TODAY’S S&P 500 SET-UP – May 16, 2013
As we look at today's setup for the S&P 500, the range is 27 points or 1.55% downside to 1633 and 0.07% upside to 1660.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 1.70 from 1.70
- VIX closed at 12.81 1 day percent change of 0.31%
MACRO DATA POINTS (Bloomberg Estimates):
- 7:45am: Fed’s Rosengren speaks in Milan
- 8:30am: CPI M/m, April, est. -0.3% (prior -0.2%)
- 8:30am: CPI Ex Food & Energy M/m, April, est. 0.2%
- 8:30am: Init Jobless Claims, May 11, est. 330k (prior 323k)
- 8:30am: Continuing Claims, May 4, est. 3m (prior 3.005m)
- 8:30am: Housing Starts, April, est. 970k (prior 1.036m)
- 8:30am: Housing Starts M/m, April, est. -6.4% (prior 7.0%)
- 8:30am: Building Permits, April, est. 941k
- 8:30am: Building Permits M/m, April, est. 3.8%
- 8:30am: Annual revisions to earlier data
- 9am: Fed’s Fisher speaks at NABE conference in Houston
- 9:45am: Bloomberg Economic Expectations, May (prior -4)
- 9:45am: Bloomberg Consumer Comfort, May 12 (prior -29.5)
- 10am: Philadelphia Fed, May, est. 2 (prior 1.3)
- 10am: Freddie Mac mortgage rates
- 10:30am: EIA natural-gas storage change
- 11am: Fed to purchase $1.25b-$1.75b notes in 2036-2043 sector
- 12:30pm: Fed’s Raskin speaks on economy in Washington
- 3:05pm: Fed’s Williams speaks in Portland, Ore.
- 6pm: Riksbank’s Stefan Ingves speaks in Chicago
GOVERNMENT:
- President Obama meets with Prime Minister Recep Tayyip Erdogan of Turkey to discuss Syria, trade, countering terrorism
- 9:30am: Senate Armed Svcs Cmte holds hearing on 2001 Authorization for Use of Military Force
- 9:30am: House Transportation and Infrastructure Cmte marks up H.R. 3, which would give Congress power to issue approval for Keystone XL pipeline
- 10am: House Oversight and Government Reform Cmte, Data Transparency Coalition hold a “DATA Demonstration Day,” to show how digital technologies would improve efficiency, management, accountability of government
- 10am: House Financial Svcs Cmte hears from SEC’s Mary Jo White on commission’s budget request
- 10:30am: House Oversight and Government Reform panel holds hearing on oil, gas production on federal lands
- 10:30am: Senate Small Business Cmte holds hearing on effect of E-Verify systems
- 11am: House Judiciary panel holds hearing on electronic employment eligibility verification systems
- 1pm: House Judiciary panel holds hearing on Agricultural Guest Worker Act
- Obama seeks to revive reporter-shield bill post-AP subpoenas
WHAT TO WATCH
- Cisco 4Q adj. EPS view in line, rev. view midpoint misses
- Time Warner Cable said to weigh stake in Hulu web-video service
- Roche’s GA101 gets FDA breakthrough-therapy designation
- Apple said to be subject of U.S. Senate offshore tax hearing
- Obama forces out acting IRS chief in bid to restore trust
- Novartis considers bid for Actavis: WSJ
- Plosser says Fed should exit mortgage-backed securities market
- Hartford Financial hires Deutsche Bank to seek buyer for Japanese unit
- Japan 1Q GDP rose most in yr on consumer spending, exports
- Tesla to raise as much as $830m to repay U.S. green-car program
- Bristol-Myers drug cocktail quells melanoma tumors: Study
- Cancer treatment’s brutal side effects may be cut: Studies
- Platts retains energy trader confidence amid price-fix probe
- U.S. wants $5b from Swiss banks to end tax row: Handelszeitung
- William Lyon Homes raises $217.5m pricing shares above range
- MSCI announces changes from semiannual global index review
- Investors see U.S. markets with best return in global poll
EARNINGS:
- Prestige Brands (PBH) 5:30am, $0.35
- Flowers Foods (FLO) 6:30am, $0.43
- Kohl’s (KSS) 7am, $0.57 - Preview
- Wal-Mart Stores (WMT) 7am, $1.15 - Preview
- CAE (CAE CN) 8:18am, C$0.18
- Applied Materials (AMAT) 4pm, $0.13
- Dell (DELL) 4:01pm, $0.35
- Autodesk (ADSK) 4:01pm, $0.45
- Aruba Networks (ARUN) 4:03pm, $0.12
- Brocade Communications (BRCD) 4:04pm, $0.15
- Brady (BRC) 4:04pm, $0.60
- Nordstrom (JWN) 4:05pm, $0.76 - Preview
- ViaSat (VSAT) 4:05pm, $0.01
- J.C. Penney (JCP) 4:30pm, $(1.05) - Preview
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Gold Near One-Month Low as Soros, Blackrock Reduce ETP Holdings
- Soros Joins Gold-Stake Cuts Before Bear Market Drop: Commodities
- Strict Checks on China Scrap Copper Imports Boost Ore Demand
- Copper Falls for Third Day on Mounting Signs of China Slowdown
- Gold Demand Slid 13% to Three-Year Low on Investor ETP Sales
- China’s Copper Output in April Rises 14 Percent to 558,000 Tons
- Gold Demand in China Surges 20% to Record in First Quarter
- WTI Crude Declines as Fuel Demand Drops Amid Economic Weakness
- Sugar Falls to 2010-Low on Brazil, Thailand Output; Cocoa Drops
- Soybeans Advance on Indications of Sustained Demand From China
- China’s June Soybean Imports May Reach Record, Govt Center Says
- Gold Price Slump Increased India Appetite for Bullion, WGC Says
- Paulson Sold Gold Miners, Bought Family Dollar Last Quarter
- Platts Retains Energy Trader Confidence Amid Price-Fix Probe
- Freeport Stops Papua Mining After Tunnel Collapse Kills Five
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
