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TODAY’S S&P 500 SET-UP – May 28, 2013


As we look at today's setup for the S&P 500, the range is 30 points or 0.46% downside to 1642 and 1.36% 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: 1.79 from 1.76
  • VIX closed at 13.99 1 day percent change of -0.57%

MACRO DATA POINTS (Bloomberg Estimates):

  • 9am: S&P/CS Comp-20 City Home Price Index M/m, March, est 1%
  • 9am: S&P/Case-Shiller Index, March (prior 146.57)
  • 9am: S&P/Case-Shiller U.S. HPI Y/y, 1Q (prior 7.33%)
  • 9am: S&P/Case-Shiller U.S. HPI, 1Q (prior 135.22)
  • 10am: Richmond Fed Manuf Index, May, est -5 (prior -6)
  • 10am: Consumer Confidence, May, est. 70.5 (prior 68.1)
  • 10:30am: Dallas Fed Manuf Act., May, est -10 (prior -15.6)
  • 11am: Fed to purchase $1.25b-$1.75b in 2036-2043 sector
  • 11:30am: U.S. to sell $30b 3M bills, $25b 6M bills
  • 1pm: U.S. to sell $35b 2Y notes
  • 8pm: Bank of Japan’s Kuroda speaks at BOJ conference
  • U.S. Rates Weekly Agenda

GOVERNMENT:

    • 10am: House Transportation and Infrastructure panel holds field hearing on oversight of high-speed rail in Calif.

WHAT TO WATCH

  • Valeant to Buy Warburg Pincus’s Bausch & Lomb
  • KKR, Silver Lake challenge Yahoo for Hulu as bidding escalates
  • Yahoo’s Hulu bid said to be $600m-$800m: AllThingsD
  • AstraZeneca to buy Omthera Pharma for up to $443m
  • Apple’s iPhone distribution still examined by EU regulator
  • Freeport mine suspension may be lifted after safety review
  • Morgan Stanley said to move Asia hedge-fund event to U.S.
  • Jet to buy more Boeing planes as AirAsia enters India market
  • Siga may rise on chance to reargue damages in PharmAthene suit
  • Chevron lends Venezuelan oil venture $2b for output boost
  • Chevron plans to sell more gas from A$52b Gorgon project
  • Clarion said to buy NYC tower in midtown south for $225m
  • Li says China targets 7% annual growth this decade
  • Oil-price manipulation may affect millions, EU official says
  • “Fast & Furious 6” is top U.S./Canada film w/ $98.5m
  • Bank of Israel lowers rate a second time this month
  • 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
  • U.S. consumer spending probably little changed: Eco Preview
  • BOJ Speakers, Merkel, French Open: Week Ahead May 27-June 1

EARNINGS:

    • Canadian Solar (CSIQ) 6am, ($0.78)
    • Tiffany (TIF) 7am, $0.53
    • Bank of Nova Scotia (BNS CN) 7:30am, C$1.26 - Preview
    • United Natural Foods (UNFI) 4pm, $0.64
    • EnerSys (ENS) 4:01pm, $0.80
    • Guidewire Software (GWRE) 4:01pm, $0.02
    • Wet Seal (WTSL) 4:05pm, $0.01

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Gold Premiums Tumble From India to Hong Kong as Demand Wanes
  • Refined Sugar Sours as Premium Shrinks Amid Glut: Commodities
  • Corn Climbs to Three-Week High as Wet Weather May Slow Planting
  • Brent Crude Rises to One-Week High; WTI Halts Four-Day Decline
  • Gold Drops With Silver as Dollar Strengthens Before U.S. Data
  • Money Managers Boost Bets on Higher Cocoa Prices on NYSE Liffe
  • Aluminum Inventories Seen by IAI at 1.22 Million Tons in April
  • Gold Futures May Drop to Lowest Since 2010: Technical Analysis
  • SHFE Plans to Expand Warehouse Network in Competition With LME
  • Rebar in Shanghai Climbs 0.2%, Reversing Earlier Decline
  • Australia May Get 10% of New LNG Contracts, Wood Mackenzie Says
  • Jet Fuel Sinks in Europe as Slowdown Hits Travel: Energy Markets
  • LPG Tanker Rates Rising Near Record in U.S. Shale Surge: Freight
  • Copper Swings Between Gains and Declines on China Growth Concern

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