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TODAY’S S&P 500 SET-UP – May 21, 2013


As we look at today's setup for the S&P 500, the range is 31 points or 1.16% downside to 1647 and 0.70% upside to 1678.                   

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: 1.72 from 1.73
  • VIX closed at 13.02 1 day percent change of 4.58%

MACRO DATA POINTS (Bloomberg Estimates):

  • 7:45am: ICSC weekly sales
  • 8:55am: Johnson/Redbook weekly sales
  • 11am: Fed to purchase $2.75b-$3.5b notes in 2020-2023 sector
  • 11:30am: U.S. to sell 4W bills
  • 11:30am: Fed’s Bullard speaks in Frankfurt
  • 1pm: Fed’s Dudley speaks in New York
  • 4:30pm: API energy inventories

GOVERNMENT:

    • Apple CEO Cook appears before House Permanent Subcmte on Investigations to talk about offshore profit shifting, tax code alongside Apple CFO Peter Oppenheimer and Tax Operations Head Phillip Bullock; Cook said he’d present tax code simplification ideas at hearing, 9:30am
    • IRS Acting Commissioner Steven Miller, Treasury’s IG for tax administration, J. Russell George, Former IRS Commissioner Doug Shulman testify before Senate Finance, 10am
    • CME Chairman Terrence Duffy, ICE CEO Jeffrey Sprecher testify before House Agriculture Cmte on future of the CFTC, 10am
    • Financial Industry Regulatory Authority annual conf., 9:30am
    • Congressional Progressive Caucus holds discussion on wages in federal contracts, 3pm
    • Treasury Sec. Jack Lew speaks to Senate Banking Cmte on Financial Stability Oversight Council’s annual report. 10am
    • House Financial Svcs panel hearing, “Qualified Mortgages: Examining the Impact of the Ability to Repay Rule,” 10am
    • SEC Commissioner Daniel Gallagher speaks at meeting of Women in Housing Finance, 12pm
    • House Financial Svcs panel holds hearing on Dodd-Frank’s conflict minerals provision, 2pm
    • BSA releases study on piracy’s economic impact on govts
    • NIST Director Patrick Gallagher, others testify before House Energy and Commerce Cmte on cyber threats and security, 10am

WHAT TO WATCH

  • JPM shareholders vote whether to split chairman, CEO roles
  • Apple CEO Cook, other execs testify today in D.C. on taxes
  • Sprint to give Dish nonpublic data as Softbank grants waiver
  • Clearwire holder vote on Sprint may be postponed: NY Post
  • Dish chairman Ergen said to bid $2b for LightSquared assets
  • Death toll from Oklahoma tornadoes rises to 91
  • Ex-McKinsey exec. Gupta to appeal insider trading conviction
  • Boeing open to increasing production rate for 787, CEO says
  • Microsoft to unveil new Xbox at event in Redmond, Wash.
  • IRS tax-exempt scrutiny to be subject of Senate cmte hearing
  • IRS ex-official Shulman withdraws CBOE board candidacy
  • Carnival says lower prices forced earnings forecast cut
  • Yahoo to expand in NYC with new Times Square office
  • NetJets CEO says U.S. leading demand for private flights
  • Grifols to buy 35% of Aradigm after latter’s capital increase

EARNINGS: (all times ET, times are approximate)

    • Home Depot (HD) 6am, $0.76 - Preview
    • AutoZone (AZO) 7am, $7.21
    • Medtronic (MDT) 7:15am, $1.03 - Preview
    • Dick’s Sporting Goods (DKS) 7:30am, $0.48
    • Best Buy (BBY) 7:31am, $0.24
    • Tidewater (TDW) 7:51am, $0.61
    • Saks (SKS) 8am, $0.18
    • TJX (TJX) 8:32am, $0.62
    • Intuit (INTU) 4pm, $2.93
    • Analog Devices (ADI) 4pm, $0.52
    • NetApp (NTAP) 4:01pm, $0.68
    • Compuware (CPWR) 4:05pm, $0.05

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Gold Declines in London as U.S. Stimulus Outlook Curbs Demand
  • Platinum Buying Quickens as Gold Allure Diminishes: Commodities
  • WTI Crude Trades Near Seven-Week High as Stockpiles Seen Falling
  • Copper Swings Between Gains and Drops Amid Concern About Supply
  • Corn Declines for Second Day as U.S. Farmers Accelerate Planting
  • Palm Oil Seen Dropping by Mistry as Output, Stockpiles Climb
  • Freeport Mine Death Toll Rises to 21 as Indonesia Reviews Mines
  • Hunan Rice Sales Plunge as China Probes Cadmium Contamination
  • Crude Supplies Decline a Second Week in Survey: Energy Markets
  • Brazil Coffee Growers Seek Price Review From ICE Futures U.S.
  • Adaro Chief Says Coal at $100 a Ton New Normal: Southeast Asia
  • ThyssenKrupp Woes Tarnish 99-Year-Old Steel Baron Beitz’s Legacy
  • Gold-Silver Price Suggests Stocks to Snap Gain: Chart of the Day
  • Cocoa Gains in London as Pound Nears Six-Week Low; Sugar Falls

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