TODAY’S S&P 500 SET-UP – May 20, 2013
As we look at today's setup for the S&P 500, the range is 29 points or 1.47% downside to 1643 and 0.27% upside to 1672.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 1.71 from 1.71
- VIX closed at 12.45 1 day percent change of -4.74%
MACRO DATA POINTS (Bloomberg Estimates):
- 8:30am: Chicago Fed Nat Activity Index, April (prior -0.23)
- 11am: Fed to buy $1.25b-$1.75b notes in 2036-2043 sector
- 11:30am: U.S. to sell $30b 3M bills, $25b 6M bills
- 1pm: Fed’s Evans speaks on economy in Chicago
- U.S. Rates Weekly Agenda
GOVERNMENT:
- Obama aide: no cooperation in Republican fishing for scandal
- Myanmar’s president, Thein Sein, visits White House
- Financial Industry Regulatory Authority holds conf. on regulatory developments, FINRA’s priorities
- Deadline for FDA to come up w/ regulations intended to help prevent outbreaks of foodborne illnesses
- House Energy and Commerce panel holds hearing on health insurance premiums under Affordable Care Act, 4pm
- Senate Judiciary marks up S.744, “Border Security, Economic Opportunity and Immigration Modernization Act,” 10am
WHAT TO WATCH
- Yahoo board said to agree to $1.1b Tumblr acquisition
- Yahoo said to unveil Flickr updates
- DirecTV said to be considering buying part or all of Hulu
- Freeport death toll rises to 14 as CEO Adkerson arrives
- Freeport said to meet Plains holders to salvage merger vote
- SAC digs in as deadline nears for U.S. to file insider cases
- JPMorgan holders led by chairmen-CEOs to vote on Dimon titles
- Blankfein tells Welt euro breakup risk lower than year ago
- Clearwire investors anticipate higher bid as Sprint vote looms
- U.S. home sales probably rose toward 2009 high
- Apollo, Harbinger subpoenaed on fixed annuity investments: WSJ
- Morgan Stanley agrees to sell India wealth unit
- GE Real Estate sells portfolio of Toronto properties to Slate
- Pentagon seeks to move $9.6b to higher-priority projects
- Amtrak, Metro-North service still limited or suspended in N.Y., Conn., after train derailment on Fri.
- NYSE busts 1c/shr trades in Anadarko from late Fri.
- North Korea test fires fifth missile in three days off coast
- Gains in China new-home prices are growth challenge for Li
- “Star Trek” is top U.S./Canada weekend film w/ $70.6m
- U.S. Weekly Agendas: Finance, Industrials, Energy, Health, Consumer, Tech, Media/Ent, Real Estate, Transports
- North American M&A Agenda
- Canada Weekly Agendas: Energy, Mining
- Bernanke, BOJ, Dimon, IRS Probe: Wk Ahead May 20-25
EARNINGS:
- Campbell Soup (CPB) 7:30am, $0.56 - Preview
- Raven Industries (RAVN) 9am, $0.44
- Urban Outfitters (URBN) 4pm, $0.29
- TiVo (TIVO) 4:01pm, $(0.14)
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Silver Plunges to Lowest Since 2010 as Gold Drops for Eighth Day
- Gold Bear Bets Reach Record as Soros Cuts Holdings: Commodities
- WTI Crude Oil Halts Three-Day Advance Amid Offensive by Syria
- Corn Climbs Before Planting Report on Forecast for More Rainfall
- Copper Falls in London on Speculation China Will Curb Property
- Silver’s Weakness Is Overdone, Deutsche Bank’s Lewis Says
- China’s Sugar Prices Fall as Stockpile Program Seen Too Small
- Freeport Death Toll Rises to 14 as CEO Adkerson Arrives
- Enron No Lesson to Traders as EU Probes Oil-Price Manipulation
- Soybeans May Decline Below $10 as U.S. Farmers Boost Acreage
- Aluminum Production Averaged 126,500 Tons a Day in April
- Steak-Loving Japan Seen Propelling JBS Profits: Corporate Brazil
- Rebar Falls on High Steel-Mill Output, Lower Raw-Material Price
- Robusta Coffee Falls to 1-Week Low on Vietnam Sales; Sugar Drops
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team