• It's Here!

    Etf Pro

    Get the big financial market moves right, bullish or bearish with Hedgeye’s ETF Pro.

  • It's Coming...

    MARKET EDGES

    Identify global risks and opportunities with essential macro intel using Hedgeye’s Market Edges.

TODAY’S S&P 500 SET-UP – May 15, 2013   

As we look at today's setup for the S&P 500, the range is 28 points or 1.47% downside to 1626 and 0.22% upside to 1654.

                                                                                               

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: 1.73 from 1.72
  • VIX  closed at 12.77 1 day percent change of 1.75%

MACRO DATA POINTS (Bloomberg Estimates):

  • 7am: MBA Mortgage Applications, May 10 (prior 7.0%)
  • 8:30am: Empire Manufacturing, May, est. 4.00 (prior 3.05)
  • 8:30am: PPI M/m, April, est. -0.6% (prior -0.6%)
  • 8:30am: PPI Ex Food & Energy M/m, April, est. 0.1%
  • 9am: Total Net TIC Flows, March (prior $53.6b)
  • 9am: Net Long-term TIC Flows, March (prior -$17.8b)
  • 9:15am: Industrial Prod, April, est. -0.2% (prior 0.4%)
  • 9:15am: Capacity Util, April, est. 78.3% (prior 78.5%)
  • 9:15am: Manuf (SIC) Prod, April, est. 0.0% (prior -0.1%)
  • 10am: NAHB Housing Market Index, May, est. 43 (prior 42)
  • 10:30am: DOE Energy Inventories
  • 11am: Fed to purchase $750m-$1b notes in 2023-2031 sector

GOVERNMENT:

    • 10am: Senate Appropriations panel holds hearing on budget requests for Air Force, Army
    • 10am: Senate Environment Cmte holds hearing on EPA budget
    • 10am: House Ways and Means Cmte discusses draft of small business, pass-through entity tax plan
    • 10am: House Financial Svcs panel holds hearing on Dodd-Frank Act, taxpayer-funded bailouts
    • 1pm: Attorney General Eric Holder testifies on DOJ oversight
    • 1pm: House Foreign Affairs Cmte holds hearing on preventing a nuclear Iran
    • 1pm: House Cmte on Small Business holds hearing on patent reform implementation
    • 2:30pm: Senate Appropriations panel hears from acting Energy Sec. Daniel Poneman on DOE proposed budget
    • 2:30pm: Senate Banking panel hearing on “Improving Cross Border Resolution to Better Protect Taxpayers and the Economy”

WHAT TO WATCH

  • U.S. says Apple, publisher colluded to fix e-book prices
  • Wal-Mart to inspect Bangladesh plants, won’t sign safety pact
  • German economy barely expands, France enters recession
  • Google said to plan introducing music service rivaling Spotify
  • Merlin Entertainments reconsiders GBP3b IPO: Times of London
  • Itau to pay Citigroup $1.37b to reclaim Credicard
  • J.C. Flowers buys Partners Group’s stake in Cabot Credit
  • HSBC signals 14,000 jobs cuts With $3b cost savings plan
  • ThyssenKrupp to cut 3,000 jobs as loss widens, confirms outlook
  • KPN, partly owned by America Movil, raises $3.78b in share sale
  • Chinese premier signals reluctance on stimulus to boost growth
  • Citigroup, BofA, others report monthly charge-offs
  • Pershing, Greenlight, SAC report end-of-qtr holdings
  • MSCI index changes to be announced ~5pm

EARNINGS:

    • Deere (DE) 7am, $2.72 - Preview
    • First Majestic Silver (FR CN) 7am, $0.18
    • Macy’s (M) 8am, $0.53 - Preview
    • Computer Sciences (CSC) 8am, $1.00
    • Pinnacle Foods (PF) Bef-mkt, $0.27
    • Power of Canada (POW CN) 2:07pm, C$0.52
    • Jack in the Box (JACK) 4:01pm, $0.31
    • Acxiom (ACXM) 4:05pm, $0.16
    • Sapient (SAPE) 4:05pm, $0.12
    • Boardwalk REIT (BEI-U CN) 4:10pm, C$0.71
    • Cisco Systems (CSCO) 4:30pm, $0.49 - Preview
    • Skechers U.S.A. (SKX) 4pm, $0.16
    • Freehold Royalties (FRU CN) 5pm, C$0.97
    • NetEase (NTES) 6pm, $1.23

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Iron Ore Tumbles Into Bear Market on China Growth Concerns
  • Latest Corn Crop in Decades May Raise Costs for ADM: Commodities
  • Gold Drops to 3-Week Low in Worst Run Since February on Dollar
  • WTI Falls a Fifth Day in Longest Run of Declines Since October
  • Gold Premiums in India Jump as Central Bank Curbs May Cut Supply
  • Shell Targeted With BP in EU Price Fixing Probe for Oil: Energy
  • U.K. Within-Day Natural Gas Declines as Demand Forecast to Fall
  • Death Cross on Lumber Chart Signals Decline: Technical Analysis
  • Goldman Sachs Lowers Sugar Price Forecasts on Brazil Weather
  • Copper Reaches One-Week Low as Economies Weaken and Stocks Swell
  • Iron Ore Seen Strong Into 2014 on China Steel Demand, Supply
  • Lead Demand Exceeded Output in March, Study Group Reports
  • Rail Revival Is Lifeline to Biggest Africa Copper Mines: Freight
  • Corn Drops as Dry Midwest Weather May Accelerate U.S. Planting

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