TODAY’S S&P 500 SET-UP – May 10, 2013
As we look at today's setup for the S&P 500, the range is 32 points or 1.02% downside to 1610 and 0.94% upside to 1642.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 1.64 from 1.59
- VIX closed at 13.13 1 day percent change of 3.71%
MACRO DATA POINTS (Bloomberg Estimates):
- 8:25am: Fed’s Evans speaks at Chicago Fed conference
- 9:30am: Fed’s Bernanke speaks at Chicago Fed conference
- 11am: Fed to purchase $1.25b-$1.75b debt in 2036-2043 sector
- Noon: WASDE crop report
- 1pm: Baker Hughes rig count
- 2pm: Monthly Budget Stmt, April, est. $110b (prior $59.1b)
- 2pm: Fed’s George speaks on economy in Jackson, Wyo.
- 2pm: G-7 finance ministers, central bankers meet in U.K.
GOVERNMENT:
- House not in session
- 8:45am: ADP news conference with Moody’s Analytics Chief Economist Mark Zandi, to announce report on regional, state private sector employment trends
- 9am: U.S. Chamber of Commerce economic briefing
- 10am: Rep. Jim Moran, D-Va., briefing on current human rights situation at Guantanamo
WHAT TO WATCH
- Icahn, Southeastern challenge Silver Lake’s offer for Dell
- Dish said to secure Jefferies to help finance Sprint deal
- SoftBank CEO says Dish’s bid full of “wishful” numbers
- Yahoo’s Mayer said to explore bid for Hulu
- Zell sees overvalued cos., fewer opportunities in real estate
- Schaeuble signals support for easier European austerity at G-7
- ANA 787 ads aim to lure back flyers as services resume June 1
- American’s $3.25b in bankruptcy loans win court approval
- ResCap bankruptcy probe to clarify $25b threat to Ally
- ABB CEO announces sudden departure for “private reasons”
- Verizon in talks w/media cos. to subsidize mobile usage
- SEC money-fund rule said to make riskier funds float shr value
- Lenovo will debut first African smartphone in Nigeria this yr
- DuPont CEO weighs pigment swings in considering divestment
- Mirvac buys GE’s Australian office properties for A$584m
- U.S. Retail Sales, Pakistan Vote, Cisco: Wk Ahead May 11-18
EARNINGS:
- Lexicon Pharmaceuticals (LXRX) 6am, $(0.05)
- Enerplus (ERF CN) 6am, C$0.17
- TMX Group (X CN) 6am, C$0.78
- Sirona Dental Systems (SIRO) 6:30am, $0.72
- EV Energy Partner (EVEP) 6:39am, $0.18
- Onex (OCX CN) 7am, $0.11
- Beacon Roofing Supply (BECN) 8am, $0.01
- DiamondRock Hospitality (DRH) 8am, $0.09
- American States Water (AWR) 8am, $0.52
- Silver Wheaton (SLW CN) 5:33pm, $0.39
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Rubber Near Bull Market With Yen Breaching 100 as China Restocks
- Gold Traders Divided Amid Worst ETP Rout Since ’04: Commodities
- WTI Crude Drops a Second Day; Goldman Sees Brent Gap Narrowing
- Gold Extends Weekly Decline as Stronger Dollar Curbs Demand
- Copper Swings Between Gains and Drops Amid Stimulus Speculation
- Wheat Declines as Rainfall Improves Crop Conditions in Australia
- Cocoa Falls on Speculation Prices Climbed Too Far; Sugar Gains
- Vietnam Robusta Crop Seen at Two-Year High as Drought Ends
- Palm Oil Climbs to Four-Week High as Stockpiles in Malaysia Drop
- Crude May Fall Next Week as U.S. Stockpiles Climb, Survey Shows
- Zinc Premiums in Europe Said to Rise as Price Drop Spurs Demand
- Best Oil Bet Fades as Ecopetrol Guerrilla Peace Elusive: Energy
- OPEC Crude Production Rises to Five-Month High on Saudi Increase
- Brent Pressured by U.S. Tripling Crude to Canada: Energy Markets
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team