TODAY’S S&P 500 SET-UP – April 8, 2013
As we look at today's setup for the S&P 500, the range is 26 points or 0.40% downside to 1547 and 1.27% upside to 1573.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 1.49 from 1.49
- VIX closed at 13.92 1 day percent change of 0.22%
MACRO DATA POINTS (Bloomberg Estimates):
- 8:30am: Fed’s Pianalto speaks in West Palm Beach, Fla.
- 11am: Fed to purchase $1b-$1.5b notes in 2017-2043 sector
- 11:30am: U.S. to sell $35b 3M bills, $30b 6M bills
- 7:15pm: Fed’s Bernanke speaks at Atlanta Fed conference
- U.S. Rates Weekly Agenda
GOVERNMENT:
- President Obama travels to Connecticut to discuss gun policy
- Washington Week Ahead
WHAT TO WATCH
- Alcoa reports 1Q after the close, beginning earnings season
- UPS appeals EU rejection of $6.7b TNT Express merger
- Macy’s, Martha Stewart return to trial if no settlement made
- Icahn says he won’t waive right to Dell proxy fight: WSJ
- Dell board ready to repay Icahn for offer-related expenses
- Adelson returns to stand in $328m suit over Macau deal
- Merck starts fresh trial on claims Fosamax causes broken legs
- Chesapeake to keep stake in FTS after value declines: WSJ
- GE said to be near purchase of Lufkin Industries: WSJ
- AB InBev has pact in principle with U.S. on Modelo takeover
- Occidental Chairman Irani should retire, shareholder says
- Pentagon to seek less for missile defense in FY 2014 budget
- GM Holden cuts 500 Australian workers citing currency strength
- Exchanges begin using limit up/limit down circuit breakers
- Ex-News Corp. COO Chernin said to bid $500m for Hulu site
- “Evil Dead” tops N.A. box office w/ $26m in sales
- China’s local debt may be double audit figure: ex-official
- U.S. Weekly Agendas: Finance, Industrials, Energy, Health, Consumer, Tech, Media/Ent, Real Estate, Transports
- North American M&A Agenda
- Canada Weekly Agendas: Energy, Mining
- U.S. Budget, Bernanke, China, Masters: WK Ahead April 8-13
EARNINGS:
- Alcoa (AA) 4:03pm, $0.08 - Preview
- A Schulman (SHLM) 4:01pm, $0.40
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Copper Climbs Before Chilean Miners Give Start Date for Strike
- Hedge Funds Cut Bets Most Since ‘08 as Prices Slump: Commodities
- Wheat Climbs as China Purchases Almost 1 Million Tons From U.S.
- Gold Falls in London as Stronger Dollar Curbs Investment Demand
- WTI Rebounds in New York After Biggest Weekly Drop in Six Months
- Soybeans Climb as Drop to Lowest in Three Months Attracts Buyers
- Sugar Rebounds After Bearish Bets Reach Record; Coffee Gains
- Trust in Gold Not Bernanke as U.S. States Promote Bullion Tender
- Iron-Ore Swaps Extend Gains as Chinese Mills Seen Restocking
- Palm Oil Stockpiles in Malaysia Seen Declining Most in Two Years
- Sundance Scraps Hanlong’s $1.18 Billion Iron Ore Takeover
- Sewer Bonds Now Saving Power as Simon Property Uses Pace: Energy
- Bullish Gas Bets Jump as Supply Glut Disappears: Energy Markets
- Rebar Futures Climb as Rising China Demand May Trim Inventories
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
