TODAY’S S&P 500 SET-UP – April 4, 2013
As we look at today's setup for the S&P 500, the range is 30 points or 0.49% downside to 1546 and 1.44% upside to 1576.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 1.58 from 1.58
- VIX closed at 14.21 1 day percent change of 11.19%
MACRO DATA POINTS (Bloomberg Estimates):
- 7am: BoE interest rate announcement
- 7:30am: Challenger Job Cuts Y/y, March (prior 7.0%)
- 7:30am: RBC Consumer Outlook Index, April (prior 47.1)
- 7:45am: ECB interest rate announcement
- 8:30am: ECB’s Draghi holds news conference on interest rates
- 8:30am: Init Jobless Claims, Mar 30, est. 353k (prior 357k)
- 9:45am: Bloomberg Consumer Comfort, March 31 (prior -34.4)
- 10:30am: Fed’s Bernanke speaks on economy
- 10:30am: EIA natural-gas storage change
- 11am: Fed to buy $1.25b-$1.75b in 2036-2043 sector
- 12:30pm: Fed’s George speaks in El Reno, Okla.
- 5pm: Fed’s Yellen speaks in Washington
GOVERNMENT:
- Carlyle Group Managing Director David Rubenstein, Bloomberg CEO Dan Doctoroff, 32 Advisors CEO Robert Wolf, Asst. to the Pres. Michael Froman among panelists at Export-Import Bank annual conf., 8:45am
- Fed Vice Chair Janet Yellen, AOL CEO Tim Armstrong speak at Society of American Business Editors and Writers conf.
- CSIS hosts forum on financial reform in China, with Dep. Asst Treasury Sec Robert Dohner, IMF’s Markus Rodlauer, Institute of Intl Finance MD Timothy Adams, 2pm
- SEC holds closed meeting on injunctive actions, administrative and enforcement proceedings, 3:45pm
- Treasury, IRS discuss proposed regulations on implementation of additional Medicare tax, 10am
- U.S.-China Economic and Security Review Commission holds hearing on political, and economic drivers of China’s maritime disputes in east, south China seas, 9am
WHAT TO WATCH
- Facebook said to plan Android phone push to boost ad sales
- BOJ doubles monthly bond purchases to meet inflation target in 2 yrs
- Lululemon chief product officer to leave; reaffirms 1Q view
- Primary dealers are losing influence in U.S.
- British Airways parent IAG to buy 18 extra Boeing 787 Dreamliners
- Cerberus said to tap Goldman, JPMorgan, BofA for property IPO
- GM board calls emergency meeting at Germany’s Opel: Bild
- Deutsche Bank said to be probed over hidden losses in crisis
- Vodafone restates results in change to accounting for ventures
- Euro-area March services output shrinks more than estimated
- ECB, BoE to leave benchmark rates unchanged today, according to est.
- North Korea warns U.S. it approved ‘lighter’ nuclear attack
- Chinese Army on ‘high alert’ over North Korea: DPA
- New bird flu strain kills third person in China as cases spread
EARNINGS:
- International Speedway (ISCA) 7am, $0.36
- RPM International (RPM) 7:30am, $0.06
- WD-40 (WDFC) 4pm, $0.56
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Gold Slumps Toward Bear Market as Investors Reduce ETP Holdings
- Iron Ore Bear Market Looms as Supply Swamps Demand: Commodities
- Brent Rises After Closing at Four-Month Low; WTI Little Changed
- Barclays Oil-Research Head Horsnell Said to Leave After 10 Years
- Copper Reaches Eight-Month Low as Services Contraction Worsens
- Sugar Climbs on Speculation of More Ethanol Demand; Coffee Gains
- Soybeans Drop on Concern Bird Flu in China May Limit Feed Use
- ETF Securities Says Investors Move from Gold to Cyclical Assets
- Macquarie Says China Bonded Copper Stocks Fell 100,000t in Q1
- Shenzhen Is First in China With June Start for Emissions Trading
- Norway’s Oil Future Seen With Ice-Free Arctic’s Barrels: Energy
- New Bird Flu Kills Third Person in China as Cases Rise to 10
- Copper Heading Toward June Low of $7,219.50: Technical Analysis
- Drought-Hit Coffee Area in Vietnam Forecast to Receive Rains
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team