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TODAY’S S&P 500 SET-UP – June 3, 2013


As we look at today's setup for the S&P 500, the range is 29 points or 0.41% downside to 1624 and 1.37% upside to 1653.                                   

SECTOR PERFORMANCE


THE HEDGEYE DAILY OUTLOOK - 1A

THE HEDGEYE DAILY OUTLOOK - 2

EQUITY SENTIMENT:


THE HEDGEYE DAILY OUTLOOK - 10A


CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 1.88 from 1.84
  • VIX closed at 16.3 1 day percent change of 12.18%

MACRO DATA POINTS (Bloomberg Estimates):

  • 7:20am: Fed’s Williams speaks in Stockholm
  • 8:58am: Markit US PMI final, May, est 52.0
  • 10am: Construction spen M/m, April, est. 1% (prior -1.7%)
  • 10am: Annual benchmark revisions of construction spend data
  • 10am: ISM Manufacturing, May, est. 50.5 (prior 50.7)
  • 10am: ISM Prices Paid, May, est. 49.5 (prior 50.0)
  • 11:30am: U.S. to sell $30b 3M bills, $25b 6M bills and $30b 13D cash management bills
  • U.S. Rates Weekly Agenda

GOVERNMENT:

    • Natl conf. on mental health held at White House
    • House, Senate in session
    • UN Human Rights Council in Geneva releases findings on whether Syria used chemicals weapons
    • Bradley Manning trial hearing at Fort Meade for releasing “Afghan War Diary,” “The Iraq War Logs,” and “Collateral Murder Video”
    • 3pm: House Appropriations panel hears from Acting IRS Commissioner Danny Werfel, inspector general J. Russell George on targeting groups seeking tax-exempt status
    • Washington Week Ahead

WHAT TO WATCH

  • BofA $8.5b mortgage deal before judge after 2-yr wait
  • Apple to fight U.S. e-books pricing claims in antitrust trial
  • Apple said to secure Warner Bros music-streaming rights: WSJ
  • Microsoft said to cut Windows for tablet prices amid slump
  • IATA lifts airline profit forecast 20% on record seat occupancy
  • SAC insiders said to see most client cash gone by start of 2014
  • Manufacturing in U.S. probably made little progress in May
  • Yellen urges higher bank capital rather than size limits
  • U.S. light-vehicle sales in May may have risen to 1.43m
  • Chinese manufacturing indexes showed small business struggling
  • Nexteer said to plan kicking off $400m IPO this wk
  • Welsh Carson said close to selling Triple Point for $800m
  • McGraw Hill offers $335m to boost stake in India’s Crisil
  • Rio said to favor diamond IPO after failing to find buyer
  • NYSE shareholders scheduled to vote on ICE deal
  • Euro-Area manufacturing activity shrinks less than est.
  • Draghi sees signs of stabilization in “challenging” economy
  • Infosys jumps in Mumbai; co-founder Murthy returns as Chairman
  • Global interbank lending fell to record low in 2012: BIS
  • “Fast” sequel tops wknd movies again, besting Smith duo
  • 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. Jobs Data, ECB, Obama-Xi, NBA Finals: Wk Ahead June 3-8

EARNINGS:

    • Cracker Barrel (CBRL US) 7am, $0.94
    • Verint Systems (VRNT US) 4:05pm, $0.53
    • SAIC (SAI US) 4:05pm, $0.25
    • ABM Industries (ABM US) 5pm, $0.33

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Brent Crude Futures Extend Earlier Gain to Exceed $101 a Barrel
  • Hedge Funds Boost Gold Bull Bets Most in Two Months: Commodities
  • Abu Dhabi, Dubai Merge Aluminum Smelter Companies
  • Freeport Mine in Indonesia Shut as Probe May Take Three Months
  • Gold Advances in London as Weaker Dollar Spurs Investor Demand
  • Oil Traders Cut Bullish Bets Most in Six Weeks: Energy Markets
  • Wheat Advances to Three-Week High as Rains May Damage U.S. Crop
  • Coffee Resumes Decline on Ample Global Supplies; Cocoa Advances
  • Reliance Sees Payoff in U.S. Gas as India Output Slumps: Energy
  • India to Review Gold Import Policy After Slump Spurs Buying
  • China Food-Safety at Heart of Shuanghui-Smithfield Bid, Wan Says
  • China Rebar Gains First Day in Six as Manufacturing Gauge Rises
  • Iron Ore Heading Into Period of Oversupply, UBS Says in Report
  • Copper Gains as Chinese Manufacturing Gauge Unexpectedly Rises

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