TODAY’S S&P 500 SET-UP – May 14, 2013
As we look at today's setup for the S&P 500, the range is 32 points or 0.97% downside to 1618 and 0.99% upside to 1650.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 1.67 from 1.68
- VIX closed at 12.55 1 day percent change of -0.32%
MACRO DATA POINTS (Bloomberg Estimates):
- 7:30am: NFIB Small Bus. Optim, Apr, est. 90.5 (prior 89.5)
- 7:45am: ICSC weekly sales
- 8:30am: Import Price Index M/m, Apr, est. -0.5% (pr -0.5%)
- 8:30am: Import Price Index Y/y, Apr, est. -3.1% (pr -2.7%)
- 8:55am: Johnson/Redbook weekly sales
- 11am: Fed to purchase $2.75b-3.5b notes in 2020-2023 sector
- 11am: New York Fed issues quarterly household debt report
- 11:30am: U.S. to sell 4W bills
- 4:30pm: API energy inventories
GOVERNMENT:
- House, Senate in session
- SEC hosts Credit Ratings Roundtable w/panels on potential creation of assignment system for asset-backed securities, alternatives to issuer-pay business model
- Senate Banking panel holds hearing on “Returning Private Capital to Mortgage Markets: A Fundamental for Housing Finance Reform,” 3:15pm
- Senate Agriculture Cmte considers farm bill, 10am
- Senate Judiciary Cmte considers immigration bill, 10am
- House Energy and Commerce marks up H.R.1407, the “Animal Drug User Fee Amendments of 2013;” and H.R.1919, the “Safeguarding America’s Pharmaceuticals Act of 2013,” 4pm
- IFC hosts Global Private Equity Conference w/speakers incl. TPG Founding Partner David Bonderman, World Bank Pres. Jim Yong Kim, 8:30am
- U.S. Court of Appeals for the D.C. Circuit hears arguments over how Export-Import Bank processes loan-guarantee applications from foreign airlines, 9:30am
WHAT TO WATCH
- Verizon Wireless agrees to pay co-owners $7b dividend
- Vodafone may not announce more investor returns: JPMorgan
- Third Point said to urge Sony to sell part of entertainment unit
- Commerzbank to sell $3.25b shares at 38% discount to repay debt
- CFTC probes use of derivatives by commodities traders: FT
- XD Group said in talks to buy GE Prolec for as much as $1b
- AstraZeneca, Cubist, Astellas said to make bids for Optimer
- Ex-BlackRock manager said to be arrested in U.K. insider probe
- Goldman Sachs investors should oppose pay plan, Glass Lewis says
- Fed’s Plosser says slowing inflation not a concern for policy
- German ZEW investor confidence rises less than forecast
- Tata Steel expects $1.6b writedown on sluggish Europe demand
- ECB picks fight with Germany on rules for handling failing banks
- Spain sells 12-mo. bills at yield below 1% for first time since 2010
EARNINGS:
- Rona (RON CN) 7am, C$(0.14)
- Valspar (VAL) 7:30am, $0.90
- Argonaut Gold (AR CN) 7:30am, $0.08
- Taminco (TAM) Bef-mkt
- Vipshop Holdings (VIPS) 4:01pm, $0.04
- Agilent Technologies (A) 4:05pm, $0.67
- Eagle Materials (EXP) 4:15pm, $0.39
- Taylor Morrison Home (TMHC) Aft-mkt, $0.22 - Preview
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- WTI Trades Near One-Week Low on U.S. Supply; IEA Sees Shale Boom
- Used Gold Supply Heads for ’08 Low as Sellers Balk: Commodities
- Gold Trades Near 2-Week Low on Physical Demand, Dollar Strength
- Copper Falls Most in Two Weeks on Indications of China Slowdown
- Corn Falls as Planting May Accelerate on Drier U.S. Weather
- Cocoa Gains as Supply May Be Limited Before Expiry; Coffee Rises
- Cooking Oil Imports by India Slump on Stockpiles, Low Demand
- Rebar Falls After Chinese Industrial Output Signals Weak Outlook
- Crude Supplies Gain for Fourth Week in Survey: Energy Markets
- IEA Sees U.S. Oil Shockwaves Ousting OPEC as Supply Driver
- Gold Rush Lifts Profit at Biggest Jewelry Maker: Corporate India
- Gasoline Rises Most in Three Months at U.S. Pumps, Report Shows
- Brazil Oil Auction Gathers Drillers With Taste of Africa: Energy
- Deutsche Bank Sees SPDR Gold Falling 2-4 Million More Ounces
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team