TODAY’S S&P 500 SET-UP – March 11, 2014
As we look at today's setup for the S&P 500, the range is 27 points or 0.70% downside to 1864 and 0.74% upside to 1891.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.41 from 2.41
- VIX closed at 14.2 1 day percent change of 0.64%
MACRO DATA POINTS (Bloomberg Estimates):
- 5:30am: Bank of England’s Carney, others speak in London
- 7:30am: NFIB Small Business Optim, Feb., est. 94 (pr 94.1)
- 7:45am: ICSC retail sales
- 8:55am: Redbook weekly sales
- 10am: JOLTs Job Openings, Jan. (prior 3.99m)
- 10am: Wholesale Inventories, Jan., est. 0.4% (prior 0.3%)
- 4:30pm: API weekly oil inventories
GOVERNMENT:
- President Obama to attend Democratic National Cmte, Democratic Senatorial Campaign Cmte events in New York
- Vice President Biden meets with Colombian President Juan Manuel Santos before attending inauguration of Chilean President Michelle Bachelet in Santiago
- 12:25pm: OMB Director Burwell speaks at Economic Club of Washington on Obama’s proposed FY15 budget
- 11am: John Brennan delivers remarks on 1st yr as CIA director
- 4pm: Sec. Jeh Johnson before House Homeland Security panel on agency’s 2015 budget proposal
- U.S. election wrap: Florida primary tomorrow
WHAT TO WATCH:
- Blackstone said to plan $5.5b Gates Global bid with TPG
- Lloyds trader said to tip off BP on $500m currency deal
- Ackman to show internal documents in Herbalife China webcast
- SoftBank’s Son vows "price war" if T-Mobile deal approved
- Russia holds firm on Crimea as Ukraine bolsters its defenses
- Malaysia widens search for missing jet to Malacca Strait
- Microsoft’s Titanfall game is being released
- Bank of Japan sticks to easing plan as sales-tax bump looms
- Sean Combs is said to bid $200m for MSG’s Fuse TV network
- Jimmy Iovine’s Beats Music is said to raise up to $100m
- House panel to probe GM recall of vehicles on ignition switches
- Repo fire-sale proposal said within reach
- Insurance cos. attempt to escape U.S. bank capital requirements
- Honda makes Acura stand-alone division to boost luxury lineup
- Energy Future said to hold last-minute talks to ease bankruptcy
- Blackstone buys majority stake in Accuvant for $150m: WSJ
- Wells Fargo reverses ban on staff making P2P loans, FT reports
- Apple said to seek exclusive iTunes releases: L.A. Times
AM EARNS:
- American Eagle Outfitters (AEO) 8am, $0.26 - Preview
- Arcos Dorados Holdings (ARCO) 8am, $0.16
- Dick’s Sporting Goods (DKS) 7:30am, $1.11 - Preview
- John Wiley & Sons (JW/A) 8am, $0.85
- Springleaf Holdings (LEAF) 7:30am, $0.45
- Synta Pharmaceuticals (SNTA) 6:45am, ($0.30)
- Transcontinental (TCL/A CN) 10:30am, $0.34
PM EARNS:
- Caesars Entertainment (CZR) 4pm, ($1.52)
- Diamond Foods (DMND) 4:01pm, $0.08
- Furiex Pharmaceuticals (FURX) 4:05pm, ($1.06)
- Inter Parfums (IPAR) 4:05pm, ($0.17)
- NCI Building Systems (NCS) 4:01pm, ($0.01)
- VeriFone Systems (PAY) 4:01pm, $0.27
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Iron Ore Bear Market Deepens Amid China Credit, Surplus Concerns
- WTI Trades Near 3-Week Low as Supplies Seen Rising; Brent Stable
- Nickel Pioneer Shut Out as China Cuts Smokestacks: Commodities
- Copper Rebounds as Barclays Says Worst Selling May Have Passed
- Corn Extends Slump to One-Week Low as USDA Signals Ample Supply
- Gold Climbs Toward Four-Month High as Ukraine Spurs Haven Demand
- Indonesian Exchange Sets Daily Suggested Opening Bid for Tin
- Corn Extending Rally With Wheat for CBH on Ukraine Supply Risk
- Rebar Rises After Biggest Three-Day Decline Since October 2011
- Japan’s Giant Tsunami Wall Fails to Stop Atomic Power Fears
- Palm Oil Drops as Prices at 18-Month High Seen Cutting Demand
- Ukraine Crisis Endangers Exxon’s Black Sea Gas Drilling: Energy
- Record Bullish Oil Bets May Deepen Any Slump: Chart of the Day
- Tin Shipment Seized by Indonesian Navy En Route to Singapore
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
