TODAY’S S&P 500 SET-UP – May 15, 2013
As we look at today's setup for the S&P 500, the range is 28 points or 1.47% downside to 1626 and 0.22% upside to 1654.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 1.73 from 1.72
- VIX closed at 12.77 1 day percent change of 1.75%
MACRO DATA POINTS (Bloomberg Estimates):
- 7am: MBA Mortgage Applications, May 10 (prior 7.0%)
- 8:30am: Empire Manufacturing, May, est. 4.00 (prior 3.05)
- 8:30am: PPI M/m, April, est. -0.6% (prior -0.6%)
- 8:30am: PPI Ex Food & Energy M/m, April, est. 0.1%
- 9am: Total Net TIC Flows, March (prior $53.6b)
- 9am: Net Long-term TIC Flows, March (prior -$17.8b)
- 9:15am: Industrial Prod, April, est. -0.2% (prior 0.4%)
- 9:15am: Capacity Util, April, est. 78.3% (prior 78.5%)
- 9:15am: Manuf (SIC) Prod, April, est. 0.0% (prior -0.1%)
- 10am: NAHB Housing Market Index, May, est. 43 (prior 42)
- 10:30am: DOE Energy Inventories
- 11am: Fed to purchase $750m-$1b notes in 2023-2031 sector
GOVERNMENT:
- 10am: Senate Appropriations panel holds hearing on budget requests for Air Force, Army
- 10am: Senate Environment Cmte holds hearing on EPA budget
- 10am: House Ways and Means Cmte discusses draft of small business, pass-through entity tax plan
- 10am: House Financial Svcs panel holds hearing on Dodd-Frank Act, taxpayer-funded bailouts
- 1pm: Attorney General Eric Holder testifies on DOJ oversight
- 1pm: House Foreign Affairs Cmte holds hearing on preventing a nuclear Iran
- 1pm: House Cmte on Small Business holds hearing on patent reform implementation
- 2:30pm: Senate Appropriations panel hears from acting Energy Sec. Daniel Poneman on DOE proposed budget
- 2:30pm: Senate Banking panel hearing on “Improving Cross Border Resolution to Better Protect Taxpayers and the Economy”
WHAT TO WATCH
- U.S. says Apple, publisher colluded to fix e-book prices
- Wal-Mart to inspect Bangladesh plants, won’t sign safety pact
- German economy barely expands, France enters recession
- Google said to plan introducing music service rivaling Spotify
- Merlin Entertainments reconsiders GBP3b IPO: Times of London
- Itau to pay Citigroup $1.37b to reclaim Credicard
- J.C. Flowers buys Partners Group’s stake in Cabot Credit
- HSBC signals 14,000 jobs cuts With $3b cost savings plan
- ThyssenKrupp to cut 3,000 jobs as loss widens, confirms outlook
- KPN, partly owned by America Movil, raises $3.78b in share sale
- Chinese premier signals reluctance on stimulus to boost growth
- Citigroup, BofA, others report monthly charge-offs
- Pershing, Greenlight, SAC report end-of-qtr holdings
- MSCI index changes to be announced ~5pm
EARNINGS:
- Deere (DE) 7am, $2.72 - Preview
- First Majestic Silver (FR CN) 7am, $0.18
- Macy’s (M) 8am, $0.53 - Preview
- Computer Sciences (CSC) 8am, $1.00
- Pinnacle Foods (PF) Bef-mkt, $0.27
- Power of Canada (POW CN) 2:07pm, C$0.52
- Jack in the Box (JACK) 4:01pm, $0.31
- Acxiom (ACXM) 4:05pm, $0.16
- Sapient (SAPE) 4:05pm, $0.12
- Boardwalk REIT (BEI-U CN) 4:10pm, C$0.71
- Cisco Systems (CSCO) 4:30pm, $0.49 - Preview
- Skechers U.S.A. (SKX) 4pm, $0.16
- Freehold Royalties (FRU CN) 5pm, C$0.97
- NetEase (NTES) 6pm, $1.23
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Iron Ore Tumbles Into Bear Market on China Growth Concerns
- Latest Corn Crop in Decades May Raise Costs for ADM: Commodities
- Gold Drops to 3-Week Low in Worst Run Since February on Dollar
- WTI Falls a Fifth Day in Longest Run of Declines Since October
- Gold Premiums in India Jump as Central Bank Curbs May Cut Supply
- Shell Targeted With BP in EU Price Fixing Probe for Oil: Energy
- U.K. Within-Day Natural Gas Declines as Demand Forecast to Fall
- Death Cross on Lumber Chart Signals Decline: Technical Analysis
- Goldman Sachs Lowers Sugar Price Forecasts on Brazil Weather
- Copper Reaches One-Week Low as Economies Weaken and Stocks Swell
- Iron Ore Seen Strong Into 2014 on China Steel Demand, Supply
- Lead Demand Exceeded Output in March, Study Group Reports
- Rail Revival Is Lifeline to Biggest Africa Copper Mines: Freight
- Corn Drops as Dry Midwest Weather May Accelerate U.S. Planting
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team