TODAY’S S&P 500 SET-UP – March 22, 2013
As we look at today's setup for the S&P 500, the range is 23 points or 0.25% downside to 1542 and 1.24% upside to 1565.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 1.67 from 1.67
- VIX closed at 13.99 1 day percent change of 10.42%
MACRO DATA POINTS (Bloomberg Estimates):
- 11am: Fed to purchase $3b-$3.75b notes 2018-2020 range
- 12pm: Revisions to Fed’s industrial production data
- 1pm: Baker Hughes rig count
GOVERNMENT:
- Obama to meet w/ King Abdullah II of Jordan
- 7:30am: Fed Gov. Sarah Bloom Raskin, CFPB Director Richard Cordray, FDIC Chairman Martin Gruenberg speak at Natl Community Reinvestment Coalition conf.
WHAT TO WATCH
- BlackBerry Z10’s U.S. debut marks biggest test of comeback
- Dell go-shop period for other offers expires today
- FCC Chairman Julius Genachowski said to be leaving agency
- Cyprus lawmakers to debate bailout bill as deadline looms
- Euro area said to weigh closing Cyprus banks, asset freeze
- Boeing faulted by 787 investigators for battery fix comments
- Samsung said to be in talks to sell Liquavista to Amazon
- Sharp extends deadline for 2nd Qualcomm payment to June 28
- Citigroup says pay plan holders rejected helped keep Corbat
- Life sale said to shift to strategies; some buyout firms exit
- German business confidence unexpectedly drops from 10-mo. high
- Australia probes pricing by Apple, other tech cos.
- Goldman Sachs raises U.S., Japan growth forecasts
- Deutsche Bank, Goldman miss $129m fee in Evonik IPO snub
- U.S. Spending, Supreme Court, BRICS, AMR: Wk Ahead March 23-30
EARNINGS:
- Tiffany (TIF) 6:59am, $1.36
- Stella-Jones (SJ CN) 7am, C$0.93
- Darden Restaurants (DRI) 7am, $1.01
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Brent Crude Set for Second Weekly Drop to Shrink Premium to WTI
- Gold Seen Extending Rebound as Cyprus Revives Bulls: Commodities
- Biggest Crisis Since 2008 Looms for South African Mines: Energy
- Gold Falls From 3-Week High as ETP Drop Overshadows Cyprus Woes
- Palm Oil Heads for Weekly Gain as Inventories Seen Declining
- Industrial Metals Advance as Economies in U.S., China Improve
- Rubber Declines for Second Week on Yen, Europe Debt Concerns
- China Soybean Imports Seen Lower Than USDA Forecast Amid Delays
- Copper Fees Climb in Shanghai as Metal Seen Moving to Malaysia
- Rebar Declines as Demand Seen Curbed by Slowing Chinese Economy
- Diesel Best Returns in Two Years Waning on China: Energy Markets
- Brazil Gold Allure Puts Australia’s Beadell in Play: Real M&A
- Traders Cut Paulson Gold Favorite on Liquidity: Chart of the Day
- Mistry Sees Palm Rally Through May on Ringgit, Reserves Drop
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
