TODAY’S S&P 500 SET-UP – May 23, 2013
As we look at today's setup for the S&P 500, the range is 37 points or 2.14% downside to 1620 and 0.10% upside to 1657.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 1.76 from 1.80
- VIX closed at 13.82 1 day percent change of 3.37%
MACRO DATA POINTS (Bloomberg Estimates):
- 6:05am: Fed’s Bullard speaks on monetary policy in London
- 8:30am: Init Jobless Claims, May 18, est. 345k (prior 360k)
- 8:30am: Continuing Claims, May 11, est 3m (prior 3.009m)
- 8:58am: Markit US PMI Preliminary, May
- 9am: House Price Index M/m, March, est. 0.8% (prior 0.7%)
- 9am: House Price Purchase Index Q/q, 1Q (prior 1.4%)
- 9:45am: Bloomberg Consumer Comfort, May 19 (prior -30.2)
- 10am: New Home Sales, April, est. 425K (prior 417K)
- 10am: New Home Sales M/m, April, est. 1.9% (prior 1.5%)
- 10am: Freddie Mac mortgage rates
- 10:30am: EIA natural-gas storage change
- 11am: Fed to buy $3.0b-$3.75b notes in 2019-2020 sector
- 11am: Kansas City Fed Manuf Act, May, est. -4 (prior -5)
- 1pm: U.S. to sell 10Y TIPS (reopening)
- 3:30pm: ECB’s Draghi speaks in London
- 8pm: St. Louis Fed dialogue on household finl stability
- 10:55pm: Bank of Japan’s Kuroda speaks at Nikkei Conf
GOVERNMENT:
- 9am: House meets to consider H.R.1911, the “Smarter Solutions for Students Act”
- 9:30am: House Fin. Svcs. panel hearing on regulatory burdens, focused on Data Collection Relief Act (H.R. 1135); Small Business Capital Access and Jobs Preservation Act (H.R. 1105); Audit Integrity and Job Protection Act (H.R. 1564); proposal to amend Section 913 of Dodd-Frank Act on fiduciary duty for broker-dealers
- 9:30am: House Judiciary Cmte Chairman Bob Goodlatte, R-Va., Rep. Darrell Issa, R-Calif., introduce high-skilled immigration bill
- 10am: Senate Foreign Relations Cmte hears from Treasury Undersec. for Intl Affairs Lael Brainard, others, on U.S.-EU Economic relations
- 10am: Senate Energy and Natural Resources Cmte forum on best practices, environmental concerns in shale development; Noble Energy CEO Charles Davidson to speak
- 11am: Senate Commerce Cmte hears from Commerce sec. nominee Penny Pritzker
- 11am: API conf. call on gas prices ahead of Memorial Day, summer driving season
- 1pm: NTIA holds mtg on privacy, mobile app. transparency
- 1pm: NOAA issues Atlantic Hurricane Season Outlook
- 1:30pm: President Obama speaks on al Qaeda, drones, Guantanamo
- 1:30pm: NASA media event on private sector space exploration, w/ Bigelow Aerospace President Robert Bigelow
WHAT TO WATCH
- Sprint’s sweetened offer for Clearwire fails to sway opponents
- China manufacturing unexpectedly shrinks in blow to growth
- Lloyds said to plan $8.7b auction of U.S. mortgage bonds
- Blackstone, Prologis said to buy warehouses for $960m
- Euro-area services, output rises more than forecast
- Ford will quit making cars in Australia after 91 years
- Packer’s Crown said to sell Echo stake for A$264m
- Qinetiq puts U.S. services unit under review on sales slump
- Norton Gold may seize on gold’s slump to make acquisitions
- Wall Street seeks to change Dodd-Frank through trade talks
EARNINGS:
- Children’s Place Retail Stores (PLCE) 6am, $0.61
- Hormel Foods (HRL) 6:30am, $0.49
- Toronto-Dominion Bank(TD CN) 6:30am, C$1.91
- Patterson (PDCO) 7am, $0.62
- Buckle (BKE) 7am, $0.82
- Alkermes (ALKS) 7am, $0.15
- Signet Jewelers (SIG) 7:08am, $1.12
- Apollo Investment (AINV) 7:30am, $0.22
- Dollar Tree (DLTR) 7:35am, $0.57 - Preview
- Ralph Lauren (RL) 8am, $1.29
- Ship Finance International (SFL) 8:24am, $0.29
- Advance Auto Parts (AAP) 8:30am, $1.62
- Toro (TTC) 8:30am, $1.17
- GameStop (GME) 8:30am, $0.40
- Gap (GPS) 4pm, $0.69
- Ross Stores (ROST) 4pm, $1.07
- Aeropostale (ARO) 4:01pm, $(0.17)
- Pandora Media (P) 4:02pm, $(0.10)
- Marvell Technology (MRVL) 4:03pm, $0.14
- Williams-Sonoma (WSM) 4:05pm, $0.37
- Salesforce.com (CRM) 4:05pm, $0.11
- Infoblox (BLOX) 4:05pm, $0.06
- Mentor Graphics (MENT) 4:15pm, $0.05
- Sears Holdings (SHLD) 4:15pm, $(0.59)
- Nordson (NDSN) 4:30pm, $0.84
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Commodities Drop on Double Blow of China Data, Bernanke Remarks
- French Wheat Premium Seen Erased by Russia Rebound: Commodities
- Soybeans Touch Six-Month High on Lack of Supply Before Harvest
- Brent Declines to Three-Week Low as China Manufacturing Shrinks
- Gold Gains on Demand for Protection as Stocks Drop on China PMI
- Freeport Says Grasberg’s Copper Can Last Days Following Accident
- Palm Oil Advances to Six-Week High as Production Seen Declining
- Sugar Imports by India May Jump as Prices Plunge on Global Glut
- China Rule Changes May Halt Copper-Financing Deals, Goldman Says
- Rebar Drops After China’s Manufacturing Unexpectedly Contracts
- Oil Revolt Generates $35 Billion as Icahn-Singer Agitate: Energy
- Fuel Oil Viscosity Gap Widens; Gasoil Crack Falls: Oil Products
- Mine Tragedy Jogs Memories of Supply Shortfall: Chart of the Day
- Non-OPEC Output Cost May Drive Up Crude Prices, Bernstein Says
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
