSJ
  • Norwegian Air plans follow-on order for stricken Boeing 787
  • Transocean “should have done more” before blowout, CEO says
  • Los Angeles to halt purchases of coal-generated electric power

EARNINGS:

    • Lennar (LEN) 6am, $0.16 - Preview
    • General Mills (GIS) 6:59am, $0.57
    • FedEx (FDX) 7:30am, $1.38 - Preview
    • Actuant (ATU) 7:30am, $0.37
    • Herman Miller (MLHR) 4pm, $0.28
    • Oracle (ORCL) 4:01pm, $0.66
    • Tumi (TUMI) 4:01pm, $0.26
    • Guess (GES) 4:03pm, $0.87
    • Jabil Circuit (JBL) 4:30pm, $0.54
    • Clarcor (CLC) After-mkt, $0.46

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • WTI Crude Oil Rebounds in New York After Biggest Drop in a Month
  • Arabica’s Allure Returning for Roasters After Rout: Commodities
  • Gold Trades Below Three-Week High as Investors Weigh Cyprus, Fed
  • Gold Falls From Three-Week High as Investors Weigh Fed, Cyprus
  • Wheat Gains on Signs of Increasing Demand, U.S. Weather Concerns
  • Biggest Exporter Australia Increases Iron Ore Forecast on China
  • European Council Votes to End Sugar Quotas in 2017, EU Says
  • Physical Lead Market Seen by Macquarie Under Downward Pressure
  • Rebar Rises for Second Day as Moving Average Signals Rebound
  • Milk Jumps to Record on New Zealand’s Worst Drought in Decades
  • Russia, Egypt Yet to Contribute to AMIS Farm-Commodity Database
  • Wheat Buying by Bangladesh to Climb as Price Drop Boosts Demand
  • Olam Shares Top Level Last Reached Before Carson Block Attacked
  • Arabica Coffee Gains as Roasters May Switch Blends; Sugar Rises          

THE HEDGEYE DAILY OUTLOOK - 5

 

CURRENCIES


THE HEDGEYE DAILY OUTLOOK - 6

 

EUROPEAN MARKETS

 

THE HEDGEYE DAILY OUTLOOK - 7

 

ASIAN MARKETS

 

THE HEDGEYE DAILY OUTLOOK - 8

 

MIDDLE EAST


THE HEDGEYE DAILY OUTLOOK - 9

 

 

The Hedgeye Macro Team

 

 

 

 

 

 

 

 


SECTOR SPOTLIGHT | Live Q&A with Healthcare Analyst Tom Tobin Today at 2:30PM ET

Join us for this edition of Sector Spotlight with Healthcare analyst Tom Tobin and Healthcare Policy analyst Emily Evans.

read more

Ouchy!! Wall Street Consensus Hit By Epic Short Squeeze

In the latest example of what not to do with your portfolio, we have Wall Street consensus positioning...

read more

Cartoon of the Day: Bulls Leading the People

Investors rejoiced as centrist Emmanuel Macron edged out far-right Marine Le Pen in France's election day voting. European equities were up as much as 4.7% on the news.

read more

McCullough: ‘This Crazy Stat Drives Stock Market Bears Nuts’

If you’re short the stock market today, and your boss asks why is the Nasdaq at an all-time high, here’s the only honest answer: So far, Nasdaq company earnings are up 46% year-over-year.

read more

Who's Right? The Stock Market or the Bond Market?

"As I see it, bonds look like they have further to fall, while stocks look tenuous at these levels," writes Peter Atwater, founder of Financial Insyghts.

read more

Poll of the Day: If You Could Have Lunch with One Fed Chair...

What do you think? Cast your vote. Let us know.

read more

Are Millennials Actually Lazy, Narcissists? An Interview with Neil Howe (Part 2)

An interview with Neil Howe on why Boomers and Xers get it all wrong.

read more

6 Charts: The French Election, Nasdaq All-Time Highs & An Earnings Scorecard

We've been telling investors for some time that global growth is picking up, get long stocks.

read more

Another French Revolution?

"Don't be complacent," writes Hedgeye Managing Director Neil Howe. "Tectonic shifts are underway in France. Is there the prospect of the new Sixth Republic? C'est vraiment possible."

read more

Cartoon of the Day: The Trend is Your Friend

"All of the key trending macro data suggests the U.S. economy is accelerating," Hedgeye CEO Keith McCullough says.

read more

A Sneak Peek At Hedgeye's 2017 GDP Estimates

Here's an inside look at our GDP estimates versus Wall Street consensus.

read more

Cartoon of the Day: Green Thumb

So far, 64 of 498 companies in the S&P 500 have reported aggregate sales and earnings growth of 6.1% and 16.8% respectively.

read more