THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – March 21, 2013


As we look at today's setup for the S&P 500, the range is 19 points or 0.82% downside to 1546 and 0.40% upside to 1565.     

                                                                                                                          

SECTOR AND GLOBAL PERFORMANCE


THE HEDGEYE DAILY OUTLOOK - 1

 

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EQUITY SENTIMENT:


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CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 1.70 from 1.71
  • VIX  closed at 14.39 1 day percent change of 7.71%

MACRO DATA POINTS (Bloomberg Estimates):

  • 8:30am: Init Jobless Claims, March 17, est. 340k (pr. 332k)
  • 8:30am: Cont. Claims, March 9, est. 3.05m (prior 3.024m)
  • 8:58am: Markit US PMI Prelim, March, est. 54.8 (prior 54.3)
  • 9am: House Price Index M/m, Jan., est. 0.7% (prior 0.6%)
  • 9:45am: Bloomberg Economic Expectations, March (prior -7)
  • 9:45am: Bloomberg Consumer Comfort, March 17 (prior -31.6)
  • 10am: Freddie Mac mortgage rates
  • 10am: Philadelphia Fed, March, est. -2.5 (prior -12.5)
  • 10am: Existing Home Sales, Feb., est. 5.0m (prior 4.92m)
  • 10am: Existing Home Sales M/m, Feb., est. 1.6% (prior 0.4%)
  • 10am: Leading Indicators, Feb., est. 0.4% (prior 0.2%)
  • 10:30am: EIA natural-gas storage change
  • 11am: Fed to buy $1.25b-$1.75b notes in 2036-2043 sector
  • 1pm: U.S. Treasury to sell $13b 10Y TIPS in re-opening

GOVERNMENT:

    • Obama meets w/ Palestinian Authority President Mahmoud Abbas during 3-day visit to Middle East
    • 8am: House of Representatives Steel Caucus briefing w/ Nucor CEO John Ferriola, US Steel CEO John Surma
    • 10am: Federal Transit Admin. Peter Rogoff testifies on effects of sequestration, grants made to local transit systems
    • 11am: NOAA delivers 90-day temperature, precipitation outlook

WHAT TO WATCH

  • Blackstone said to approach Hurd about running Dell
  • HP directors rebuked in re-election by slim holder majority
  • Intuitive Surgical announces $1b share buyback program
  • Bernanke says he’s dispensable, suggests tenure winding down
  • Sales of existing U.S. homes probably climbed to 3-yr high
  • Cypriot president seeks new finance plan; banks still closed
  • Delta said to weigh order for $4.3b of wide-body jets
  • EU to curb banker bonuses after deal on Basel III law
  • GM turnaround plan for Opel to be tested by union vote
  • General Moly suspends loan work after China detention report
  • GE Capital to buy Allianz’s commercial lending unit in Australia

EARNINGS:

    • KB Home (KBH) 5:30am, $(0.22) - Preview
    • IHS (IHS) 6am, $0.85
    • Athabasca Oil (ATH CN) 6am, C$(0.03)
    • Lululemon (LULU) 7:15am, $0.74
    • ConAgra (CAG) 7:30am, $0.56
    • Worthington Industries (WOR) 8:20am, $0.49
    • Ross Stores (ROST) 8:30am, $1.07
    • Micron Technology (MU) 4pm, $(0.20)
    • Tibco Software (TIBX) 4:05pm, $0.18
    • Nike (NKE) 4:15pm, $0.67
    • Silver Wheaton (SLW CN) After-mkt, $0.49

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • WTI Crude Drops as German Data, Cyprus Plan Spur Europe Concern
  • Gold Giants Shrink to Fit as Paulson Pushes Breakup: Commodities
  • Cotton Harvest Worldwide Seen Slumping as Farmers Shift to Grain
  • Gold Trades Near 3-Week High as Investors Weigh Europe Debt Woes
  • Lead and Zinc Gain as Chinese Manufacturing Expansion Speeds Up
  • Soybeans Advance to One-Week High on Shipment Delays in Brazil
  • Palm Oil Gains to One-Month High as Inventories Seen Declining
  • Gold Demand in India Climbing May Weaken Attempt to Curb Deficit
  • Commodity Catch-Up With Stocks Seen as Elusive: Chart of the Day
  • Cotton Rally Encouraging Farmers to Sow More Than USDA Forecast
  • Rebar Advances for Third Day as Chinese Manufacturing Expands
  • Biggest Solar Collapse in China Imperils $1.28 Billion: Energy
  • Feud Threatens Russia Port Profits as CEO Is Suspended: Freight
  • China Cotton Imports Seen Exceeding USDA Estimate as Prices Rise

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CURRENCIES


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EUROPEAN MARKETS


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ASIAN MARKETS


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MIDDLE EAST


THE HEDGEYE DAILY OUTLOOK - 9

 

 

The Hedgeye Macro Team

 

 

 

 

 

 

 

 


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