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TODAY’S S&P 500 SET-UP – May 14, 2013   


As we look at today's setup for the S&P 500, the range is 32 points or 0.97% downside to 1618 and 0.99% upside to 1650.

                                                                                               

SECTOR PERFORMANCE


THE HEDGEYE DAILY OUTLOOK - 1

THE HEDGEYE DAILY OUTLOOK - 2

EQUITY SENTIMENT:


THE HEDGEYE DAILY OUTLOOK - 10


CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 1.67 from 1.68
  • VIX  closed at 12.55 1 day percent change of -0.32%

MACRO DATA POINTS (Bloomberg Estimates):

  • 7:30am: NFIB Small Bus. Optim, Apr, est. 90.5 (prior 89.5)
  • 7:45am: ICSC weekly sales
  • 8:30am: Import Price Index M/m, Apr, est. -0.5% (pr -0.5%)
  • 8:30am: Import Price Index Y/y, Apr, est. -3.1% (pr -2.7%)
  • 8:55am: Johnson/Redbook weekly sales
  • 11am: Fed to purchase $2.75b-3.5b notes in 2020-2023 sector
  • 11am: New York Fed issues quarterly household debt report
  • 11:30am: U.S. to sell 4W bills
  • 4:30pm: API energy inventories

GOVERNMENT:

    • House, Senate in session
    • SEC hosts Credit Ratings Roundtable w/panels on potential creation of assignment system for asset-backed securities, alternatives to issuer-pay business model
    • Senate Banking panel holds hearing on “Returning Private Capital to Mortgage Markets: A Fundamental for Housing Finance Reform,” 3:15pm
    • Senate Agriculture Cmte considers farm bill, 10am
    • Senate Judiciary Cmte considers immigration bill, 10am
    • House Energy and Commerce marks up H.R.1407, the “Animal Drug User Fee Amendments of 2013;” and H.R.1919, the “Safeguarding America’s Pharmaceuticals Act of 2013,” 4pm
    • IFC hosts Global Private Equity Conference w/speakers incl. TPG Founding Partner David Bonderman, World Bank Pres. Jim Yong Kim, 8:30am
    • U.S. Court of Appeals for the D.C. Circuit hears arguments over how Export-Import Bank processes loan-guarantee applications from foreign airlines, 9:30am

WHAT TO WATCH

  • Verizon Wireless agrees to pay co-owners $7b dividend
  • Vodafone may not announce more investor returns: JPMorgan
  • Third Point said to urge Sony to sell part of entertainment unit
  • Commerzbank to sell $3.25b shares at 38% discount to repay debt
  • CFTC probes use of derivatives by commodities traders: FT
  • XD Group said in talks to buy GE Prolec for as much as $1b
  • AstraZeneca, Cubist, Astellas said to make bids for Optimer
  • Ex-BlackRock manager said to be arrested in U.K. insider probe
  • Goldman Sachs investors should oppose pay plan, Glass Lewis says
  • Fed’s Plosser says slowing inflation not a concern for policy
  • German ZEW investor confidence rises less than forecast
  • Tata Steel expects $1.6b writedown on sluggish Europe demand
  • ECB picks fight with Germany on rules for handling failing banks
  • Spain sells 12-mo. bills at yield below 1% for first time since 2010

EARNINGS:

    • Rona (RON CN) 7am, C$(0.14)
    • Valspar (VAL) 7:30am, $0.90
    • Argonaut Gold (AR CN) 7:30am, $0.08
    • Taminco (TAM) Bef-mkt
    • Vipshop Holdings (VIPS) 4:01pm, $0.04
    • Agilent Technologies (A) 4:05pm, $0.67
    • Eagle Materials (EXP) 4:15pm, $0.39
    • Taylor Morrison Home (TMHC) Aft-mkt, $0.22 - Preview

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • WTI Trades Near One-Week Low on U.S. Supply; IEA Sees Shale Boom
  • Used Gold Supply Heads for ’08 Low as Sellers Balk: Commodities
  • Gold Trades Near 2-Week Low on Physical Demand, Dollar Strength
  • Copper Falls Most in Two Weeks on Indications of China Slowdown
  • Corn Falls as Planting May Accelerate on Drier U.S. Weather
  • Cocoa Gains as Supply May Be Limited Before Expiry; Coffee Rises
  • Cooking Oil Imports by India Slump on Stockpiles, Low Demand
  • Rebar Falls After Chinese Industrial Output Signals Weak Outlook
  • Crude Supplies Gain for Fourth Week in Survey: Energy Markets
  • IEA Sees U.S. Oil Shockwaves Ousting OPEC as Supply Driver
  • Gold Rush Lifts Profit at Biggest Jewelry Maker: Corporate India
  • Gasoline Rises Most in Three Months at U.S. Pumps, Report Shows
  • Brazil Oil Auction Gathers Drillers With Taste of Africa: Energy
  • Deutsche Bank Sees SPDR Gold Falling 2-4 Million More Ounces

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