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