TODAY’S S&P 500 SET-UP – June 8, 2012


As we look at today’s set up for the S&P 500, the range is 49 points or -2.43% downside to 1283 and 1.29% upside to 1332.




THE HEDGEYE DAILY OUTLOOK - levels and trends


THE HEDGEYE DAILY OUTLOOK - sector view table


THE HEDGEYE DAILY OUTLOOK - global performance




    • Versus prior  trading day +2305
  • VOLUME: on 6/7 NYSE 854.61
    • Versus prior trading day 711.57
  • VIX:  as of 6/7 was at 22.16
    • Change versus prior trading day of -2%
    • Year-to-date change of -7.2%
  • SPX PUT/CALL RATIO: as of 6/7 1.41
    • Versus prior trading day 1.74     



  • TED SPREAD: as of this morning: 38.7
  • 3-MONTH T-BILL YIELD: as of this morning 0.08%
  • 10-Year yield: as of this morning 1.67
    • Versus prior trading day 1.65
  • YIELD CURVE: as of this morning 1.30
    • Versus prior trading day 1.37



  • 8:30 am: Trade Balance, April, est. -$49.5b (prior -$51.8b)
  • 10am: Wholesale Inventories, April, est. 0.4% (prior 0.3%)
  • Fed to purchase $1b-$1.5b note in 2/15/2036 to 5/15/2042 range
  • 1pm: Baker Hughes rig count
  • 8pm: Fed’s Kocherlakota to speak on economic theory in Michigan



  • American Bankers Association issues economic forecast. 10am
  • President Obama holds bilateral meeting with Philippines President Benigno Aquino. 2pm
  • House in session
  • House Ways and Means subcommittee holds hearing on tax extenders. 9:30am



  • U.S. moves ahead with implementing global bank capital rules
  • Chesapeake Energy holds annual meeting; Chesapeake shareholders seen to challenge directors’ CEO review
  • Olympus to cut 2,700 jobs, ~7% of its workforce, may consider an alliance to boost capital
  • Google co-founders Larry Page, Sergey Brin said to be slated for questioning by U.S. antitrust regulators
  • U.S. trade deficit likely shrank in April on falling oil prices
  • Morgan Stanley, other global banks undergoing credit review by Moody’s; decision expected by end of month
  • NYSE opposition to Nasdaq’s proposed remedy to Facebook’s botched IPO could delay Facebook compensation plan
  • Spanish Prime Minister Mariano Rajoy holds bank talks with EU leaders as Fitch cuts Spain
  • CA said has begun succession planning for CEO Bill McCracken, who turns 70 this yr
  • Apple’s move to block Samsung Galaxy phone placed on fast track
  • Federal Housing Administration to boost sale of delinquent loans to investors: WSJ
  • McDonald’s releases monthly sales
  • Nomura apologizes for multiple insider trading cases
  • Watch for update on GlaxoSmithKline’s $13-shr hostile bid for Human Genome; tender deadline was yday
  • Russell Index rebalancing after the close
  • U.S. Inflation, Apple, OPEC, Egypt Votes: Week Ahead June 9-16



  • Copper Trade Most Bullish Since March as China Cuts: Commodities
  • Oil Heads for Longest Run of Weekly Losses in More Than 13 Years
  • Commodities Head for Longest Weekly Losing Streak in 11 Years
  • Copper Falls Most in Eight Weeks Without Fed Stimulus Signal
  • Gold Drops in London as Bernanke Dampens Stimulus Expectations
  • Coffee Falls on Speculation Slower Growth Will Curb Consumption
  • Palm Oil Set for 20-Month Low as Mistry Sees Demand Slowdown
  • Jiangxi Copper Considers Halting LME Exports as Prices Decline
  • Barclays, BNP Japan Commodity Sales Heads Leave as Banks Cut
  • Cooking Oil Demand in India Poised to Climb 29% as Income Rises
  • Palm Oil Seen Extending Drop on Falling Biofuel Appeal, Fry Says
  • LNG Sellers Bet on Oil-Link Amid U.S. Shale Boom: Energy Markets
  • Kingsman Raises 2012-13 World Sugar Surplus By 63% on Plantings
  • Copper Trade Most Bullish Since March
  • Copper Stockpiles in Shanghai Decline for Ninth Week
  • Merchant Commodity Hedge Fund Said to Drop 7.5% Last Month
  • Rubber Declines for Fifth Week as Bernanke Holds Off Stimulus

THE HEDGEYE DAILY OUTLOOK - daily commodity view





THE HEDGEYE DAILY OUTLOOK - daily currency view





THE HEDGEYE DAILY OUTLOOK - euro performance





THE HEDGEYE DAILY OUTLOOK - asia performance




  • Steepest Global Slide Since Recession Pushes Central Bank Cuts
  • Oil Heads for Longest Weekly Losing Streak in More Than 13 Years
  • Stocks Decline With Oil as Bernanke Damps Stimulus Speculation
  • Malaysia Sukuk Gain a 5th Week on 15-Year Debut: Islamic Finance
  • Mizuho Ousts WestLB as Japanese Boost Lending: Turkey Credit
  • LNG Sellers Bet on Oil-Link Amid U.S. Shale Boom: Energy Markets
  • Oil May Climb as OPEC Meets, U.S. Supplies Shrink, Survey Shows
  • Iran’s LNG Company Says Sanctions Won’t Deter Production in 2013
  • GCC Sales Set for Record First Half as Costs Drop: Arab Credit
  • Bernanke Anxieties Embodied as Bond Sales Tumble: Credit Markets
  • Rajoy Bid to Avoid Full Bailout Risks Falling Short: Euro Credit
  • U.S. Inflation, Apple, OPEC, Egypt Votes: Week Ahead June 9-16

THE HEDGEYE DAILY OUTLOOK - mideast perforamnce



The Hedgeye Macro Team

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People's Bank of China Spins China’s Bad-Loan Data

PBoC Deputy Governor Yi says China's non-performing loan problem has “pretty much stabilized." "Yi is spinning. China’s bad-debt problem remains serious," write Benn Steil and Emma Smith, Council on Foreign Relations.

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UnderArmour: 'I Am Much More Bearish Than I Was 3 Hours Ago'

“The consumer has a short memory.” Yes, Plank actually said this," writes Hedgeye Retail analyst Brian McGough. "Last time I heard such arrogance was Ron Johnson."

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Buffalo Wild Wings: Complacency & Lack of Leadership (by Howard Penney)

"Buffalo Wild Wings has been plagued by complacency and a continued lack of adequate leadership," writes Hedgeye Restaurants analyst Howard Penney.

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Todd Jordan on Las Vegas Sands Earnings

"The quarter actually beat lowered expectations. Overall, the mass segment performed well although base mass lagging is a concern," writes Hedgeye Gaming, Lodging & Leisure analyst Todd Jordan on Las Vegas Sands.

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An Update on Defense Spending by Lt. Gen Emo Gardner

"Congress' FY17 omnibus appropriation will fully fund the Pentagon's original budget request plus $15B of its $30B supplemental request," writes Hedgeye Potomac Defense Policy analyst Lt. Gen Emerson "Emo" Gardner USMC Ret.

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Got Process? Zero Hedge Sells Fear, Not Truth

Fear sells. Always has. Look no further than Zero Hedge.

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REPLAY: Review of $EXAS Earnings Call (A Hedgeye Best Idea Long)

Our Healthcare Team made a monster call to be long EXAS - hear their updated thoughts.

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Capital Brief: 5 Things to Watch Right Now In Washington

Here's a quick look at some key issues investors should keep an eye on from Hedgeye's JT Taylor and our team of Washington Policy analysts in D.C.

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Premium insight

[UNLOCKED] Today's Daily Trading Ranges

“If I could only have one thing of the many things we have it would be my daily ranges." Hedgeye CEO Keith McCullough said recently.

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We'll Say It Again: Leave Your Politics Out of Your Portfolio

If your politics dictates your portfolio positioning, the Democrats and #NeverTrump crowd out there have had a hell of a week.

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