TODAY’S S&P 500 SET-UP – April 18, 2013
As we look at today's setup for the S&P 500, the range is 31 points or 0.84% downside to 1539 and 1.16% upside to 1570.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 1.48 from 1.47
- VIX closed at 16.51 1 day percent change of 18.27%
MACRO DATA POINTS (Bloomberg Estimates):
- 8:30am: Init Jobless Claims, April 13, est. 350k (est. 346k)
- 8:30am: Cont Claims, April 6, est. 3.075m (prior 3.079m)
- 9am: Fed’s Kocherlakota speaks in New York
- 9:30am: Fed’s Lacker speaks on credit in Charlotte, N.C.
- 9:45am: Bloomberg Economic Expectations, April (prior -4)
- 9:45am: Bloomberg Consumer Comfort, April 14 (prior -34)
- 10am: Philadelphia Fed, April, est. 3.0 (prior 2.0)
- 10am: Leading Indicators, March, est. 0.1% (prior 0.5%)
- 10am: Freddie Mac mortgage rates
- 10:30am: EIA natural-gas storage change
- 11am: Fed to purchase $2.75b-$3.5b in 2020-2023 sector
- 11am: Bank of Canada’s Carney speaks in Washington
- 12pm: Fed’s Raskin speaks in New York
- 1pm: U.S. to sell $18b 5Y TIPS
- 4:15pm: Asmussen, Rehn, Dijsselbloem speak in Washington
GOVERNMENT:
- 10am: Senate Armed Svcs Cmte hears from Dir. of Natl Intelligence James Clapper, Defense Intelligence Agency Dir. Michael Flynn on threats
- 10am: Senate Health and Labor Cmte hears from Labor Sec. nominee Thomas Perez at confirmation hearing
- 11am: President Obama speaks at interfaith service in Boston
- 11:30am: House Speaker John Boehner, R-Ohio, holds briefing
- 1pm: State Dept hears public’s final comments on Keystone, which would carry tar sands from Canada to U.S. Gulf Coast
- House to vote on H.R. 624, Cyber Intelligence Sharing and Protection Act, which White House threatened to veto
WHAT TO WATCH
- G-20 draft affirms pledge to avoid competitive devaluations
- Herbalife unlikely to hire new auditor before investor meeting
- PBOC’s Yi says yuan trading band to widen in near future
- Japan March exports exceed analyst ests. after yen slide
- Wells Fargo urges judge to dismiss U.S. mortgage loan fraud suit
- SEC to move past financial crisis cases under new chairman
- American Express profit beats est. as card spending climbs
- SEC sues Schottenfeld trader Mancuso over Goffer insider tips
- Biggest cinemas delay ‘Iron Man’ ticket sales in Disney dispute
- Explosion hits Texas fertilizer facility, unknown number dead
EARNINGS:
- BB&T (BBT) 5:45am, $0.68
- WESCO International (WCC) 6:15am, $1.14
- KeyCorp (KEY) 6:17am, $0.19
- Fifth Third Bancorp (FITB) 6:30am, $0.39
- AutoNation (AN) 6:45am, $0.64
- Hubbell (HUB/B) 6:58am, $1.09
- Danaher (DHR) 6am, $0.76
- UnitedHealth (UNH) 6am, $1.14 - Preview
- Morgan Stanley (MS) 7:15am, $0.56 - Preview
- Sonoco Products (SON) 7:30am, $0.53
- Verizon Communications (VZ) 7:30am, $0.66 - Preview
- Fairchild Semiconductor (FCS) 7:30am, $0.05
- PrivateBancorp (PVTB) 7:30am, $0.29
- Watsco (WSO) 7:30am, $0.33
- Baxter International (BAX) 7am, $1.05
- Omnicom (OMC) 7am, $0.75
- People’s United Financial (PBCT) 7am, $0.18
- Penn National Gaming (PENN) 7am, $0.65
- PepsiCo (PEP) 7am, $0.71 - Preview
- Philip Morris International (PM) 7am, $1.34 - Preview
- TransForce (TFI CN) 7am, C$0.26
- Alliance Data Systems (ADS) 7am, $2.52
- Pool (POOL) 7am, $0.05
- Snap-on (SNA) 7am, $1.34
- PPG Industries (PPG) 8:11am, $1.54
- Syntel (SYNT) 8:30am, $1.03
- Amphenol (APH) 8am, $0.86
- Freeport-McMoRan (FCX) 8am, $0.71 - Preview
- Peabody Energy (BTU) 8am, $(0.14) - Preview
- Blackstone Group (BX) 8am, $0.53
- Sherwin-Williams (SHW) 8am, $1.09
- Union Pacific (UNP) 8am, $1.96 - Preview
- Cypress Semiconductor (CY) 8am, $0.01
- Nucor (NUE) 9:01am, $0.24 - Preview
- Home BancShares (HOMB) 9:15am, $0.61
- Ultratech (UTEK) 9am, $0.49
- Acacia Research (ACTG) 4pm, $0.50
- Align Technology (ALGN) 4pm, $0.23
- Cubist Pharmaceuticals (CBST) 4pm, $0.32
- Chemed (CHE) 4pm, no est.
- Chipotle Mexican Grill (CMG) 4pm, $2.13 - Preview
- Hub Group (HUBG) 4pm, $0.42
- Associated Banc-Corp (ASBC) 4:01pm, $0.25
- B&G Foods (BGS) 4:01pm, $0.37
- Google (GOOG) 4:01pm, $10.67 - Preview
- Microsoft (MSFT) 4:02pm, $0.68 - Preview
- Capital One Financial (COF) 4:05pm, $1.62
- E*TRADE Financial (ETFC) 4:05pm, $0.12
- International Business Machines (IBM) 4:05pm, $3.05
- Cepheid (CPHD) 4:05pm, $(0.02)
- Forward Air (FWRD) 4:05pm, $0.39
- Intuitive Surgical (ISRG) 4:05pm, $3.97 - Preview
- Electronics for Imaging (EFII) 4:05pm, $0.32
- EastGroup Properties (EGP) 4:05pm, $0.77
- Restoration Hardware Holdings (RH) 4:06pm, $0.61
- Advanced Micro Devices (AMD) 4:15pm, $(0.17)
- City National (CYN) 4:15pm, $0.92
- Celanese (CE) 4:30pm, $0.78
- Glacier Bancorp (GBCI) 4:30pm, $0.28
- Valmont Industries (VMI) 5:30pm, $2.52
- Western Alliance Bancorp (WAL) Aft-mkt, $0.21
- Cytec Industries (CYT) Aft-mkt, $0.87
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Copper Poised to Enter Bear Market as Industrial Metals Slide
- Nickel Rout Seen Easing With Output Costs Breached: Commodities
- Gold Gains as Price Drop Lures Buyers, Economic Data Falls Short
- Goldman’s Contrarian Currie Foresaw Gold Collapse Paulson Missed
- Brent Rises From Nine-Month Low; No Emergency OPEC Talks Seen
- Copper Set to Enter Bear Market on Demand Concern: LME Preview
- Gold Tumble Stokes Demand From Indian Bazaars to Chinese Malls
- Gold’s Worst Plunge Since 1983 Ends 12-Year Bull Run: Timeline
- Palm Oil Advances as Decline to Lowest This Year Seen Excessive
- Gold’s Deviation to Stocks Tips Equities Rally: Chart of the Day
- Oil Firms Break Promise on Biofuels as Chevron Defies California
- BHP Billiton Cuts CEO Pay as Mining Industry Profits Decline
- China’s Poultry Feed Demand to Slump 20% on Bird-Flu Outbreak
- Copper’s Drop ‘Not Sustainable’ Near Term, NAB’s Knight Says
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team