TODAY’S S&P 500 SET-UP – May 13, 2013
As we look at today's setup for the S&P 500, the range is 34 points or 1.14% downside to 1615 and 0.94% upside to 1649.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 1.65 from 1.66
- VIX closed at 12.59 1 day percent change of -4.11%
MACRO DATA POINTS (Bloomberg Estimates):
- 8:30am: Adv. Retail Sales, April, est. -0.3% (prior -0.4%)
- 10am: Business Inventories, March, est. 0.3% (prior 0.1%)
- 11:30am: U.S. to sell $29b 3-mo., $24b 6-mo. bills
- U.S. Rates Weekly Agenda
GOVERNMENT:
- Obama meets with U.K. Prime Minister David Cameron
- Final deadline for sending public comment to State Dept on Enbridge’s request to double volume of oil it ships through pipeline from Alberta to Wisc.
- Senate Energy and Natural Resources Cmte holds forum on natural gas, including pipeline infrastructure, use of gas in transportation sector, w/ GE’s Water & Process Technologies BVBA CEO Steve Bolze, Northwest Natural CEO Gregg Kantor
- Rep. Scott Garrett, R-N.J., hosts Equity Market Structure Roundtable on history of statutes, regulations governing America’s equity markets, 10am
- Washington Weekly Agenda
- Top IRS officials knew of Tea Party spying months pre-denial
WHAT TO WATCH
- Lazard Capital weighs sale among options for broker
- NY A.G. presses Apple, Google, MSFT on device thefts
- BoNY Mellon appeals ruling on Chesapeake’s early bond call
- China investment unexpectedly slows as output trails forecasts
- Citigroup’s Corbat says spending needed for full recovery
- Yellen, Geithner, Summers seen as Fed chair contenders: WSJ
- Mosaic may unveil new buyback, dividend program
- Commerzbank slides after report of $3.2b share sale
- Elan to pay $1b for stake in Theravance’s royalties
- Fed settles on plan for unwinding bond-buying program: WSJ
- G-7 signals tolerance of yen drop for now as Japan debated
- Retail Sales: Weekly U.S. Economy Preview
- U.S. Retail Sales, Pakistan Vote, Cisco: Wk Ahead May 13-18
EARNINGS:
- Stratasys (SSYS) 6am, $0.38
- Solarcity (SCTY) 4:01pm, $(0.32)
- Take-Two Interactive Software (TTWO) 4:05pm, $0.23
- Enerflex (EFX CN) 4:42pm, C$0.23
- Post Holdings (POST) 4:48pm, $0.27
- Summit Midstream Partners (SM) 5:22pm, $0.24
- Northern Tier Energy (NTI) 5:24pm, $1.00
- Element Financial (EFN CN) 5:26pm, C$0.07
- Aimia (AIM CN) 6:02pm, C$0.31
- RenRen (RENN) 6pm, $(0.07)
- Turquoise Hill Resources (TRQ CN) Aft-mkt, $(0.04)
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Gold Drops for Third Day as Dollar’s Strength Curbs ETP Holdings
- Gold Bears Pull $20.8 Billion as BlackRock Says Buy: Commodities
- WTI Drops a Third Day as OPEC Boosts Output to Five-Month High
- Barclays Considers Hiring in U.S. Metals, Power After Reductions
- Robusta Coffee Falls as Vietnam Drought Eases; Cocoa Advances
- Rubber on Cusp of Bull Market With Yen Near 102 as China Imports
- Gold Imports by India Jump as Auspicious Festival Lures Shoppers
- Corn Gains as Persistent Rain Raises Risks for Record U.S. Crop
- Hedge Funds Bulls Cut Bets on Natural Gas Rally: Energy Markets
- Platinum Posts Biggest Shortage Since 2002 as Output Contracts
- French Chef Puts Crickets on Menu in Push to Use Insects as Food
- Dowa Boosts Silver Output for Japan Post-Quake Solar Demand
- Ted Turner Taking Coal Funds to Create Solar Odd Couple: Energy
- Copper Rises on Indications Chinese Demand Is Set to Strengthen
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team