TODAY’S S&P 500 SET-UP – April 15, 2013
As we look at today's setup for the S&P 500, the range is 30 points or 1.12% downside to 1571 and 0.76% upside to 1601.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 1.48 from 1.50
- VIX closed at 12.06 1 day percent change of -1.47%
MACRO DATA POINTS (Bloomberg Estimates):
- 8:30am: Empire Manufacturing, April, est. 7.00 (prior 9.24)
- 9am: Total Net TIC Flows, Feb. (prior $110.9b)
- 10am: NAHB Housing Market Index, April, est. 45 (prior 44)
- 11am: Fed to purchase $4.75b-$5.75b notes in 2018 range
- 11:30am: U.S. to sell $35b 3M, $30b 6M bills
- U.S. Weekly Rates Agenda
GOVERNMENT:
- Deadline for citizens to file their income taxes with IRS
- North Korea celebrates the 101st anniversary of state founder Kim Il Sung’s birth. Pyongyang has in the past timed military demonstrations to coincide with the event, including firing a long-range rocket last yr
- Kerry invites North Korea back to nuclear talks
- Washington Week Ahead
WHAT TO WATCH
- Thermo said to bid >$75/shr for Life Technologies
- Cyprus counting on gold sales for bailout: finance minister
- China GDP grows lower-than-estimated 7.7% in 1Q
- Centrica, Qatar buy $1b of gas fields in Canada
- Banks drop off ISDAFix panel as CFTC probes rate-rigging
- Mitsubishi UFJ CEO plans to boost U.S. energy-sector loans
- Citigroup Europe CEO sees U.S. universal banks gaining share
- China XD said to mull buying assets from GE Mexico venture
- GM, Ford to jointly design more fuel-efficient transmissions
- Time Warner’s “42” opens as top film on sales of $27m
- Google offer to settle EU antitrust probe unacceptable to rivals
- Lehman international creditors may be repaid in full, PwC says
- Construction wages seen rising as much as 30% from Keystone XL
- Symptom-free bird-flu case suggests H7N9 spreads wider
- J.C. Penney execs said to lose Johnson-era perks: N.Y. Post
- Time Warner’s 42 opens as top film on sales of $27m
- 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
- G-20, IMF Meeting, Google, North Korea: Wk Ahead April 13-20
EARNINGS:
- First Republic Bank (FRC) 7am, $0.73
- Webster Financial (WBS) 7:55am, $0.46
- Citigroup (C) 8am, $1.17 - Preview
- M&T Bank (MTB) 8:05am, $1.98
- Charles Schwab (SCHW) 8:45am, $0.16
- Brown & Brown (BRO) 4:15pm, $0.39
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Commodities Extend Drop to Cheapest Since July on China Slowdown
- Gold Bulls Endure Bear Market as Goldman Says Sell: Commodities
- Brent Crude Declines to Lowest in Nine Months on China Slowdown
- Copper Reaches 9-Month Low on Weaker-Than-Estimated China Growth
- Investor Jim Rogers Says Gold Needs Correction, Isn’t Buying Yet
- Soybeans and Corn Drop as Chinese Growth Fuels Demand Concern
- Piracy Attacks Plunge as Armed Guards and Navies Secure Shipping
- Iron-Ore Swaps Decline as Demand Seen Slowing on Chinese Growth
- New Deal for Roosevelt’s TVA Seen as Hard Sell for Obama: Energy
- Palm Drops to Lowest This Year as Crude Fall Cuts Biofuel Appeal
- Indians Defer Gold Purchases, Betting Bear Market May Deepen
- Oil Price Forecasts Unleash Scottish Bulls in Independence Push
- Vietnam Coffee Region Forecast to Get Drought-Relieving Rain
- Comex Gold Stockpiles Slump to 3 1/2-Year Low: Chart of the Day
- Gold Extends Bear-Market Plunge Below $1,400 on U.S. Recovery
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
