THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – March 25, 2013


As we look at today's setup for the S&P 500, the range is 22 points or 0.89% downside to 1543 and 0.52% upside to 1565.          

SECTOR PERFORMANCE


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EQUITY SENTIMENT:


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CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 1.70 from 1.68
  • VIX  closed at 13.57 1 day percent change of -3.00%

MACRO DATA POINTS (Bloomberg Estimates):

  • U.S. Rates Weekly Agenda
  • 8:30am: Chicago Fed Natl Activity Index, Feb (prior -0.32)
  • 10:30am: Dallas Fed Manuf., March, est. 3.5 (prior 2.2)
  • 11am: Fed to buy $1.25b-$1.75b notes in 2036-2043 sector
  • 11:30am: U.S. to sell $35b 3-mo. bills, $30b 6-mo. bills
  • 12:15pm: Fed’s Dudley speaks at Economic Club of New York
  • 1:15pm: Fed’s Bernanke, BoE’s King, IMF’s Blanchard speak

GOVERNMENT:

    • Washington Week Ahead
    • House meets in pro forma session, Senate not in session
    • Fed’s Bernanke, IMF’s Olivier Blanchard join public discussion chaired by BoE Gov. Mervyn King, 1:15pm
    • Supreme Court hears arguments on whether drugmakers, would-be rivals who make generic versions are engaged in what U.S. calls anti-competitive “pay for delay” practices when they sign deals to delay introduction of lower-cost medicines, 11am
    • U.S. Chamber of Commerce holds discussion on regional trade agreements, w/ New Zealand Minister of Trade Tim Groser, 8:30am
    • ITC announces whether to review finding that Chinese manufacturer wasn’t infringing patents owned by closely held Standard Innovations for the We-Vibe sex toy, 5pm

WHAT TO WATCH

  • Dell said to get Blackstone, Icahn bids rivaling founder’s
  • Michael Dell likely to sweeten buyout bid to save legacy
  • Cyprus salvaged after deal with EU shuts bank to get $13b bailout
  • Apple buys indoor location-services startup WiFiSLAM
  • U.S. regulators should apply domestic derivatives rules to overseas firms when foreign laws don’t demand comparable requirements: SEC Chairman Walter
  • Sinopec said would form JV w/parent to buy overseas oil, gas assets
  • Italian 10-yr govt. bonds erase post-election decline
  • Westfield raises $700m from sale of Florida mall stakes
  • “The Croods” tops N.A. box office w/ $44.7m in sales
  • Vodafone may withdraw from U.S. with $135b sale: Sunday Times
  • Former Morgan Keegan directors in settlement talks with SEC: WSJ
  • U.S. has asked Liechtenstein to hand over data on foundations that may have been used to hide untaxed American money from IRS
  • 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
  • Weekly Eco Preview: Consumer-spend gains help drive orders
  • Cyprus, U.S. Data, Supreme Court, BRICS: Week Ahead March 25-30

EARNINGS:

    • JA Solar (JASO), 6am, ($1.36)
    • Apollo Group (APOL) 7am, $0.19
    • Dollar General (DG) 7am, $0.90
    • Sonic (SONC) 4:01pm, $0.05
    • AuRico Gold (AUQ) After-mkt, $0.06
    • China Gold International (JINFF), $0.21 (FY12)

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • WTI Oil Rises to One-Month High on Cyprus; Brent Spread Narrows
  • Hedge Funds Most Bearish Ever on Copper, Favor Gold: Commodities
  • Copper Falls in London as China’s Usage May Slow; Lead Advances
  • Gold Falls in London as Equities Climb After Cyprus Agreement
  • Corn, Soybeans Decline as Feed Use Slows, Farmers Boost Sowing
  • Zhengzhou Bourse Said to Plan Adding U.S. Cotton for Deliveries
  • Palm Oil Drops as Rally to One-Month High Seen Reducing Demand
  • Rebar Gains After Inventory Declines From Record, Cyprus Bailout
  • NRG Skirts Utilities Going Straight to Power Consumers: Energy
  • Sugar Declines in New York on Ample World Supplies; Coffee Gains
  • Central African Rebel Leader Vows to Maintain Unity Government
  • Paris Wheat May Climb on Fibonacci Breach: Technical Analysis
  • Bullish Natural Gas Bets Surge as Fuel Hits $4: Energy Markets
  • Rubber Gains as Yen Weakens After Euro Chiefs Reach Cyprus Deal

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CURRENCIES


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GLOBAL PERFORMANCE

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EUROPEAN MARKETS


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ASIAN MARKETS


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MIDDLE EAST


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The Hedgeye Macro Team