THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – March 26, 2013


As we look at today's setup for the S&P 500, the range is 22 points or 0.56% downside to 1543 and 0.86% upside to 1565.          

                                                                                                                     

SECTOR PERFORMANCE


THE HEDGEYE DAILY OUTLOOK - 1

 

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EQUITY SENTIMENT:


THE HEDGEYE DAILY OUTLOOK - 10


CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 1.69 from 1.68
  • VIX  closed at 13.74 1 day percent change of 1.25%

MACRO DATA POINTS (Bloomberg Estimates):

  • 7:45am: ICSC weekly sales
  • 8:30am: Durable Goods Orders, Feb., est. 3.9%
  • 8:30am: Durables Ex Transportation, Feb., est. 0.5%
  • 8:30am: Cap Goods Orders Nondef Ex Air, Feb., est. -1.0%
  • 8:55am: Johnson/Redbook weekly sales
  • 9am: S&P/CS 20 City M/m SA, Jan., est. 0.75% (prior 0.88%)
  • 9am: S&P/CaseShiller Home Price Index, Jan., est. 146.17
  • 10am: Richmond Fed Manufacturing, March, est. 6 (prior 6)
  • 10am: Consumer Confidence, March, est. 67.2 (prior 69.6)
  • 10am: New Home Sales, Feb., est. 420k (prior 437K)
  • 10am: New Home Sales M/m, Feb., est. -3.9% (prior 15.6%)
  • 11am: Fed to purchase $2.75b-$3.5b notes in 2020-2023 sector
  • 11:30am: U.S. to sell 4W bills
  • 1pm: U.S. to sell $35b 2Y notes
  • 4:30pm: API Energy Inventories

GOVERNMENT:

    • House, Senate not in session
    • Supreme Court hears arguments on whether 2008 Proposition 8 Calif. voter initiative that halted same-sex marriage in state violated rights of gays, 10am
    • Portuguese Finance Minister Vitor Gaspar speaks at Brookings Inst on “Portugal and the Euro Area,” 10am
    • Apple, Samsung will ask appeals court to overturn ruling that they reveal fin. information they want kept secret, 10am
    • Fish, wildlife, plants climate change adaptation strategy released on conf call by Dep Interior Sec David Hayes, U.S. Fish and Wildlife Srvc Dir Dan Ashe, NOAA’s Eric Schwaab, 1pm
    • Washington Day Ahead

WHAT TO WATCH

  • Hulu board gauging interest in video site from potential buyers
  • Feb. U.S. durable goods orders probably rose most in 5 mos.
  • Intel said to make progress in talks w/networks for TV rights
  • Ford CEO Mulally says he’s concerned about Japanese yen
  • Bristow gets GBP1.6b contract for U.K. Search & Rescue Fleet
  • Dallas Fed President Fisher sees U.S. economic growth at 3%
  • T-Mobile said to discuss iPhone at event tmw: CNET
  • FHFA to ban fees, commissions on “forced” home insurance: WSJ
  • Mongolia, Turquoise, Rio aim to resolve issues near-term
  • Kuroda wants to achieve BOJ’s 2% price target in 2 yrs
  • S. Korea GDP expands at slowest pace since global recession
  • Wal-Mart sues union in Florida over store demonstrations
  • Hess Corp.’s Russian subsidiary gets ~30 bidders: Vedomosti
  • Sarris sees no loosening of Cyprus capital controls for weeks

EARNINGS:

    • Children’s Place Retail (PLCE) 6am, $1.04
    • Argonaut Gold (AR CN) 7am, $0.13
    • Neogen (NEOG) 8:45am, $0.27
    • Mattress Firm Holding (MFRM) 4:01pm, $0.32
    • SAIC (SAI) 4:02pm, $0.51

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Mongolia Increases Gold Reserves to Highest Since August 2008
  • Brazil Soy Boom Bottlenecked as China Left Waiting: Commodities
  • Gold Drops a Third Day as Cyprus Bailout Curbs Investor Demand
  • WTI Oil Trades Near Five-Week High; U.S. Stockpiles Seen Rising
  • Copper Advances in London as U.S. Manufacturing May Boost Demand
  • Oil Supplies Jump to Nine-Month High in Survey: Energy Markets
  • Corn Declines as CME Increases Margins, Reducing Grain’s Appeal
  • Coffee Futures Fall in London on Ample Supply; Cocoa Advances
  • Rebar Falls in Shanghai as Chinese Banks Begin Property Curbs
  • Rice Exports From India Seen at Record as Harvest Set to Rebound
  • Fredriksen Bets $2.6 Billion New Ships Will Beat Glut: Freight
  • Two Miles of Sea Covers Big Oil’s Next-Generation Field: Energy
  • Record-Free Gold Run Longest Since 28-Year Gap: Chart of the Day
  • Rubber Declines as Yen’s Rebound Cuts Appeal Amid Cyprus Concern

THE HEDGEYE DAILY OUTLOOK - 5

 

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

 

 

 

 

 

 

 

 


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