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TODAY’S S&P 500 SET-UP – May 23, 2013


As we look at today's setup for the S&P 500, the range is 37 points or 2.14% downside to 1620 and 0.10% upside to 1657.     

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: 1.76 from 1.80
  • VIX closed at 13.82 1 day percent change of 3.37%

MACRO DATA POINTS (Bloomberg Estimates):

  • 6:05am: Fed’s Bullard speaks on monetary policy in London
  • 8:30am: Init Jobless Claims, May 18, est. 345k (prior 360k)
  • 8:30am: Continuing Claims, May 11, est 3m (prior 3.009m)
  • 8:58am: Markit US PMI Preliminary, May
  • 9am: House Price Index M/m, March, est. 0.8% (prior 0.7%)
  • 9am: House Price Purchase Index Q/q, 1Q (prior 1.4%)
  • 9:45am: Bloomberg Consumer Comfort, May 19 (prior -30.2)
  • 10am: New Home Sales, April, est. 425K (prior 417K)
  • 10am: New Home Sales M/m, April, est. 1.9% (prior 1.5%)
  • 10am: Freddie Mac mortgage rates
  • 10:30am: EIA natural-gas storage change
  • 11am: Fed to buy $3.0b-$3.75b notes in 2019-2020 sector
  • 11am: Kansas City Fed Manuf Act, May, est. -4 (prior -5)
  • 1pm: U.S. to sell 10Y TIPS (reopening)
  • 3:30pm: ECB’s Draghi speaks in London
  • 8pm: St. Louis Fed dialogue on household finl stability
  • 10:55pm: Bank of Japan’s Kuroda speaks at Nikkei Conf

GOVERNMENT:

    • 9am: House meets to consider H.R.1911, the “Smarter Solutions for Students Act”
    • 9:30am: House Fin. Svcs. panel hearing on regulatory burdens, focused on Data Collection Relief Act (H.R. 1135); Small Business Capital Access and Jobs Preservation Act (H.R. 1105); Audit Integrity and Job Protection Act (H.R. 1564); proposal to amend Section 913 of Dodd-Frank Act on fiduciary duty for broker-dealers
    • 9:30am: House Judiciary Cmte Chairman Bob Goodlatte, R-Va., Rep. Darrell Issa, R-Calif., introduce high-skilled immigration bill
    • 10am: Senate Foreign Relations Cmte hears from Treasury Undersec. for Intl Affairs Lael Brainard, others, on U.S.-EU Economic relations
    • 10am: Senate Energy and Natural Resources Cmte forum on best practices, environmental concerns in shale development; Noble Energy CEO Charles Davidson to speak
    • 11am: Senate Commerce Cmte hears from Commerce sec. nominee Penny Pritzker
    • 11am: API conf. call on gas prices ahead of Memorial Day, summer driving season
    • 1pm: NTIA holds mtg on privacy, mobile app. transparency
    • 1pm: NOAA issues Atlantic Hurricane Season Outlook
    • 1:30pm: President Obama speaks on al Qaeda, drones, Guantanamo
    • 1:30pm: NASA media event on private sector space exploration, w/ Bigelow Aerospace President Robert Bigelow

WHAT TO WATCH

  • Sprint’s sweetened offer for Clearwire fails to sway opponents
  • China manufacturing unexpectedly shrinks in blow to growth
  • Lloyds said to plan $8.7b auction of U.S. mortgage bonds
  • Blackstone, Prologis said to buy warehouses for $960m
  • Euro-area services, output rises more than forecast
  • Ford will quit making cars in Australia after 91 years
  • Packer’s Crown said to sell Echo stake for A$264m
  • Qinetiq puts U.S. services unit under review on sales slump
  • Norton Gold may seize on gold’s slump to make acquisitions
  • Wall Street seeks to change Dodd-Frank through trade talks

EARNINGS:

    • Children’s Place Retail Stores (PLCE) 6am, $0.61
    • Hormel Foods (HRL) 6:30am, $0.49
    • Toronto-Dominion Bank(TD CN) 6:30am, C$1.91
    • Patterson (PDCO) 7am, $0.62
    • Buckle (BKE) 7am, $0.82
    • Alkermes (ALKS) 7am, $0.15
    • Signet Jewelers (SIG) 7:08am, $1.12
    • Apollo Investment (AINV) 7:30am, $0.22
    • Dollar Tree (DLTR) 7:35am, $0.57 - Preview
    • Ralph Lauren (RL) 8am, $1.29
    • Ship Finance International (SFL) 8:24am, $0.29
    • Advance Auto Parts (AAP) 8:30am, $1.62
    • Toro (TTC) 8:30am, $1.17
    • GameStop (GME) 8:30am, $0.40
    • Gap (GPS) 4pm, $0.69
    • Ross Stores (ROST) 4pm, $1.07
    • Aeropostale (ARO) 4:01pm, $(0.17)
    • Pandora Media (P) 4:02pm, $(0.10)
    • Marvell Technology (MRVL) 4:03pm, $0.14
    • Williams-Sonoma (WSM) 4:05pm, $0.37
    • Salesforce.com (CRM) 4:05pm, $0.11
    • Infoblox (BLOX) 4:05pm, $0.06
    • Mentor Graphics (MENT) 4:15pm, $0.05
    • Sears Holdings (SHLD) 4:15pm, $(0.59)
    • Nordson (NDSN) 4:30pm, $0.84

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Commodities Drop on Double Blow of China Data, Bernanke Remarks
  • French Wheat Premium Seen Erased by Russia Rebound: Commodities
  • Soybeans Touch Six-Month High on Lack of Supply Before Harvest
  • Brent Declines to Three-Week Low as China Manufacturing Shrinks
  • Gold Gains on Demand for Protection as Stocks Drop on China PMI
  • Freeport Says Grasberg’s Copper Can Last Days Following Accident
  • Palm Oil Advances to Six-Week High as Production Seen Declining
  • Sugar Imports by India May Jump as Prices Plunge on Global Glut
  • China Rule Changes May Halt Copper-Financing Deals, Goldman Says
  • Rebar Drops After China’s Manufacturing Unexpectedly Contracts
  • Oil Revolt Generates $35 Billion as Icahn-Singer Agitate: Energy
  • Fuel Oil Viscosity Gap Widens; Gasoil Crack Falls: Oil Products
  • Mine Tragedy Jogs Memories of Supply Shortfall: Chart of the Day
  • Non-OPEC Output Cost May Drive Up Crude Prices, Bernstein Says

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