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TODAY’S S&P 500 SET-UP – May 22, 2013


As we look at today's setup for the S&P 500, the range is 31 points or 1.09% downside to 1651 and 0.77% upside to 1682.             

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: 1.69 from 1.69
  • VIX closed at 13.37 1 day percent change of 2.69%

MACRO DATA POINTS (Bloomberg Estimates):

  • 7am: MBA Mortgage Applications, May 17 (prior -7.3%)
  • 10am: Existing Home Sales, April, est. 4.99m (prior 4.92m)
  • 10am: Existing Home Sales M/m, April, est. 1.4% (prior -0.6%)
  • 10am: Fed’s Bernanke testifies to congressional panel of economic outlook
  • 10:30am: DOE Energy Inventories
  • 11am: Fed to purchase $1.25b-$1.75b notes in 2036-2043 sector
  • 12:30pm: ECB’s Praet speaks on monetary policy in Washington
  • 1pm: Fed’s Fisher speaks on economy in Nacogdoches, Texas
  • 2pm: Minutes from April 30-May 1 FOMC meeting

GOVERNMENT:

    • Financial Industry Regulatory Authority holds final day of conf. on regulatory developments, FINRA’s priorities
    • 9am: Secretary of the Army John McHugh; Army Chief of Staff Gen. Raymond Odierno testify at Senate Appropriations panel hearing on FY2014 budget estimates for U.S. Army
    • 9:30am: House Oversight and Government Reform Cmte hearing on IRS w/ Treasury Deputy Sec. Neal Wolin; former IRS Commissioner Douglas Shulman
    • 10am: Treasury Sec. Jack Lew speaks to House Financial Svcs about FSOC’s annual report
    • 10am: Senate Energy and Natural Resources Cmte forum on LNG officials from cos. incl. Sempra, Cheniere
    • 10am: Congressional-Executive Commission on China hearing on “Food and Drug Safety, Public Health, and the Environment in China”
    • 10am: House Judiciary Cmte hearing on constitutional rights during war on terrorism
    • 10am: House Foreign Affairs Cmte considers Nuclear Iran Prevention Act
    • 2pm: House Financial Services’ oversight panel holds hearing, “Who Is Too Big to Fail: Are Large Financial Institutions Immune from Federal Prosecutions.” w/ Mythili Raman, acting assistant attorney general of DOJ’s criminal division
    • 2pm: House Judiciary Cmte hearing on Senate immigration bill and the 1986 immigration overhaul

WHAT TO WATCH

  • Irish official says country didn’t give Apple tax deals
  • U.S. sales of existing homes may rise to 3-year high
  • Ford adding capacity for 200,000 new units on Fusion, F-150
  • Microsoft unveils new Xbox; has deals with NFL, Halo TV
  • Co. to hire “several thousand” Chinese workers: CEO
  • Sony board discussing Third Point’s entertainment IPO plan
  • Starbucks pays no tax in Germany, Rheinische Post reports
  • U.K.’s Miliband to tell Google CEO to change tax culture
  • Nintendo, peers winning patent infringement, royalty cases

EARNINGS:

    • Lowe’s (LOW) 6am, $0.51 - Preview
    • Staples (SPLS) 6am, $0.27
    • Booz Allen Hamilton (BAH) 7am, $0.37
    • Target (TGT) 7:30am, $0.84 - Preview
    • American Eagle Outfitters (AEO) 8am, $0.17
    • Eaton Vance (EV) 8:39am, $0.52
    • Hewlett-Packard (HPQ) 4pm, $0.81
    • PetSmart (PETM) 4:02pm, $0.96
    • Synopsys (SNPS) 4:05pm, $0.63
    • Workday (WDAY) 4:05pm, $(0.18)
    • HEICO (HEI) 4:10pm, $0.40
    • L Brands (LTD) 4:30pm, $0.46
    • Semtech (SMTC) 4:30pm, $0.47
    • Bristow Group (BRS) 5:05pm, $1.02
    • SeaWorld Entertainment (SEAS) Aft-mkt, No est.

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Gold Gains Amid Stimulus Speculation Before Bernanke Testimony
  • Death in Parched Farm Field Reveals Growing India Water Tragedy
  • WTI Crude Drops a Second Day as U.S. Supplies Gain a Fourth Week
  • Copper Reaches Five-Week High on Supply Concern After Accident
  • Wheat Gains on Weather Concern as Import Demand Seen Picking Up
  • Cocoa Falls on Speculation Prices Climbed Too Far; Sugar Rises
  • Gold Demand at Degussa Is About Double Average in First Quarter
  • Wheat Exports From India May Plummet as Farmers Hoard Harvest
  • Cotton Moving Average Signals Further Slide: Technical Analysis
  • Freeport Reviews Safety as Copper Rallies Amid Mine Suspension
  • Crude Supplies Decline a Second Week in Survey: Energy Markets
  • Rebar Rises First Time in Three Days on Iron Ore Price Increase
  • Ukraine Counters Russian Cargo Grab With Bond-Sale Cash: Freight
  • Gold ETP Outflows in 2013 Top Additions Over Past Two Years

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