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