TODAY’S S&P 500 SET-UP – April 10, 2013
As we look at today's setup for the S&P 500, the range is 15 points or 0.49% downside to 1561 and 0.47% upside to 1576.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 1.54 from 1.52
- VIX closed at 12.84 1 day percent change of -2.65%
MACRO DATA POINTS (Bloomberg Estimates):
- 7am: MBA Mortgage Applications, April 5 (prior -4.0%)
- 7:30am: Fed’s Lockhart speaks at Atlanta Fed conference
- 8:45am: Bloomberg U.S. Economic Survey, April
- 10:30am: DOE Energy Inventories
- 1pm: U.S. to sell $21b 10Y notes in reopening
- 2pm: Monthly Budget Statement, March
- 2pm: Fed releases minutes from March 19-20 FOMC Meeting
- 5pm: Fed’s Fisher speaks on economy in El Paso, Texas
GOVERNMENT:
- 9:30am: Senate Homeland Security Cmte hears from U.S. Border Patrol Chief Michael Fisher, acting Customs chief Kevin McAleenan
- 10am: House Ways and Means hearing on govt’s ability to keep operating if Treasury reaches statutory debt limit
- 10am: House Energy and Commerce panel hearing on Keystone bill intended to bypass the need for a presidential permit for the pipeline’s construction; TransCanada’s Alexander Pourbaix, NRDC’s Anthony Swift among witnesses
WHAT TO WATCH
- President Obama sends budget plan to Congress
- Universal Entertainment’s Okada under U.S. criminal probe
- Swap users win staggered delays in Dodd-Frank reporting rules
- Apple said to discuss closer mobile collaboration with Yahoo
- Citigroup hires McKinsey’s Chubak to help Corbat pare expenses
- Home prices to decline in some cities as rates rise: Zillow
- Exxon to seek second MTBE win in New Hampshire appeal
- Microsoft says Surface tablet 2-yr warranty follows China law
- Deutsche Telekom tallies MetroPCS votes to weigh higher bid
- UnitedHealth units to pay $500m over hepatitis doctor
- China exports miss forecasts as “absurd” data defended
- Toyota says Corolla surpassed Ford Focus in 2012 global sales
- Yahoo CEO Mayer puts Reses in charge of talent management, M&A
- UBS plans to expand Asia corporate advisory headcount by 10%
- Navistar accused in suit of misleading on engine compliance
- APA expects offers for Australian gas pipeline in next week
EARNINGS:
- Family Dollar Stores (FDO) 7am, $1.22
- Fastental (FAST) 7am, $0.37
- MSC Industrial (MSM) 7:30am, $0.90
- Constellation Brands (STZ) 7:30am, $0.45 - Preview
- CarMax (KMX) 7:35am, $0.46
- Progressive (PGR) 8:12am, $0.44
- Bed Bath & Beyond (BBBY) 4:15pm, $1.68 - Preview
- Novagold Resources (NG CN) Aft-mkt, C$(0.03)
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- WTI Halts Two-Day Advance as Supplies Rise to Three-Decade High
- Mine Town Rents Beating Manhattan Show Aussie Pain: Commodities
- Copper Drops as China Exports Fuel Concern Supply to Top Demand
- Gold Declines From One-Week High on Economic Recovery Outlook
- Wheat Drops as USDA Report May Show Higher Reserves; Corn Climbs
- Robusta Coffee at One-Week Low as Investors Sell; Cocoa Retreats
- Goldman Lowers Gold Price Forecast Through 2014 as Cycle Turns
- India Said to Consider Increasing Oilseed Prices to Boost Output
- China’s Crude Imports Fall to Lowest in Six Months in March
- Rebar Trades Near Two-Week High on Gain in Seasonal Demand
- Asian LNG Set to Rise as Premium at Two-Year Low: Energy Markets
- Gold in Yen Surges as Stimulus Erodes Currency: Chart of the Day
- Mechel Said to Consider Revising Plan to Sell Eastern Coal Asset
- Ex-Viterra Staff Join MAG Commodities to Trade Black Sea Grains
- China Gold Imports From Hong Kong Rebound on Decline in Prices
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
