THE HEDGEYE DAILY OUTLOOK

06/05/13 07:57AM EDT

TODAY’S S&P 500 SET-UP – June 5, 2013


As we look at today's setup for the S&P 500, the range is 21 points or 0.64% downside to 1630 and 0.64% upside to 1651.                           

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: 1.83 from 1.85
  • VIX closed at 16.27 1 day percent change of -0.06%

MACRO DATA POINTS (Bloomberg Estimates):

  • 7am: MBA Mortgage Applications, May 31 (prior -8.8%)
  • 8:15am: ADP Employment Report, May, est. 165k (prior 119k)
  • 8:30am: Nonfarm Productivity, 1Q final, est. 0.6% (prior 0.7%)
  • 8:30am: Unit Labor Costs, 1Q final, est. 0.5% (prior 0.5%)
  • 10am: Factory Orders, April, est. 1.5% (prior rev to -4.9%)
  • 10am: ISM Non-Manuf Composite, May, est. 53.5 (prior 53.1)
  • 10:30am: DoE Energy Inventories
  • 11am: Fed to purchase $1.25b-$1.75b in 2036-2043 sector
  • 2pm: Fed releases Beige Book

GOVERNMENT:

    • House Armed Svcs Cmte may vote on plan to buy 4 additional Littoral Combat Ships in fiscal year starting Oct. 1
    • 10am: SEC votes on proposal to require floating-share value for riskiest type of money-market mutual funds; rule would apply only to funds that buy corporate debt and cater to institutional clients
    • 1pm: Senate Indian Affairs Cmte holds roundtable on energy development on American Indian lands
    • 2pm: Bloomberg Government webinar on “The Outlook for Corporate Tax Reform,” w/ Bob Litan, dir. of research; Loren Duggan, dir. of legislative analysis; Patrick Driessen, taxation policy analyst
    • Missouri Republican Jason Smith wins special U.S. House election, keeping district w/ same party

WHAT TO WATCH

  • Samsung wins patent case against Apple at U.S. ITC
  • Goldman said to pledge $500m to Alibaba as IPO looms
  • Penn West Petroleum to cut jobs, div. as CEO steps down
  • Fed’s Fisher urges QE reduction seeing end to 30-yr bond rally
  • AIG casts doubt on completing ILFC sale to China investors
  • SEC to vote on money-market mutual fund rules
  • HSBC faces New York lawsuit over alleged foreclosure violations
  • AB InBev judge refuses to block Modelo buyout in antitrust case
  • CFO optimism in U.S. rises to Four-Yr High
  • Apple was ready to “take or Leave” e-books, Penguin CEO says
  • Abe pledges legislative campaign to loosen Japan business rules
  • Australia’s economy expanded less than forecast in 1Q
  • Sprint voters should abstain on SoftBank bid, Glass Lewis Says
  • Euro-area 1Q GDP unrevised at down 0.2% in qtr
  • U.K. May services growth rose to highest since March 2012
  • Eurozone April retail sales down 0.5% M/m; est. down 0.2% M/m

EARNINGS:

    • Jos A Bank Clothiers (JOSB) 6am, $0.34
    • Cyberonics (CYBX) 7am, $0.43
    • Brown-Forman (BF/B) 8am, $0.46
    • Laurentian Bank of Canada (LB CN) 8:54am, C$1.24 - Preview
    • Saputo (SAP CN) 12:38pm, $0.73
    • Ascena Retail Group (ASNA) 4pm, $0.30
    • VeriFone Systems (PAY) 4:01pm, $0.47
    • Francesca’s Holdings (FRAN) 4:01pm, $0.26
    • Greif (GEF) 4:07pm, $0.69
    • AMERCO (UHAL) 4:16pm, $1.23
    • Dominion Diamond (DDC CN) 5pm, $0.05

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Taurus Shuts Gold Fund on Investor Redemptions After Price Slump
  • Alcoa Junk Downgrade Is Rare Trauma for Dow Stocks: Commodities
  • Copper Swings Between Advances and Declines Amid Supply Concern
  • WTI Trades Near Four-Day High on Signs of Reduced U.S. Supply
  • Counting on Gold to Navigate a Currency Crash? Don’t Delay
  • Czarnikow Sees Sugar Surplus Falling 62% as Beet Output Declines
  • Sugar Gains With Czarnikow Seeing Smaller Surplus; Cocoa Climbs
  • U.K. Natural Gas Rises From 5-Month Low as Exports Boost Demand
  • Port Hedland Ships Record Iron Ore as China Boosts Demand
  • BP’s Oil Spill Deal Sours as Claims Add Billions to Cost: Energy
  • Shanghai Gold Exchange Volume Falls 44% vs. April Peak: BI Chart
  • Asia Naphtha Crack Narrows; BP Buys Fuel Cargoes: Oil Products
  • Adnoc Narrows Murban Premium; Refinery Margins Climb: Asia Crude
  • Commodities Daybook: Taurus Shuts Gold Fund on Redemptions
  • LME to Start Clearing in 2014 After 25 Years With LCH.Clearnet

 

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

© 2024 Hedgeye Risk Management, LLC. The information contained herein is the property of Hedgeye, which reserves all rights thereto. Redistribution of any part of this information is prohibited without the express written consent of Hedgeye. Hedgeye is not responsible for any errors in or omissions to this information, or for any consequences that may result from the use of this information.