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