TODAY’S S&P 500 SET-UP – May 29, 2013
As we look at today's setup for the S&P 500, the range is 30 points or 0.97% downside to 1644 and 0.84% upside to 1674.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 1.87 from 1.88
- VIX closed at 14.48 1 day percent change of 3.50%
MACRO DATA POINTS (Bloomberg Estimates):
- 7am: MBA Mortgage Applications, May 24 (prior -9.8%)
- 7:45am/8:55am: ICSC/Redbook weekly retail sales
- 11am: Fed to purchase $2.75b-$3.5b notes in 2020-2023 sector
- 11:30am: U.S. to sell 4W bills, $25b 52W bills
- 12:15pm: Former Fed Chairman Volcker speaks in New York
- 1pm: Fed’s Rosengren speaks on economy in Minneapolis
- 1pm: U.S. to sell $35b 5Y notes
- 4:30pm: API energy inventories
GOVERNMENT:
- House, Senate not in session
- 9am: Nuclear Regulatory Commission briefing on results of agency action review meeting
- 9:30am: Executive Office of the President, Office of USTR begin 2-day public hearing on proposed Transatlantic Trade and Investment Agreement
- 10am: FDIC holds announces 1Q bank, thrift industry earnings, w/ Gruenberg, Chief Economist Rich Brown
- 10am: Treasury Dept, IRS meet on whether proposed info-collection activities under health-care overhaul should be under its watch
- 11am: Vice President Biden speaks on U.S.-Brazil partnership in Rio
WHAT TO WATCH
- Apple CEO says game changers in development to boost lineup
- SoftBank-Sprint bid said close to national-security approval
- Crest Says Glass Lewis opposes Sprint’s new Clearwire offer
- Morgan Stanley said to seek up to $3b for property fund
- German May unemployment rose adj. 21,000 vs est. 5,000 gain
- Ex-AIG chief Greenberg seeks end to “dead” Spitzer fraud case
- Citigroup settles Federal Housing Finance Agency’s bonds suit
- China growth outlook cut by IMF
- Thailand cuts benchmark interest rate 1st time this yr
- Boeing KC-46 Tanker design review likely set for July: Reuters
- Swiss govt. may disclose bank client data, pay fine: NYT
EARNINGS:
- Fresh Market (TFM) 6am, $0.44
- Bank of Montreal (BMO CN) 6:26am, C$1.48 - Preview
- Michael Kors (KORS) 7am, $0.38
- DSW (DSW) 7am, $0.90
- Chico’s FAS (CHS) 7:15am, $0.36
- RBC Bearings (ROLL) 8am, $0.61
- Avago Technologies (AVGO) 4:05pm, $0.58
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Gold Diverging From Fine Wine as Bullion Investors Lose Faith
- China Steelmakers Challenge Platts Iron Ore Pricing: Commodities
- Shuanghui Agrees to Buy Smithfield Foods for $34-Share in Cash
- Robusta Coffee Reaches 5-Month Low as Vietnam Sells; Cocoa Drops
- Gold Demand in India Heads for Quarterly Record After Price Drop
- WTI Falls From Weekly High as OPEC Signals No Oil-Output Change
- Wheat Falls on Black Sea Competition and as Rain May Aid Crops
- Copper Falls on Concern China’s Economy Is Poised to Slow Down
- Rebar Futures Plunge to Nine-Month Low as Iron Ore Costs Slump
- Varco to Honghua Vying for $9 Billion of Russia Oil Rigs: Energy
- Wheat Quality in Australia to Drop With Yield on Dry Weather
- China’s Aluminum Exports Climb to Seven-Month High: BI Chart
- Crude Supply Falls in Survey on Fuel Output Gain: Energy Markets
- Sugar Options Show Bearish Bets Surged as Brazil’s Crop Advanced
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team