TODAY’S S&P 500 SET-UP – April 22, 2013
As we look at today's setup for the S&P 500, the range is 36 points or 1.49% downside to 1532 and 0.82% upside to 1568.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 1.50 from 1.48
- VIX closed at 14.97 1 day percent change of -14.75%
MACRO DATA POINTS (Bloomberg Estimates):
- 8:30am: Chicago Fed Nat Activity Index, March (prior 0.44)
- 8:30am: Fed’s Dudley speaks at economic conference in New York
- 10am: Existing Home Sales, March, est. 5m (prior 4.98m)
- 11am: Fed to purchase $3b-$3.75b notes in 2019-2020 sector
- 11:30am: U.S. to sell $32b 3M bills, $28b 6M bills
- U.S. Weekly Rates Agenda
GOVERNMENT:
- ITC may issue decision in Apple-Google patent dispute
- Senate Judiciary Cmte holds a hearing on legislation that would set up criteria for those now in U.S. illegally as step toward citizenship
- Secretary of State John Kerry attends NATO foreign ministers summit in Brussels
- Martin Dempsey, chairman of Joint Chiefs of Staff, visits Beijing as U.S. seeks greater Chinese pressure on N. Korea
- Washington Week Ahead
WHAT TO WATCH
- IMF talks over wknd included fight over new debt targets
- S&P early victory in U.S. ratings fraud suit seen as unlikely
- Dealers say no end to QE in 2013, Hatzius sees ’16 rates rise
- ABB to buy Power-One for $1b to add solar inverters
- ANA to finish 787 battery repairs by May after FAA approval
- Elan board unanimously rejects Royalty Pharma takeover offer
- Sales of U.S. existing homes probably climbed for 3rd month
- THQ files bankruptcy plan paying creditors from asset sales
- Bernanke to miss Jackson Hole symposium on schedule conflict
- Allstate said to seek offers for Lincoln Benefit business
- BP may delay development of GoM Mad Dog 2 oil field
- Netflix seen cracking down on acct sharing to bolster profit
- Argentina bondholder rejection sets up U.S. court ruling
- China Premier Li urges focus on rescue as quake toll mounts
- Mining in region was halted, Xinhua said; Toyota temporarily stopped production at Chengdu plant
- “Oblivion” is top weekend movie with $38m in NA sales
- 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
- Weekly Eco Preview: Growth in U.S. probably picked up in 1Q
- GDP, Apple, Exxon, BOJ, Iron Man 3: Wk Ahead April 22-27
EARNINGS:
- Hasbro (HAS) 6:30am, $0.04 - Preview
- Bank of Hawaii (BOH) 6am, $0.87
- Caterpillar (CAT) 7:30am, $1.38 - Preview
- Halliburton (HAL) 7am, $0.57 - Preview
- NVR (NVR) 8:50am, $7.86
- Lennox International (LII) 8am, $0.27
- Six Flags Entertainment (SIX) 8am, $(1.75)
- BancorpSouth (BXS) 4pm, $0.21
- Hexcel (HXL) 4pm, $0.41
- Swift Transportation (SWFT) 4pm, $0.16
- United Stationers (USTR) 4pm, $0.55
- Woodward (WWD) 4pm, $0.60
- Canadian National Railway (CNR CN) 4:01pm, $1.21 - Preview
- Ameriprise Financial (AMP) 4:05pm, $1.57
- Illumina (ILMN) 4:05pm, $0.38
- Netflix (NFLX) 4:05pm, $0.20 - Preview
- Rogers Communications (RCI/B CN) 4:05pm, C$0.77 - Preview
- Zions Bancorporation (ZION) 4:10pm, $0.40
- Rent-A-Center (RCII) 4:15pm, $0.87
- Texas Instruments (TXN) 4:30pm, $0.30
- Brookfield Canada Office (BOX-U CN) 5pm, C$0.39
- Packaging of America (PKG) 5pm, $0.56
- Crane (CR) 5:15pm, $1.03
- IDEX (IEX) 5:22pm, $0.71
- BBCN Bancorp (BBCN) Aft-mkt, $0.27
- MB Financial (MBFI) Aft-mkt, $0.42
- Pennsylvania REIT (PEI) Aft-mkt, $0.43
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Gold Advances for Fifth Day in Longest Winning Streak This Year
- Hedge Fund Gold Wagers Defy Worst Slump in 33 Years: Commodities
- Brent Below $100 a Fifth Day as U.S. Funds Reduce Bullish Bets
- Copper Falls as Lower Imports Into China Stoke Demand Concern
- Sugar Falls as Investor Buying Fails to Spur Rally; Cocoa Gains
- China Sugar Stockpile Plan to Reduce Need for Imports, Jia Says
- Corn Slumps to One-Week Low on Demand Concerns for U.S. Grain
- Thai Sugar Premium Drops as Futures Rise in New York: Green Pool
- Shanghai Gold Exchange Benchmark Contract Volume Jumps to Record
- Bullish Crude Wagers Drop the Most in Two Months: Energy Markets
- Singapore’s SGX Said to Gauge Demand for LNG Futures Trading
- Tata Faces Crisis as $20 Billion Spent on Water: Corporate India
- WTI Crude May Rebound in Weekly ‘Triangle’: Technical Analysis
- N.Z. Set for More Rainfall as Residents Assess Weekend Damage
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team