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TODAY’S S&P 500 SET-UP – May 29, 2013


As we look at today's setup for the S&P 500, the range is 30 points or 0.97% downside to 1644 and 0.84% upside to 1674.    

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: 1.87 from 1.88
  • VIX closed at 14.48 1 day percent change of 3.50%

MACRO DATA POINTS (Bloomberg Estimates):

  • 7am: MBA Mortgage Applications, May 24 (prior -9.8%)
  • 7:45am/8:55am: ICSC/Redbook weekly retail sales
  • 11am: Fed to purchase $2.75b-$3.5b notes in 2020-2023 sector
  • 11:30am: U.S. to sell 4W bills, $25b 52W bills
  • 12:15pm: Former Fed Chairman Volcker speaks in New York
  • 1pm: Fed’s Rosengren speaks on economy in Minneapolis
  • 1pm: U.S. to sell $35b 5Y notes
  • 4:30pm: API energy inventories

GOVERNMENT:

    • House, Senate not in session
    • 9am: Nuclear Regulatory Commission briefing on results of agency action review meeting
    • 9:30am: Executive Office of the President, Office of USTR begin 2-day public hearing on proposed Transatlantic Trade and Investment Agreement
    • 10am: FDIC holds announces 1Q bank, thrift industry earnings, w/ Gruenberg, Chief Economist Rich Brown
    • 10am: Treasury Dept, IRS meet on whether proposed info-collection activities under health-care overhaul should be under its watch
    • 11am: Vice President Biden speaks on U.S.-Brazil partnership in Rio

WHAT TO WATCH

  • Apple CEO says game changers in development to boost lineup
  • SoftBank-Sprint bid said close to national-security approval
  • Crest Says Glass Lewis opposes Sprint’s new Clearwire offer
  • Morgan Stanley said to seek up to $3b for property fund
  • German May unemployment rose adj. 21,000 vs est. 5,000 gain
  • Ex-AIG chief Greenberg seeks end to “dead” Spitzer fraud case
  • Citigroup settles Federal Housing Finance Agency’s bonds suit
  • China growth outlook cut by IMF
  • Thailand cuts benchmark interest rate 1st time this yr
  • Boeing KC-46 Tanker design review likely set for July: Reuters
  • Swiss govt. may disclose bank client data, pay fine: NYT

EARNINGS:

    • Fresh Market (TFM) 6am, $0.44
    • Bank of Montreal (BMO CN) 6:26am, C$1.48 - Preview
    • Michael Kors (KORS) 7am, $0.38
    • DSW (DSW) 7am, $0.90
    • Chico’s FAS (CHS) 7:15am, $0.36
    • RBC Bearings (ROLL) 8am, $0.61
    • Avago Technologies (AVGO) 4:05pm, $0.58

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Gold Diverging From Fine Wine as Bullion Investors Lose Faith
  • China Steelmakers Challenge Platts Iron Ore Pricing: Commodities
  • Shuanghui Agrees to Buy Smithfield Foods for $34-Share in Cash
  • Robusta Coffee Reaches 5-Month Low as Vietnam Sells; Cocoa Drops
  • Gold Demand in India Heads for Quarterly Record After Price Drop
  • WTI Falls From Weekly High as OPEC Signals No Oil-Output Change
  • Wheat Falls on Black Sea Competition and as Rain May Aid Crops
  • Copper Falls on Concern China’s Economy Is Poised to Slow Down
  • Rebar Futures Plunge to Nine-Month Low as Iron Ore Costs Slump
  • Varco to Honghua Vying for $9 Billion of Russia Oil Rigs: Energy
  • Wheat Quality in Australia to Drop With Yield on Dry Weather
  • China’s Aluminum Exports Climb to Seven-Month High: BI Chart
  • Crude Supply Falls in Survey on Fuel Output Gain: Energy Markets
  • Sugar Options Show Bearish Bets Surged as Brazil’s Crop Advanced

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