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TODAY’S S&P 500 SET-UP – May 16, 2013   


As we look at today's setup for the S&P 500, the range is 27 points or 1.55% downside to 1633 and 0.07% upside to 1660.

                                                                                               

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: 1.70 from 1.70
  • VIX  closed at 12.81 1 day percent change of 0.31%

MACRO DATA POINTS (Bloomberg Estimates):

  • 7:45am: Fed’s Rosengren speaks in Milan
  • 8:30am: CPI M/m, April, est. -0.3% (prior -0.2%)
  • 8:30am: CPI Ex Food & Energy M/m, April, est. 0.2%
  • 8:30am: Init Jobless Claims, May 11, est. 330k (prior 323k)
  • 8:30am: Continuing Claims, May 4, est. 3m (prior 3.005m)
  • 8:30am: Housing Starts, April, est. 970k (prior 1.036m)
  • 8:30am: Housing Starts M/m, April, est. -6.4% (prior 7.0%)
  • 8:30am: Building Permits, April, est. 941k
  • 8:30am: Building Permits M/m, April, est. 3.8%
  • 8:30am: Annual revisions to earlier data
  • 9am: Fed’s Fisher speaks at NABE conference in Houston
  • 9:45am: Bloomberg Economic Expectations, May (prior -4)
  • 9:45am: Bloomberg Consumer Comfort, May 12 (prior -29.5)
  • 10am: Philadelphia Fed, May, est. 2 (prior 1.3)
  • 10am: Freddie Mac mortgage rates
  • 10:30am: EIA natural-gas storage change
  • 11am: Fed to purchase $1.25b-$1.75b notes in 2036-2043 sector
  • 12:30pm: Fed’s Raskin speaks on economy in Washington
  • 3:05pm: Fed’s Williams speaks in Portland, Ore.
  • 6pm: Riksbank’s Stefan Ingves speaks in Chicago 

GOVERNMENT:

    • President Obama meets with Prime Minister Recep Tayyip Erdogan of Turkey to discuss Syria, trade, countering terrorism
    • 9:30am: Senate Armed Svcs Cmte holds hearing on 2001 Authorization for Use of Military Force
    • 9:30am: House Transportation and Infrastructure Cmte marks up H.R. 3, which would give Congress power to issue approval for Keystone XL pipeline
    • 10am: House Oversight and Government Reform Cmte, Data Transparency Coalition hold a “DATA Demonstration Day,” to show how digital technologies would improve efficiency, management, accountability of government
    • 10am: House Financial Svcs Cmte hears from SEC’s Mary Jo White on commission’s budget request
    • 10:30am: House Oversight and Government Reform panel holds hearing on oil, gas production on federal lands
    • 10:30am: Senate Small Business Cmte holds hearing on effect of E-Verify systems
    • 11am: House Judiciary panel holds hearing on electronic employment eligibility verification systems
    • 1pm: House Judiciary panel holds hearing on Agricultural Guest Worker Act
    • Obama seeks to revive reporter-shield bill post-AP subpoenas

WHAT TO WATCH

  • Cisco 4Q adj. EPS view in line, rev. view midpoint misses
  • Time Warner Cable said to weigh stake in Hulu web-video service
  • Roche’s GA101 gets FDA breakthrough-therapy designation
  • Apple said to be subject of U.S. Senate offshore tax hearing
  • Obama forces out acting IRS chief in bid to restore trust
  • Novartis considers bid for Actavis: WSJ
  • Plosser says Fed should exit mortgage-backed securities market
  • Hartford Financial hires Deutsche Bank to seek buyer for Japanese unit
  • Japan 1Q GDP rose most in yr on consumer spending, exports
  • Tesla to raise as much as $830m to repay U.S. green-car program
  • Bristol-Myers drug cocktail quells melanoma tumors: Study
  • Cancer treatment’s brutal side effects may be cut: Studies
  • Platts retains energy trader confidence amid price-fix probe
  • U.S. wants $5b from Swiss banks to end tax row: Handelszeitung
  • William Lyon Homes raises $217.5m pricing shares above range
  • MSCI announces changes from semiannual global index review
  • Investors see U.S. markets with best return in global poll

EARNINGS:

    • Prestige Brands (PBH) 5:30am, $0.35
    • Flowers Foods (FLO) 6:30am, $0.43
    • Kohl’s (KSS) 7am, $0.57 - Preview
    • Wal-Mart Stores (WMT) 7am, $1.15 - Preview
    • CAE (CAE CN) 8:18am, C$0.18
    • Applied Materials (AMAT) 4pm, $0.13
    • Dell (DELL) 4:01pm, $0.35
    • Autodesk (ADSK) 4:01pm, $0.45
    • Aruba Networks (ARUN) 4:03pm, $0.12
    • Brocade Communications (BRCD) 4:04pm, $0.15
    • Brady (BRC) 4:04pm, $0.60
    • Nordstrom (JWN) 4:05pm, $0.76 - Preview
    • ViaSat (VSAT) 4:05pm, $0.01
    • J.C. Penney (JCP) 4:30pm, $(1.05) - Preview

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Gold Near One-Month Low as Soros, Blackrock Reduce ETP Holdings
  • Soros Joins Gold-Stake Cuts Before Bear Market Drop: Commodities
  • Strict Checks on China Scrap Copper Imports Boost Ore Demand
  • Copper Falls for Third Day on Mounting Signs of China Slowdown
  • Gold Demand Slid 13% to Three-Year Low on Investor ETP Sales
  • China’s Copper Output in April Rises 14 Percent to 558,000 Tons
  • Gold Demand in China Surges 20% to Record in First Quarter
  • WTI Crude Declines as Fuel Demand Drops Amid Economic Weakness
  • Sugar Falls to 2010-Low on Brazil, Thailand Output; Cocoa Drops
  • Soybeans Advance on Indications of Sustained Demand From China
  • China’s June Soybean Imports May Reach Record, Govt Center Says
  • Gold Price Slump Increased India Appetite for Bullion, WGC Says
  • Paulson Sold Gold Miners, Bought Family Dollar Last Quarter
  • Platts Retains Energy Trader Confidence Amid Price-Fix Probe
  • Freeport Stops Papua Mining After Tunnel Collapse Kills Five

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