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TODAY’S S&P 500 SET-UP – March 28, 2013


As we look at today's setup for the S&P 500, the range is 14 points or 0.57% downside to 1554 and 0.33% 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: 1.60 from 1.60
  • VIX  closed at 13.15 1 day percent change of 2.98%

MACRO DATA POINTS (Bloomberg Estimates):

  • 8:30am: GDP Q/q, 4Q revised, est. 0.5% (prior 0.1%)
  • 8:30am: Personal Consumption, 4Q revised, est. 2.1%
  • 8:30am: GDP Price Index, 4Q revised, est. 0.9% (prior 0.9%)
  • 8:30am: Core PCE Q/q. 4Q revised, est. 0.9% (prior 0.9%)
  • 8:30am: Init Jobless Claims, March 23, est. 340k (prior 336k)
  • 9am: NAPM-Milwaukee, March 56.0 (prior 56.5)
  • 9:45am: Chicago Purchasing Mgr, March, est. 56.5 (prior 56.8)
  • 9:45am: Bloomberg Consumer Comfort, March 24 (prior -33.9)
  • 10am: Freddie Mac 30-yr mortgage rates
  • 10:30am: EIA natural-gas storage change
  • 11am: Kansas City Fed Manuf., March, est. -3 (prior -10)
  • 11am: Fed to purchase $4.25b-$5.25b notes in 2017 sector
  • 11:30am: U.S. to sell $29b 7Y notes
  • 1pm: Baker Hughes rig count

GOVERNMENT:

    • Obama event w/ law enforcement officials, concerned mothers on protecting children from gun violence
    • 9am: U.S. Chamber of Commerce aviation summit, w/ speakers incl Boeing CEO James McNerney, FedEx CEO Frederick Smith, US Airways CEO Douglas Parker, United Continental CEO Jeff Smisek
    • 3pm: Bloomberg New Energy Finance’s Alejandro Zamorano Cadavid, Rand’s James Bartis, DuPont’s Jan Koninckx, Defense Dept’s Adam Rosenberg discuss future of biofuels in Defense Dept, hosted by Atlantic Council

WHAT TO WATCH

  • AMR, US Airways merger approved while CEO severance pay denied
  • Cyprus opening banks amid cash withdrawal limits
  • JPM tells SEC new VaR model didn’t require prior disclosure
  • JPM outlook raised to stable by S&P
  • Swiss Re settles life contract dispute with Berkshire Hathaway
  • T-Mobile’s MetroPCS deal rejected by investor-advisory firm
  • D.E Master Blenders in discussions to be acquired by Benckiser
  • Google said to plan to make digital glasses in U.S. w/Foxconn
  • SAC seen facing smoother road to SEC accord approval than Citi
  • Clearwire to tap another $80m in financing from Sprint: Reuters
  • Ford forecasts $300m South America loss in 1Q
  • South Korea announces stimulus after lowering growth outlook
  • BOJ’s Kuroda vows to continue easing until 2% target achieved
  • German retail sales unexpectedly increase for a second month
  • Boeing defense sales gain 38% as rivals feel pinch of U.S. cuts
  • Norwegian Cruise, PBF Energy, Zoelis Join Russell 1000
  • Last trading day of 1Q; mkts closed for Good Friday holiday tmw
  • BOJ Meeting, U.S. Jobs, Final Four: Wk Ahead March 30-April 6

EARNINGS:

    • Blackberry (BB CN) 7am, $(0.30) - Preview
    • Mosaic (MOS) 7am, $0.88
    • Commercial Metals (CMC) 7am, $0.18
    • Finish Line (FINL) 7am, $0.74
    • Signet Jewelers (SIG) 7:30am, $2.09
    • UTi Worldwide (UTIW) 8am, $0.13
    • GameStop (GME) 8:30am, $2.09
    • B2Gold (BTO CN) 8:44am, $0.05
    • Accenture (ACN) 4:01pm, $0.97

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Caroline Silver Mines Gold at Moelis Leading NYSE to Sprecher
  • Milk Rout Ending on Worst N.Z. Drought in 30 Years: Commodities
  • Yen’s Slump Revitalizes Commodities From Gold to Rubber in Tokyo
  • WTI Trades Near Five-Week High as U.S. Refiners Boost Operations
  • Gold Swings Between Gains and Losses Amid Record ETP Decline
  • Hunt Becomes Billionaire on Bakken Oil After Silver Bankruptcy
  • Wheat Climbs to Near 5-Week High as Cold Weather Threatens Crop
  • Rebar Falls in Shanghai on Concerns Over China’s Property Market
  • Oil May Rise to $100 on Fibonacci Support: Technical Analysis
  • LME Copper Stockpiles Rose 78% in First Quarter, Most Since 2005
  • Maersk Says China Effort to Boost Consumption Will Help Shipping
  • U.K. Developing Livestock Vaccine That May Ease Global Shortage
  • Sumitomo Metal Mining Looks to Laos, Cambodia for Gold Expansion
  • Copper Falls for Second Day on Europe Debt Concern: 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