TODAY’S S&P 500 SET-UP – April 9, 2013
As we look at today's setup for the S&P 500, the range is 22 points or 0.77% downside to 1551 and 0.64% upside to 1573.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 1.49 from 1.49
- VIX closed at 13.19 1 day percent change of -5.24%
MACRO DATA POINTS (Bloomberg Estimates):
- 7:30am: NFIB Small Bus Optimism, March, est. 90.3 (prior 90.8)
- 7:45am: ICSC weekly sales
- 8:55am: Johnson/Redbook weekly sales
- 9:30am: Fed’s Lacker speaks in Richmond, Va.
- 10am: Wholesale Inventories, Feb., est. 0.5% (prior 1.2%)
- 10am: Wholesale Sales M/m, Feb., est. 1.5% (prior -0.8%)
- 10am: JOLTs Job Openings, Feb., est. 3.730m (prior 3.693m)
- 11am: Fed to purchase $1.25b-$1.75b notes in 2036-2043 sector
- 11:30am: U.S. to sell 4W bills
- 1pm: U.S. to sell $32b 3Y notes
- 1pm: Fed’s Lockhart gives remarks at Atlanta Fed conference
- 4:30pm: API energy inventories
GOVERNMENT:
- House, Senate in session
- Officials from OMB, European Commission meet to discuss regulatory compliance, U.S.-EU trade deal, 9am
- Senate Armed Svcs panel holds hearing on counterterrorism, defense authorization, 2:15pm
- Alberta Premier Alison Redford speaks at Brookings Inst on Keystone XL Pipeline, 2pm
WHAT TO WATCH
- Bernanke says Fed to press U.S. banks to cut liquidity risk
- J.C. Penney’s post-Johnson options seen to include sale
- Billabong to assess $299m buyout by Sycamore Group
- KPMG fires senior partner over alleged inside trading: NYT
- Warsaw exchange said to hold merger talks w/Vienna bourse
- Microsoft, Nokia complain to EU on Google’s Android dominance
- Chevron resuming Brazil output signals end to spill dispute
- First Solar holds analyst mtg, to face questions as Brown leaves
- China tightening pressure eases with March inflation
- New Hampshire asks MTBE jury for $236m from Exxon
- Microsoft Surface tablet warranty criticized in China
- Airbus juggles order book on record demand for A320neo jet
- German exports declined in Feb. amid euro-area recession
- Qantas targets Hong Kong approval for airline by year end
EARNINGS:
- Pricesmart (PSMT) 4:05pm, $0.77
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Codelco Workers Begin Strike at Copper Mines for 24 Hours
- Corn Boom Goes Bust With U.S. Sales in Record Drop: Commodities
- Copper and Zinc Rise as China Inflation Eases Tightening Concern
- Corn Gains as Wet Weather May Delay U.S. Plantings; Wheat Falls
- Gold Swings as Investors Weigh Stimulus Against Recovery Signs
- Robusta Coffee Falls as Investors May Keep Selling; Cocoa Gains
- European Cocoa Processing Probably Dropped 2.4% in First Quarter
- Wheat Harvest in India Set for Record on High-Yield Seeds, Rains
- Crude Supplies Climb From 22-Year High in Survey: Energy Markets
- SGX Prepared for ‘Modest Pickup’ in AsiaClear Iron Ore Futures
- Killing Keystone Seen as Risking More Oil Spills by Rail: Energy
- Antofagasta Sees Copper Tight as Stock Climb Belies Price Bets
- Dinosaur Egg Carriers Losing Ground vs. Membrane LNG Tankers
- WTI Crude Advances a Second Day; Goldman Shifts Spread Forecast
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
