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