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TODAY’S S&P 500 SET-UP – May 20, 2013   


As we look at today's setup for the S&P 500, the range is 29 points or 1.47% downside to 1643 and 0.27% upside to 1672.

                                                                                               

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: 1.71 from 1.71
  • VIX  closed at 12.45 1 day percent change of -4.74%

MACRO DATA POINTS (Bloomberg Estimates):

  • 8:30am: Chicago Fed Nat Activity Index, April (prior -0.23)
  • 11am: Fed to buy $1.25b-$1.75b notes in 2036-2043 sector
  • 11:30am: U.S. to sell $30b 3M bills, $25b 6M bills
  • 1pm: Fed’s Evans speaks on economy in Chicago
  • U.S. Rates Weekly Agenda

GOVERNMENT:

    • Obama aide: no cooperation in Republican fishing for scandal
    • Myanmar’s president, Thein Sein, visits White House
    • Financial Industry Regulatory Authority holds conf. on regulatory developments, FINRA’s priorities
    • Deadline for FDA to come up w/ regulations intended to help prevent outbreaks of foodborne illnesses
    • House Energy and Commerce panel holds hearing on health insurance premiums under Affordable Care Act, 4pm
    • Senate Judiciary marks up S.744, “Border Security, Economic Opportunity and Immigration Modernization Act,” 10am

WHAT TO WATCH

  • Yahoo board said to agree to $1.1b Tumblr acquisition
  • Yahoo said to unveil Flickr updates
  • DirecTV said to be considering buying part or all of Hulu
  • Freeport death toll rises to 14 as CEO Adkerson arrives
  • Freeport said to meet Plains holders to salvage merger vote
  • SAC digs in as deadline nears for U.S. to file insider cases
  • JPMorgan holders led by chairmen-CEOs to vote on Dimon titles
  • Blankfein tells Welt euro breakup risk lower than year ago
  • Clearwire investors anticipate higher bid as Sprint vote looms
  • U.S. home sales probably rose toward 2009 high
  • Apollo, Harbinger subpoenaed on fixed annuity investments: WSJ
  • Morgan Stanley agrees to sell India wealth unit
  • GE Real Estate sells portfolio of Toronto properties to Slate
  • Pentagon seeks to move $9.6b to higher-priority projects
  • Amtrak, Metro-North service still limited or suspended in N.Y., Conn., after train derailment on Fri.
  • NYSE busts 1c/shr trades in Anadarko from late Fri.
  • North Korea test fires fifth missile in three days off coast
  • Gains in China new-home prices are growth challenge for Li
  • “Star Trek” is top U.S./Canada weekend film w/ $70.6m
  • U.S. Weekly Agendas: Finance, Industrials, Energy, Health, Consumer, Tech, Media/Ent, Real Estate, Transports
  • North American M&A Agenda
  • Canada Weekly Agendas: Energy, Mining
  • Bernanke, BOJ, Dimon, IRS Probe: Wk Ahead May 20-25

EARNINGS:

    • Campbell Soup (CPB) 7:30am, $0.56 - Preview
    • Raven Industries (RAVN) 9am, $0.44
    • Urban Outfitters (URBN) 4pm, $0.29
    • TiVo (TIVO) 4:01pm, $(0.14)

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Silver Plunges to Lowest Since 2010 as Gold Drops for Eighth Day
  • Gold Bear Bets Reach Record as Soros Cuts Holdings: Commodities
  • WTI Crude Oil Halts Three-Day Advance Amid Offensive by Syria
  • Corn Climbs Before Planting Report on Forecast for More Rainfall
  • Copper Falls in London on Speculation China Will Curb Property
  • Silver’s Weakness Is Overdone, Deutsche Bank’s Lewis Says
  • China’s Sugar Prices Fall as Stockpile Program Seen Too Small
  • Freeport Death Toll Rises to 14 as CEO Adkerson Arrives
  • Enron No Lesson to Traders as EU Probes Oil-Price Manipulation
  • Soybeans May Decline Below $10 as U.S. Farmers Boost Acreage
  • Aluminum Production Averaged 126,500 Tons a Day in April
  • Steak-Loving Japan Seen Propelling JBS Profits: Corporate Brazil
  • Rebar Falls on High Steel-Mill Output, Lower Raw-Material Price
  • Robusta Coffee Falls to 1-Week Low on Vietnam Sales; Sugar Drops

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