TODAY’S S&P 500 SET-UP – May 17, 2013
As we look at today's setup for the S&P 500, the range is 26 points or 0.88% downside to 1636 and 0.70% upside to 1662.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 1.65 from 1.65
- VIX closed at 13.07 1 day percent change of 2.03%
MACRO DATA POINTS (Bloomberg Estimates):
- 9:55am: U. of Mich. Conf, May prelim., est. 78.0 (prior 76.4)
- 10am: Annual revisions to factory orders data
- 10am: Leading Indicators, April, est. 0.2% (prior -0.1%)
- 11am: Fed to purchase $4.75b-$5.75b notes in 2018-2019 sector
- 1pm: Baker Hughes rig count
- 1:45pm: Fed’s Kocherlakota, Riksbank’s Ingves speak in Chicago
GOVERNMENT:
- 9am: House Ways and Means Cmte holds hearing on IRS screening of nonprofits applying for tax-exempt status
- 9am: Energy Dept holds mtg of Natl Coal Council
- 9:30am: Sec. of State John Kerry, Attorney Gen. Eric Holder, HHS Sec. Kathleen Sebelius, Transportation Sec. Ray LaHood attend mtg of President’s Interagency Task Force to Monitor and Combat Trafficking in Persons
- 1:20pm: President Obama speaks at “Middle Class Jobs & Opportunity Tour” event
WHAT TO WATCH
- Wall Street wins rollback in Dodd-Frank swap-trading rules
- Dell profit misses ests. on PC slump amid buyout flight
- Northrop to buy back $4b more shrs, to retire 25% of shrs
- Kansas City Southern to replace Dean Foods in S&P 500
- Caterpillar obligations cut by $135m in ERA settlement
- Europe car sales climb after 19-month drop, Germany rebounds
- Computer Sciences Corp. reaches $97.5m investor accord
- Knight discussing SEC settlement on trading error: Reuters
- Tableau raises $254.2m in biggest technology IPO of 2013
- Tesla prices 2.7m shrs at $92.24 each: WSJ
- McDonald’s seen overhauling U.S. menu from 145 choices
- Foxconn faces challenge reducing working hours
- Maersk says container rates recovered, cuts demand forecast
- China encourages foreign auto investment in policy reversal
- Bernanke, BOJ, Dimon, Goldman, IRS: Wk Ahead May 18-25
EARNINGS: (all times ET, times are approximate)
- Stage Stores (SSI) 6am, $0.09
- Donaldson Co. (DCI) 7am, $0.49
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Gold Heads for Worst Slump Since March 2009 as Holdings Contract
- Gold Bears Revived as Rout Resumes After Coin Rush: Commodities
- Soybeans Set for Biggest Weekly Gain Since January as China Buys
- Copper Advances as Shanghai Inventories Reach a Seven-Month Low
- Lead Shines on Asymmetric Chinese Base Metal Capacity Cuts
- Metal Prices May Catch Up With Equities in 2016, Forecasts Show
- Natural Gas to Remain Below $4, Energy Executives Say in Survey
- Rebar Pares Weekly Decline as China’s Stock Market Rallies
- Robusta Coffee Swings on Inventory, Vietnam Exports; Sugar Rises
- Crude May Fall as Weaker Growth Reduces Demand, Survey Shows
- Trafigura Sells Forties at Higher Price; Angola Exports to Rise
- Gold in India to Tumble to Lowest Since 2011: Technical Analysis
- SHFE Copper Stockpiles Fall to Seven-Month Low as Aluminum Drops
- Iran Pays High Premium for Staples From India on Sanctions
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team