TODAY’S S&P 500 SET-UP – March 18, 2014
As we look at today's setup for the S&P 500, the range is 20 points or 0.69% downside to 1846 and 0.39% upside to 1866.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.32 from 2.33
- VIX closed at 15.64 1 day percent change of -12.23%
MACRO DATA POINTS (Bloomberg Estimates):
- Federal Open Market Cmte begins 2-day mtg
- 7:45am: ICSC weekly sales
- 8:30am: CPI m/m, Feb., est. 0.1% (prior 0.1%)
- CPI Ex Food and Energy m/m, Feb., est. 0.1% (prior 0.1%)
- 8:30am: Housing Starts, Feb., est. 910k (prior 880k)
- 8:30am: Building Permits, Feb., est. 960k (prior 937k, revised 945k)
- 8:55am: Redbook weekly sales
- 9am: Net Long-term TIC Flows, Jan., est. $40.0b (pr -$45.9b)
- 4:30pm: API weekly oil inventories
GOVERNMENT:
- 8am: SEC Chief Economist Craig Lewis speaks at ICI
- 8:30am: David S. Cohen, U.S. Treasury undersecretary for terrorism & financial intelligence speaks on virtual currencies at Bloomberg event
- 9am: RNC Chairman Reince Priebus at Christian Science Monitor
- 10am: DNC Chairwoman Rep. Debbie Wasserman Schultz at Natl Press Club
- US. Election Wrap: Illinois Race; Ads by Billionaires
WHAT TO WATCH:
- Federal Open Market Cmte begins 2-day mtg
- High-speed trading said to face New York probe over fairness
- Russia creeps towards economic crisis as sanctions near
- Malaysia Air disappearance among longest in modern aviation
- Obamacare reshuffles insurance market share, report says
- Wal-Mart plans video-game trade-in service March 26
- Amazon to start selling video-streaming device in April: WSJ
- Microsoft said to unveil Office for IPad on March 27
- Target to sell products simultaneously with TV shows: NYT
- Rep. Camp’s bank tax plan under attack from Wall St.: WSJ
- Shell, Phillips 66 purchase majority of SPR oil sale
- Italy may cut F-35 JSF order to 45 vs 90, Corriere says
EARNINGS:
- Adobe Systems (ADBE) 4:05pm, $0.25 - Preview
- Alimentation Couche Tard (ATD/B CN) 8:40am, $0.92
- DSW (DSW) 7am, $0.29
- FactSet Research Systems (FDS) 7am, $1.22
- Hertz Global Holdings (HTZ) 6am, $0.32
- Oracle (ORCL) 4:01pm, $0.70 - Preview
- Pacific Sunwear of California (PSUN) 4pm, ($0.19)
- Renren (RENN) 6pm, ($0.12)
- Yingli Green Energy Holding Co (YGE) 6am, ($0.18)
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Gold Extends Retreat From Highest in Six Months Before Fed Meets
- Gold-Mining ETF Outshines Bullion Fund as Haven Bet: Commodities
- Brent Trades Near Six-Week Low as Crimea Risk Fades; WTI Steady
- Nickel Heads for Bull Market as Russia Clouds Supply Outlook
- Corn Rebounds in Chicago Trading, Erasing Earlier Declines
- StanChart Sees Global Sugar Deficit in 2014-15 of 1 Mln Tons
- Ukraine Tackling Gas Corruption Means Potatoes for Poor: Energy
- Default Risk for China Copper Financing Seen Low: StanChart
- European LNG Imports Fell to 9-Yr Low in 2013 as Prices Rose: BG
- French Flour Miller Vivescia Sees Market for Sustainable Wheat
- April Jet Fuel Swaps Drop to Eight-Month Low: Asia Distillates
- EU Mulls Renewables-Linked Aid to 62 Industries, Draft Shows
- Thai Rice Crops Damaged as Drought Spreads Across 28 Provinces
- Rebar Rises 1st Time in 3 Days on China Seasonal Demand Outlook
- Agricultural Commodities Could Be “Next Big Story,” HSBC Says
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team