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TODAY’S S&P 500 SET-UP – May 24, 2013


As we look at today's setup for the S&P 500, the range is 23 points or 1.00% downside to 1634 and 0.39% upside to 1657.                   

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: 1.76 from 1.79
  • VIX closed at 14.07 1 day percent change of 1.81%

MACRO DATA POINTS (Bloomberg Estimates):

  • 8:30am: Durable Goods Orders, April, est. 1.5%
  • 8:30am: Durables Ex Trans, April, est. 0.5%
  • 8:30am: Capital Goods Orders Nondef Ex Air, April, est. 0.5%
  • 8:30am: Cap Goods Shipments Nondef Ex Air, April, est. -0.5%
  • 1pm: Baker Hughes rig count

GOVERNMENT:

    • House meets in pro-forma session, Senate schedule TBA
    • 8am: Natl Defense Industrial Assn, Air Force Assn, Reserve Officers Assn hold forum on nuclear, missile defense in China
    • 11am: Sec. of the Air Force Michael Donley and Air Force Chief of Staff Gen. Mark A. Welsh III hold a a media briefing on “The State of the Air Force.”

WHAT TO WATCH

  • Google said to face new antitrust probe on display-ad market
    • Google said to consider buying Waze
    • Google loses bid to block U.S. imports of Microsoft’s Xbox
  • P&G former CEO Lafley to return, replace retiring McDonald
  • Toshiba, KKR to bid for Panasonic health-care unit: Reuters
  • China, U.S. reach agreement on audit records access: China News
  • Obama nominates 2 U.S. Senate aides as next SEC commissioners
  • 8.2 quake hits Sea of Okhotsk; Sakhalin 2 working as normal
  • German IFO business confidence rises for first time in 3 months
  • BOJ Speakers, BofA, Kerry, French Open: Wk Ahead May 25-June 1
  • U.S. markets closed Monday for Memorial Day holiday

EARNINGS:

    • Hibbett Sports (HIBB) 6:30am, $1.07
    • Foot Locker (FL) 7am, $0.88
    • Abercrombie & Fitch (ANF) 7am, $(0.05)
    • National Bank of Canada (NA CN) 7:15am, C$1.98

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • WTI Crude Heads for Biggest Weekly Decline in a Month on Supply
  • Gold Traders Most Bullish in a Month After Bernanke: Commodities
  • Soybeans Head for 4th Weekly Gain as China Demand Shrinks Stocks
  • Oil-Fixing Probe in EU Has Platts Wary Trades May Go Under Radar
  • Copper Swings Between Gains and Drops Amid Concern About Supply
  • Gold Swings as Prices Head for Weekly Gain on Stimulus Outlook
  • Cocoa Falls to One-Week Low on Ivory Coast Rains; Sugar Advances
  • Goldman Says Iron Ore Downturn Signals China’s Buyer Power
  • Yuan Gold Trade in Hong Kong Triples as Currency Gains Cut Risk
  • Grain, Cereal Correlation to Oil May Signal Easing 2H Food Costs
  • Earthquakes Raise Operational Risk for Costly LNG Terminals
  • Kingsman Cuts 2013-14 Sugar Surplus by 12% on Brazil, Russia, EU
  • Spring-Wheat Farmers Catching Up Curbs Premium: Chart of the Day
  • Aluminum Fees in Japan Said to Stall Until Abenomics Spur Demand

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