TODAY’S S&P 500 SET-UP – May 22, 2013
As we look at today's setup for the S&P 500, the range is 31 points or 1.09% downside to 1651 and 0.77% upside to 1682.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 1.69 from 1.69
- VIX closed at 13.37 1 day percent change of 2.69%
MACRO DATA POINTS (Bloomberg Estimates):
- 7am: MBA Mortgage Applications, May 17 (prior -7.3%)
- 10am: Existing Home Sales, April, est. 4.99m (prior 4.92m)
- 10am: Existing Home Sales M/m, April, est. 1.4% (prior -0.6%)
- 10am: Fed’s Bernanke testifies to congressional panel of economic outlook
- 10:30am: DOE Energy Inventories
- 11am: Fed to purchase $1.25b-$1.75b notes in 2036-2043 sector
- 12:30pm: ECB’s Praet speaks on monetary policy in Washington
- 1pm: Fed’s Fisher speaks on economy in Nacogdoches, Texas
- 2pm: Minutes from April 30-May 1 FOMC meeting
GOVERNMENT:
- Financial Industry Regulatory Authority holds final day of conf. on regulatory developments, FINRA’s priorities
- 9am: Secretary of the Army John McHugh; Army Chief of Staff Gen. Raymond Odierno testify at Senate Appropriations panel hearing on FY2014 budget estimates for U.S. Army
- 9:30am: House Oversight and Government Reform Cmte hearing on IRS w/ Treasury Deputy Sec. Neal Wolin; former IRS Commissioner Douglas Shulman
- 10am: Treasury Sec. Jack Lew speaks to House Financial Svcs about FSOC’s annual report
- 10am: Senate Energy and Natural Resources Cmte forum on LNG officials from cos. incl. Sempra, Cheniere
- 10am: Congressional-Executive Commission on China hearing on “Food and Drug Safety, Public Health, and the Environment in China”
- 10am: House Judiciary Cmte hearing on constitutional rights during war on terrorism
- 10am: House Foreign Affairs Cmte considers Nuclear Iran Prevention Act
- 2pm: House Financial Services’ oversight panel holds hearing, “Who Is Too Big to Fail: Are Large Financial Institutions Immune from Federal Prosecutions.” w/ Mythili Raman, acting assistant attorney general of DOJ’s criminal division
- 2pm: House Judiciary Cmte hearing on Senate immigration bill and the 1986 immigration overhaul
WHAT TO WATCH
- Irish official says country didn’t give Apple tax deals
- U.S. sales of existing homes may rise to 3-year high
- Ford adding capacity for 200,000 new units on Fusion, F-150
- Microsoft unveils new Xbox; has deals with NFL, Halo TV
- Co. to hire “several thousand” Chinese workers: CEO
- Sony board discussing Third Point’s entertainment IPO plan
- Starbucks pays no tax in Germany, Rheinische Post reports
- U.K.’s Miliband to tell Google CEO to change tax culture
- Nintendo, peers winning patent infringement, royalty cases
EARNINGS:
- Lowe’s (LOW) 6am, $0.51 - Preview
- Staples (SPLS) 6am, $0.27
- Booz Allen Hamilton (BAH) 7am, $0.37
- Target (TGT) 7:30am, $0.84 - Preview
- American Eagle Outfitters (AEO) 8am, $0.17
- Eaton Vance (EV) 8:39am, $0.52
- Hewlett-Packard (HPQ) 4pm, $0.81
- PetSmart (PETM) 4:02pm, $0.96
- Synopsys (SNPS) 4:05pm, $0.63
- Workday (WDAY) 4:05pm, $(0.18)
- HEICO (HEI) 4:10pm, $0.40
- L Brands (LTD) 4:30pm, $0.46
- Semtech (SMTC) 4:30pm, $0.47
- Bristow Group (BRS) 5:05pm, $1.02
- SeaWorld Entertainment (SEAS) Aft-mkt, No est.
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Gold Gains Amid Stimulus Speculation Before Bernanke Testimony
- Death in Parched Farm Field Reveals Growing India Water Tragedy
- WTI Crude Drops a Second Day as U.S. Supplies Gain a Fourth Week
- Copper Reaches Five-Week High on Supply Concern After Accident
- Wheat Gains on Weather Concern as Import Demand Seen Picking Up
- Cocoa Falls on Speculation Prices Climbed Too Far; Sugar Rises
- Gold Demand at Degussa Is About Double Average in First Quarter
- Wheat Exports From India May Plummet as Farmers Hoard Harvest
- Cotton Moving Average Signals Further Slide: Technical Analysis
- Freeport Reviews Safety as Copper Rallies Amid Mine Suspension
- Crude Supplies Decline a Second Week in Survey: Energy Markets
- Rebar Rises First Time in Three Days on Iron Ore Price Increase
- Ukraine Counters Russian Cargo Grab With Bond-Sale Cash: Freight
- Gold ETP Outflows in 2013 Top Additions Over Past Two Years
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team