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TODAY’S S&P 500 SET-UP – March 27, 2013


As we look at today's setup for the S&P 500, the range is 13 points or 0.56% downside to 1555 and 0.27% upside to 1568.         

SECTOR PERFORMANCE


THE HEDGEYE DAILY OUTLOOK - 1

THE HEDGEYE DAILY OUTLOOK - 2

EQUITY SENTIMENT:


THE HEDGEYE DAILY OUTLOOK - 10


CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 1.63 from 1.66
  • VIX  closed at 12.77 1 day percent change of -7.06%

MACRO DATA POINTS (Bloomberg Estimates):

  • 7am:  MBA Mortgage Applications, March 22 (prior -7.1%)
  • 10am: Pending Home Sales M/m, Feb., est. -0.3% (prior 4.5%)
  • 10am: Pending Home Sales Y/y, Feb., est. 8.7% (prior 10.4%)
  • 10:30am: DOE Energy Inventories
  • 11am: Fed to purchase $1.25b-$1.75b notes in 2036-2043 sector
  • 11:30am: Fed’s Rosengren speaks on economy in N.H.
  • 12:15pm: Fed’s Pianalto speaks on monetary policy in Cleveland
  • 1pm: Fed’s Kocherlakota speaks on monetary policy in Minn.
  • 1pm: U.S. to sell $35b 5Y notes

GOVERNMENT:

    • 9am: Exec. Office of the Pres., OMB meet w/ EC’s Enterprise, Trade Directorates-General on promoting U.S.-EC regulatory compatibility
    • 9am: FCC Chairman Julius Genachowski, Google Fiber Vice Pres. Milo Medin, speak at Gigabit City Challenge
    • 2pm: American Society of Clinical Oncology, Conquer Cancer Foundation discussion on using big data to improve cancer care

WHAT TO WATCH

  • Cyprus program isn’t “template” for Euro-area bailouts, EU says
  • Moynihan says he’d like to be BofA’s chief for rest of his life
  • Obama signs 2013 U.S. funding bill locking in cuts he opposes
  • Ericsson said to discuss buying Microsoft’s TV-software unit
  • Apple seeks new trial over appeal in Samsung patent dispute
  • Deutsche Telekom’s T-Mobile adds iPhone as MetroPCS deal looms
  • China said to let more foreign investors trade stock futures
  • Fannie Mae, Freddie Mac ruled exempt from paying transfer tax
  • Focus Media suit over Carlyle buyout is dropped by pension fund
  • Automakers display products at New York International Auto Show
  • Toyota’s U.S. auto outlook improves on consumer confidence
  • EU antitrust regulators may charge banks on CDS collusion: WSJ
  • Prosecutors probing JPMorgan on fullness of Madoff alerts: NYT
  • J.C. Penney raises prices at stores in policy change: NY Post

EARNINGS:

    • Lindsay (LNN) 7am, $1.29
    • UniFirst (UNF) 8am, $1.13
    • AGF Management (AGF/B CN) 8am, C$0.14
    • Steelcase (SCS) 4pm, $0.19
    • Synnex (SNX) 4pm, $0.88
    • Paychex (PAYX) 4:01pm, $0.39
    • PVH (PVH) 4:02pm, $1.50
    • Forest City Enterprises (FCE/A) 4:02pm, $0.27
    • Red Hat (RHT) 4:04pm, $0.30
    • Five Below (FIVE) 4:04pm, $0.38
    • Verint Systems (VRNT) 4:05pm, $0.75
    • Progress Software (PRGS) 4:30pm, $0.25
    • Texas Industries (TXI) 5:15pm, $(0.41)
    • HB Fuller (FUL) Aft-mkt, $0.50

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Gold Declines a Fourth Day as U.S. Recovery Signs Curb Demand
  • Corn Supply Slumps Most Since ’75 on Ethanol Profit: Commodities
  • WTI Drops From Near Five-Week High as U.S. Crude Supplies Rise
  • Rebar Prices Rise as Spring Construction Demand Trims Stockpiles
  • Raw Sugar Falls to Five-Week Low on Stocks Buildup; Cocoa Drops
  • Wheat Heads for Quarterly Decline Before USDA Stockpiles Report
  • Nuclear Output at 17-Year High During Refueling: Energy Markets
  • Rubber Advances on Data Showing Expansion at U.S. Companies
  • Fonterra Raises Payout, Cushioning Blow From N.Z. Drought
  • China Revises Fuel-Price Controls; Sinopec, PetroChina Gain
  • South Korea’s Daehan Flour Mills Tenders to Buy Wheat Today
  • Gold in Yen Set for Record Bucks Bullion Slump: Chart of the Day
  • Falkland Oil Claimed by Argentina Sees Islanders Join 1%: Energy
  • Aluminum, Zinc Advance While Copper Little Changed: LME Preview 

THE HEDGEYE DAILY OUTLOOK - 5

 

CURRENCIES


THE HEDGEYE DAILY OUTLOOK - 6

GLOBAL PERFORMANCE

THE HEDGEYE DAILY OUTLOOK - 3

THE HEDGEYE DAILY OUTLOOK - 4

EUROPEAN MARKETS


THE HEDGEYE DAILY OUTLOOK - 7

ASIAN MARKETS


THE HEDGEYE DAILY OUTLOOK - 8

MIDDLE EAST


THE HEDGEYE DAILY OUTLOOK - 9

The Hedgeye Macro Team