TODAY’S S&P 500 SET-UP – April 5, 2013
As we look at today's setup for the S&P 500, the range is 25 points or 0.70% downside to 1549 and 0.90% upside to 1574.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 1.53 from 1.54
- VIX closed at 13.89 1 day percent change of -2.25%
MACRO DATA POINTS (Bloomberg Estimates):
- 8:30am: Trade Balance, Feb., est. -$44.6b (prior -$44.4b)
- 8:30am: Nonfarm Payrolls Change, March, est. 190k (pr 236k)
- 8:30am: Unemployment Rate, March, est. 7.7% (prior 7.7%)
- 1:30pm: Baker Hughes rig count
- 2:30pm: Philadelphia Fed vice president Nason speaks
- 3pm: Consumer Credit, Feb., est. $15b (prior $16.15b)
GOVERNMENT:
- CFTC holds closed meeting on surveillance and enforcement matters, 10am
- Talks resume on Iran’s nuclear weapons program in Kazakhstan
WHAT TO WATCH
- Payrolls in U.S. probably rose in March as demand picked up
- Blackstone said to sidestep Michael Dell’s role in buyout talks
- Soros joins Gross in warning Kuroda plan risks rout in yen
- BP to ask judge to halt some oil spill settlement payments
- Olam to discontinue legal action against Muddy Waters, Block
- Euro-area Feb. retail sales fell less than est. from Jan.
- German Feb. factory orders may rise from Jan.: survey
- Grohe owners said to mull IPO, sale of bathroom fixtures maker
- Banks warn stricter securitization rules risk credit drought
- North Korea regime uncertain, maintains stability: South Korea
- Japan considers shooting down North Korea missile: Sankei
- U.S. budget, Bernanke, China, Masters: Wk Ahead April 6-13
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- WTI Set for Biggest Weekly Drop Since September Amid Iran Talks
- Gold Traders Split With Bullion Nearing Bear Market: Commodities
- Soybeans Fall for Third Day as Bird Flu in China May Hurt Demand
- Platinum to Slump as Europe Car Sales Tumble: Chart of the Day
- Copper Swings on Chile Export Curbs and Signs Economies Struggle
- Cocoa Falls a 3rd Day as Rain May Help Crop; Sugar Also Declines
- SGX to Introduce Iron Ore Futures as Investors Bet on China
- Russian Grain Crop Seen by Rusagrotrans Up 28% in Coming Season
- Le Fracking for Geothermal Heat Draws Ire of French Oil: Energy
- Coal Strike Looms as Workers Protest Stake Sale: Corporate India
- Meat Industry Renames Beef, Pork Cuts Before U.S. Grill Season
- RIN Ethanol Price Risk Remains Skewed to Upside, Goldman Says
- Aluminum Premiums Reach Record as Warehouse Releases Limited
- Gold Trades Near 10-Month Low in London on Recovery Outlook
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team