THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – June 6, 2013


As we look at today's setup for the S&P 500, the range is 23 points or 0.49% downside to 1601 and 0.94% upside to 1624.                           

SECTOR PERFORMANCE


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EQUITY SENTIMENT:


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CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 1.80 from 1.80
  • VIX closed at 17.5 1 day percent change of 7.56%

MACRO DATA POINTS (Bloomberg Estimates):

  • 7:30am: Challenger Job Cuts Y/y, May (prior -6%)
  • 7:30am: RBC Consumer Outlook Index, June (prior 50.2)
  • 7:45am: ECB seen holding benchmark interest rates at 0.50%
  • 8am: Fed’s Plosser speaks on economy in Boston
  • 8:30am: ECB’s Draghi hold news conference on rate decision
  • 8:30am: Init Jobless Claims, June 1, est. 345k (prior 354k)
  • 8:30am: Cont. Claims, May 25, est 2.974m (prior 2.986m)
  • 9:45am: Bloomberg Consumer Comfort, June 2 (prior -29.7)
  • 10am: Freddie Mac mortgage rates
  • 10:30am: EIA natural-gas storage change
  • 11:00am: Fed to buy $3b-$3.75b notes in 2019-2020 sector
  • 12pm: Household Change in Net Worth, 1Q (prior $1.174t)

GOVERNMENT:

    • 9am: U.S.-China Economic and Security Review Commission holds briefing on China and the Middle East, focusing on energy security, trade, investment flows
    • 10am: Consumer, telecom industry representatives testify before House Judiciary panel on Courts, IP and the Internet on H.R. 1123, a bill which would allow cell phone unlocking
    • 10am: Senate Foreign Relations Cmte meets on labor conditions in Bangladesh
    • 10am: Senate Finance Cmte hears from USTR nominee Michael Froman at confirmation hearing
    • 10:45am: Attorney General Eric Holder testifies at Senate Appropriations panel hearing
    • 3pm: President Obama discusses jobs in speech at Charlotte middle school

WHAT TO WATCH

  • May Retail Sales likely rose on pent-up seasonal demand
  • NYSE Euronext glitch halts trading from Paris to Amsterdam
  • PepsiCo in talks to buy SodaStream for $2b, Calcalist says
  • Cohen is said to vow keeping SAC open as billions pulled
  • Fed grants foreign banks leeway in Dodd-Frank swap pushout rule
  • BOJ said to split on measure to quell bond market volatility
  • P&G reorganizes into 4 industry groups as Lafley takes over
  • AT&T discussing joint bid for Hulu with Chernin: AllThingsD
  • Simon & Schuster CEO says she didn’t discuss Apple e-book talks
  • NSA said to cull millions of Verizon records, Guardian says
  • Newsweek CEO to leave after Diller puts magazine up for sale
  • JPMorgan loses challenge to California cost-recovery program
  • EU considering handing Libor oversight to ESMA from the U.K.
  • IMF says Greece may need faster debt relief, cites own mistakes
  • GM replaces H.J. Heinz (HNZ) in S&P 500 post-close
  • Netflix replaces Perrigo in Nasdaq 100 pre-open

EARNINGS:

    • JM Smucker (SJM) 7am, $1.16
    • Ciena (CIEN) 7am, $(0.01)
    • Conn’s (CONN) 7am, $0.56
    • Ferrellgas (FGP) 7:30am, $0.46
    • UTi Worldwide (UTIW) 8am, $0.03
    • ANN (ANN) 8am, $0.40
    • Canadian Western Bank (CWB CN) 8am, C$0.57 - Preview
    • Cooper Cos. (COO) 4pm, $1.38
    • Quiksilver (ZQK) 4pm, $0.04
    • Vail Resorts (MTN) 4pm, $2.74
    • Ferrellgas Partners (FGP) 4pm, $0.44

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Copper Drops From Two-Week High on Clouded Prospects for Demand
  • Goldman Sees Bull Run Over as Returns Trail Stocks: Commodities
  • WTI Crude Advances for Second Day as U.S. Stockpiles Decline
  • Food Prices Little Changed in May as Dairy Falls and Corn Climbs
  • Coffee Heads for First Second-Quarter Drop Since 2009 on Vietnam
  • Chalco Shutters Aluminum Output for First Time Since 2009
  • Gold Erases Decline in London to Rebound Above $1,400 an Ounce
  • Scientists Unswayed by Monsanto’s Conclusions on Rogue Wheat
  • Harper EU Trade Pact Hinges on Access for Canadian Meat Exports
  • Rebar Falls as Equity Drop Spurs Concern China May Be Slowing
  • Abe’s Power Plan Lifts Renewables at Utilities Expense: Energy
  • Natural-Gas Price Break May Aid Motor-Fuel Use: Chart of the Day
  • Iron Ore Trading in May Said by The Steel Index at Record High
  • Commodities Daybook: Goldman Sees Bull Run Over as Returns Trail
  • Bigger Wheat and Corn Crops Seen Boosting 2013-14 Stocks by AMIS

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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