TODAY’S S&P 500 SET-UP – April 2, 2013
As we look at today's setup for the S&P 500, the range is 15 points or 0.33% downside to 1557 and 0.63% upside to 1572.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 1.60 from 1.59
- VIX closed at 13.58 1 day percent change of 6.93%
MACRO DATA POINTS (Bloomberg Estimates):
- 7:45am: ICSC weekly sales
- 8:55am: Johnson/Redbook weekly sale
- 9:45am: ISM New York, March (Prior: 58.8)
- 10am: Factory Orders, Feb., est. 2.9% (Prior: -2.0%)
- 10am: IBD/TIPP Eco Optimism, April, est. 45.5 (Prior: 42.2)
- 11am: Fed to buy $1.25b-$1.75b in 2036-2043 sector
- 11:30am: U.S. to sell 4W bills, $25b 52W bills
- 1pm: Fed’s Kocherlakota speaks in Grand Forks, N.D.
- 1:30pm: Fed’s Lockhart speaks in Birmingham, Ala.
- 4:30pm: API energy inventories
- 7:30pm: Fed’s Evans, Lacker speak in Richmond, Va.
GOVERNMENT:
- House, Senate not in session
- President Obama meets with Singapore’s Prime Minister Lee Hsien Loong
- IMF Managing Director Christine Lagarde speaks at World Resources Institute, 2:30pm
- Sec. of State John Kerry meets with South Korea’s Minister of Foreign Affairs and Trade Yun Byung Se, 3:30pm
WHAT TO WATCH
- Ford, GM, others report U.S. auto sales; SAAR may be 15.4m
- Euro-area unemployment rate rises to record 12%
- Dell CEO says business unit making progress amid LBO talks
- North Korea to restart nuclear reactor shut by disarmament deal
- Foreigners sell most Korean stocks since May on yen, tension
- Nasdaq accepts credit rating risk in quest to expand with ESpeed
- Vodafone rises; FT Alphaville blog reports AT&T/VZ working on joint takeover bid
- Obama said to consider Ray McGuire and Orin Kramer for Treasury
- Cyprus govt. officials are seeking easier bailout terms in talks with representatives of EU, IMF today
- Nuance jumps after Carl Icahn reports 9.3% passive stake
- Small-business insurance market from health law delayed a year
- Abe says BOJ may miss price target if global economy changes
- Cyprus seeks more time to meet budget targets in bailout talks
- Spain to alter 2013 GDP target to 1% contraction vs 0.5%: Reuters
- U.K. financial firms may hire 4,000 in 1H on growth outlook
- Bank-card delinquencies lowest in >18 yrs: ABA
EARNINGS:
- McCormick (MKC) 6:30am, $0.56
- Oxford Industries (OXM) 4pm, $0.70
- Global Payments (GPN) 4:01pm, $0.89
- Team Inc. (TISI) 4:01pm, $0.01
- G-III Apparel Group (GIII) aft-mkt $0.40
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- WTI Crude Little Changed as Survey Suggests U.S. Stockpiles Rose
- Raw-Material Bull Market Fading as Supply Expands: Commodities
- Rubber Poised for Third Surplus in 2013, Extending Price Slump
- Copper Swings in New York on Seven-Month Low and China Factories
- Vitol Group Starts Global Grain Trading From Singapore, Geneva
- Gold Swings as Investors Weigh Slowing Physical Demand, Crisis
- Crop Prices Rebound as Declines May Attract Consumers, Investors
- Commodity Bear Markets Expand on Rising Supplies of Corn, Silver
- Palm Oil Futures Gain as Decline to Three Month Low Spurs Buying
- Hong Kong as World-Beater Cut in London Metal by Mandarin Li
- Crude Stockpiles Surge to 22-Year High in Survey: Energy Markets
- Republican Born Roosevelt Digs Deep for Texas Oil Found With CO2
- Yen Makes Tokyo Rubber Better Bet Than China: Chart of the Day
- Rubber’s Slump Into Bear Market Draws Export Curbs From Thailand
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team