THE HEDGEYE DAILY OUTLOOK

 

TODAY’S S&P 500 SET-UP – May 30, 2013


As we look at today's setup for the S&P 500, the range is 33 points or 0.45% downside to 1641 and 1.56% upside to 1674.             

SECTOR PERFORMANCE


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EQUITY SENTIMENT:


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CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 1.83 from 1.82
  • VIX closed at 14.83 1 day percent change of 2.42%

MACRO DATA POINTS (Bloomberg Estimates):

  • 8:30am: GDP Q/q, 1Q revision, est. 2.5% (prior 2.5%)
  • 8:30am: Pers. Consumption, 1Q rev., est. 3.3% (prior 3.2%)
  • 8:30am: GDP Price Index revision, 1Q, est. 1.2% (prior 1.2%)
  • 8:30am: Core PCE Q/q revision, 1Q, est. 1.2% (prior 1.2%)
  • 8:30am: Init. Jobless Claims, May 25, est. 340k (prior 340k)
  • 8:30am: Cont. Claims, May 18, est. 2.970m (prior 2.912m)
  • 9:45am: Bloomberg Consumer Comfort, May 26 (prior -29.4)
  • 10am: Pending Home Sales M/m, April, est. 1.5% (prior 1.5%)
  • 10am: Pending Home Sales Y/y, April, est. 12.8% (prior 5.8%)
  • 10:30am: DOE Energy Inventories
  • 10am: Freddie Mac mortgage 30-yr
  • 10:30am: EIA Natural gas storage
  • 11am: DOE Energy Inventories
  • 11am: Fed to purchase $1.25b-$1.75b in 2036-2043 sector
  • 1pm: U.S. to sell $29b 7Y notes

GOVERNMENT:

    • House, Senate not in session
    • 8:30am: U.S. Chamber of Commerce holds panel discussion on “Big Data”
    • 11am: FERC Commissioner Philip Moeller, Duke Energy CEO Jim Rogers, participate in U.S. Energy Assn annual mtg and public policy forum
    • 11am: Treasury Sec. Jack Lew, HHS Sec. Kathleen Sebelius, Acting Labor Sec. Seth Harris, CMS Administrator Marilyn Tavenner release annual reports from Social Security, Medicare trust funds
    • 1:30pm: House Transportation and Infrastructure Cmte hold field hearing on freight transportation challenges in southern Calif., implications for nation

WHAT TO WATCH

  • Buffett’s MidAmerican Energy to buy NV Energy for ~$5.6b
  • Alcoa’s credit rating cut to junk as aluminum price drops
  • Dish boosts Clearwire bid to $4.40/shr, topping Sprint offer
  • GE Capital CEO Neal may step down, WSJ reports
  • Fiat said to ready $10b in financing to buy Chrysler
  • Costco 3Q profit beats est.
  • NYT said to consider BuzzFeed-style sponsored stories
  • Smithfield sale likely to pass U.S. security review, lawyers say
  • PetroChina said to sell stakes for cash to spend abroad
  • Hulu’s intl chief quits ahead of potential sale of site
  • KKR said to hire Ex-CIA Chief Petraeus to lead institute at firm
  • Google’s Motorola plans to sell made-in-Texas Moto X by Oct.
  • Takeda sues to block generic Dexilant sales by Impax, Sandoz
  • Euro-area eco. confidence increased in May
  • Japanese stocks enter correction, extending last wk’s plunge

EARNINGS:

    • Big Lots (BIG) 6am, $0.61
    • Joy Global (JOY) 6am, $1.56 - Preview
    • Royal Bank of Canada (RY CN) 6am, C$1.32 - Preview
    • Sanderson Farms (SAFM) 6:30am, $0.71
    • Express (EXPR) 7am, $0.36
    • Ship Finance International (SFL) 8:24am, $0.29
    • Golar LNG (GLNG) Bef-mkt, $0.34
    • Golar LNG Partners (GMLP) Bef-mkt, $0.48
    • Esterline Technologies (ESL) 4pm, $1.25
    • Lions Gate Entertainment (LGF) 4pm, $0.44
    • Guess? (GES) 4:03pm, $0.08
    • Palo Alto Networks (PANW) 4:03pm, $0.05
    • Splunk (SPLK) 4:05pm, $(0.06)
    • Pall (PLL) 5pm, $0.73
    • Copart (CPRT) 5:17pm, $0.49

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Wheat Drops as Japan Suspends U.S. Imports on Modified Crops
  • Copper Users Squeezed as Glut Clogs Warehouse Lines: Commodities
  • Gold Rises for Second Day on Gain in SPDR Assets as Dollar Falls
  • Copper Advances as Weakening Dollar Stokes Demand From Investors
  • WTI Trades Near Four-Week Low as Supplies Gain Before OPEC Meets
  • Monsanto Modified Wheat Not Approved by USDA Found in Field
  • Robusta Coffee at 5-Month Low on Vietnam Prices; Sugar Advances
  • Iron Ore Seen at $100 by Morgan Stanley Offers Chance to Buy
  • Coal Ban to Spur China Gains as Indonesia Hurts: Energy Markets
  • Rebar Tumbles to Eight-Month Low on Chinese Overcapacity Concern
  • Cocoa Set for 2-Month Low on Support Breach: Technical Analysis
  • EU Energy Spend May Fall Short Without Carbon Fix, IHS Says
  • Maersk’s 8.4 Billion Bananas Key for Profitable Ships: Freight
  • Japan Halts Some U.S. Wheat Imports on Gene-Altered Crops

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CURRENCIES


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GLOBAL PERFORMANCE

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EUROPEAN MARKETS


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ASIAN MARKETS


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MIDDLE EAST


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The Hedgeye Macro Team