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TODAY’S S&P 500 SET-UP – May 13, 2013   


As we look at today's setup for the S&P 500, the range is 34 points or 1.14% downside to 1615 and 0.94% upside to 1649.

                                                                                               

SECTOR PERFORMANCE


THE HEDGEYE DAILY OUTLOOK - 1

THE HEDGEYE DAILY OUTLOOK - 2

EQUITY SENTIMENT:


THE HEDGEYE DAILY OUTLOOK - 10A


CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 1.65 from 1.66
  • VIX  closed at 12.59 1 day percent change of -4.11%

MACRO DATA POINTS (Bloomberg Estimates):

  • 8:30am: Adv. Retail Sales, April, est. -0.3% (prior -0.4%)
  • 10am: Business Inventories, March, est. 0.3% (prior 0.1%)
  • 11:30am: U.S. to sell $29b 3-mo., $24b 6-mo. bills
  • U.S. Rates Weekly Agenda

GOVERNMENT:

    • Obama meets with U.K. Prime Minister David Cameron
    • Final deadline for sending public comment to State Dept on Enbridge’s request to double volume of oil it ships through pipeline from Alberta to Wisc.
    • Senate Energy and Natural Resources Cmte holds forum on natural gas, including pipeline infrastructure, use of gas in transportation sector, w/ GE’s Water & Process Technologies BVBA CEO Steve Bolze, Northwest Natural CEO Gregg Kantor
    • Rep. Scott Garrett, R-N.J., hosts Equity Market Structure Roundtable on history of statutes, regulations governing America’s equity markets, 10am
    • Washington Weekly Agenda
    • Top IRS officials knew of Tea Party spying months pre-denial

WHAT TO WATCH

  • Lazard Capital weighs sale among options for broker
  • NY A.G. presses Apple, Google, MSFT on device thefts
  • BoNY Mellon appeals ruling on Chesapeake’s early bond call
  • China investment unexpectedly slows as output trails forecasts
  • Citigroup’s Corbat says spending needed for full recovery
  • Yellen, Geithner, Summers seen as Fed chair contenders: WSJ
  • Mosaic may unveil new buyback, dividend program
  • Commerzbank slides after report of $3.2b share sale
  • Elan to pay $1b for stake in Theravance’s royalties
  • Fed settles on plan for unwinding bond-buying program: WSJ
  • G-7 signals tolerance of yen drop for now as Japan debated
  • Retail Sales: Weekly U.S. Economy Preview
  • U.S. Retail Sales, Pakistan Vote, Cisco: Wk Ahead May 13-18

EARNINGS:

    • Stratasys (SSYS) 6am, $0.38
    • Solarcity (SCTY) 4:01pm, $(0.32)
    • Take-Two Interactive Software (TTWO) 4:05pm, $0.23
    • Enerflex (EFX CN) 4:42pm, C$0.23
    • Post Holdings (POST) 4:48pm, $0.27
    • Summit Midstream Partners (SM) 5:22pm, $0.24
    • Northern Tier Energy (NTI) 5:24pm, $1.00
    • Element Financial (EFN CN) 5:26pm, C$0.07
    • Aimia (AIM CN) 6:02pm, C$0.31
    • RenRen (RENN) 6pm, $(0.07)
    • Turquoise Hill Resources (TRQ CN) Aft-mkt, $(0.04)

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Gold Drops for Third Day as Dollar’s Strength Curbs ETP Holdings
  • Gold Bears Pull $20.8 Billion as BlackRock Says Buy: Commodities
  • WTI Drops a Third Day as OPEC Boosts Output to Five-Month High
  • Barclays Considers Hiring in U.S. Metals, Power After Reductions
  • Robusta Coffee Falls as Vietnam Drought Eases; Cocoa Advances
  • Rubber on Cusp of Bull Market With Yen Near 102 as China Imports
  • Gold Imports by India Jump as Auspicious Festival Lures Shoppers
  • Corn Gains as Persistent Rain Raises Risks for Record U.S. Crop
  • Hedge Funds Bulls Cut Bets on Natural Gas Rally: Energy Markets
  • Platinum Posts Biggest Shortage Since 2002 as Output Contracts
  • French Chef Puts Crickets on Menu in Push to Use Insects as Food
  • Dowa Boosts Silver Output for Japan Post-Quake Solar Demand
  • Ted Turner Taking Coal Funds to Create Solar Odd Couple: Energy
  • Copper Rises on Indications Chinese Demand Is Set to Strengthen

THE HEDGEYE DAILY OUTLOOK - 5

 

CURRENCIES


THE HEDGEYE DAILY OUTLOOK - 6

GLOBAL PERFORMANCE

THE HEDGEYE DAILY OUTLOOK - 3

THE HEDGEYE DAILY OUTLOOK - 4

EUROPEAN MARKETS


THE HEDGEYE DAILY OUTLOOK - 7

ASIAN MARKETS


THE HEDGEYE DAILY OUTLOOK - 8

MIDDLE EAST


THE HEDGEYE DAILY OUTLOOK - 9

The Hedgeye Macro Team