TODAY’S S&P 500 SET-UP – April 17, 2013
As we look at today's setup for the S&P 500, the range is 44 points or 1.12% downside to 1557 and 1.68% upside to 1601.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 1.50 from 1.50
- VIX closed at 13.96 1 day percent change of -19.17%
MACRO DATA POINTS (Bloomberg Estimates):
- 7am: MBA Mortgage Applications, April 12 (prior 4.5%)
- 9am: Fed’s Stein speaks on banking regulation at IMF
- 9:30am: Fed’s Bullard speaks in New York
- 10:30am: DOE Energy Inventories
- 11am: Fed to purchase $1.25b-$1.75b in 2036-2043 sector
- 12pm: Fed’s Rosengren speaks in New York
- 2pm: Fed releases Beige Book
GOVERNMENT:
- 9:30am: House Oversight Cmte hearing Postal Service’s financial situation
- 9:30am: Defense Sec. Chuck Hagel testifies on Pentagon’s proposed budget before Senate Armed Svcs Cmte
- 10am: Housing Sec. Shaun Donovan testifies before House Appropriations panel on agency budget
- 10am: House Armed Svcs Cmte hears from Gen. Joseph Dunford, commander of U.S. forces in Afghanistan, on developments there
- 2:30pm: Senate Armed Svcs Cmte briefing on Syria
- 2:30pm: Senate Commerce and Transportation panel hears from Amtrak Chairman Joseph Boardman on future of passenger rail service in Northeast Corridor
- 2:30pm: Senate Judiciary Cmte hears from Homeland Security Sec. Janet Napolitano on immigration overhaul
WHAT TO WATCH
- Gold wipes $560b from central banks as equities rally
- Europe car sales fall with industry heading for 20-year low
- ING to raise as much as $1.54b in U.S. insurance unit IPO
- Paulson says Dish proposal for Sprint better than Softbank offer
- Tesco to exit U.S. after first profit drop in about 20 years
- Yahoo’s Mayer faces setbacks as sales forecast misses estimates
- Intel sales may top estimates on demand for server chips
- Boeing boosts Duberstein duties ahead of investor oversight vote
- News Corp. plans to call entertainment spinoff 21st Century Fox
- Macy’s wins temporary bar on some Stewart sales at J.C. Penney
- FAA near decision on Boeing Dreamliners after tests completed
- AMC delays sale of ‘Iron Man 3’ tickets in dispute with Disney
- Former MF global rogue trader gets 5 yrs, must repay $141m
- Johnson & Johnson wins Chicago jury verdict over hip implant
- Former Leerink Swann banker pleads guilty to insider trading
EARNINGS:
- Huntington Bancshares (HBAN) 5:55am, $0.16
- Mattel (MAT) 6am, $0.08
- PNC Financial Services Group (PNC) 6:30am, $1.56
- Bank of New York Mellon (BK) 6:30am, $0.52
- Textron (TXT) 6:30am, $0.45
- Bank of America (BAC) 7am, $0.23
- Dover (DOV) 7am, $1.08
- Quest Diagnostics (DGX) 7am, $1.03
- St Jude Medical (STJ) 7:30am, $0.91
- Abbott Laboratories (ABT) 7:44am, $0.41
- Crown Holdings (CCK) 4:01pm, $0.48
- CYS Investments (CYS) 4:01pm, $0.32
- Albemarle (ALB) 4:03pm, $1.00
- American Express Co (AXP) 4:04pm, $1.12
- Kinder Morgan (KMI) 4:05pm, $0.32
- Kinder Morgan Energy Partners (KMP) 4:05pm, $0.66
- SanDisk (SNDK) 4:05pm, $0.79
- Covanta Holding (CVA) 4:05pm, ($0.12)
- LaSalle Hotel Properties (LHO) 4:05pm, $0.25
- El Paso Pipeline Partners (EPB) 4:07pm, $0.55
- Core Laboratories (CLB) 4:08pm, $1.16
- EBay (EBAY) 4:15pm, $0.62
- SLM (SLM) 4:15pm, $0.60
- East West Bancorp (EWBC) 4:45pm, $0.49
- Noble (NE) 5pm, $0.51
- Steel Dynamics (STLD) 6pm, $0.21
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Gold Climbs for Second Day as Plunge Lures Buyers; Futures Drop
- Hog Glut Gains as U.S. Exports Drop Most in Decade: Commodities
- Cyprus Finance Minister Sees Gold Sale Within Next Few Months
- WTI Crude Trades Near Four-Month Low Before U.S. Inventory Data
- Copper Declines on Indications Demand Will Take Time to Revive
- Wheat Seen Gaining as Cold Weather Threatens Crops; Corn Drops
- Cocoa Swings in New York as Europe Processing Dips; Sugar Drops
- Gold Wipes $560 Billion From Central Banks as Equities Rally
- Rebar Retreats to Lowest in Four Months as Iron Ore Declines
- Gold’s Slump to Two-Year Low Roils Forecasters: Chart of the Day
- Energy as Dirty as 20 Years Ago on Slow Climate Effort, IEA Says
- Shell Shut Out as Africa’s Gas Trove Lures Asian States: Energy
- Bird Flu Panic in China Leads CP to Warn Over Chicken Sales
- Gold Slump Spurs Surge in Business at Australia’s Perth Mint
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
