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


THE HEDGEYE DAILY OUTLOOK - 1

 

THE HEDGEYE DAILY OUTLOOK - 2

 

EQUITY SENTIMENT:


THE HEDGEYE DAILY OUTLOOK - 10


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

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 - 9A

 

 

The Hedgeye Macro Team

 

 

 

 

 

 

 

 

 

 

 


SECTOR SPOTLIGHT | Live Q&A with Healthcare Analyst Tom Tobin Today at 2:30PM ET

Join us for this edition of Sector Spotlight with Healthcare analyst Tom Tobin and Healthcare Policy analyst Emily Evans.

read more

Ouchy!! Wall Street Consensus Hit By Epic Short Squeeze

In the latest example of what not to do with your portfolio, we have Wall Street consensus positioning...

read more

Cartoon of the Day: Bulls Leading the People

Investors rejoiced as centrist Emmanuel Macron edged out far-right Marine Le Pen in France's election day voting. European equities were up as much as 4.7% on the news.

read more

McCullough: ‘This Crazy Stat Drives Stock Market Bears Nuts’

If you’re short the stock market today, and your boss asks why is the Nasdaq at an all-time high, here’s the only honest answer: So far, Nasdaq company earnings are up 46% year-over-year.

read more

Who's Right? The Stock Market or the Bond Market?

"As I see it, bonds look like they have further to fall, while stocks look tenuous at these levels," writes Peter Atwater, founder of Financial Insyghts.

read more

Poll of the Day: If You Could Have Lunch with One Fed Chair...

What do you think? Cast your vote. Let us know.

read more

Are Millennials Actually Lazy, Narcissists? An Interview with Neil Howe (Part 2)

An interview with Neil Howe on why Boomers and Xers get it all wrong.

read more

6 Charts: The French Election, Nasdaq All-Time Highs & An Earnings Scorecard

We've been telling investors for some time that global growth is picking up, get long stocks.

read more

Another French Revolution?

"Don't be complacent," writes Hedgeye Managing Director Neil Howe. "Tectonic shifts are underway in France. Is there the prospect of the new Sixth Republic? C'est vraiment possible."

read more

Cartoon of the Day: The Trend is Your Friend

"All of the key trending macro data suggests the U.S. economy is accelerating," Hedgeye CEO Keith McCullough says.

read more

A Sneak Peek At Hedgeye's 2017 GDP Estimates

Here's an inside look at our GDP estimates versus Wall Street consensus.

read more

Cartoon of the Day: Green Thumb

So far, 64 of 498 companies in the S&P 500 have reported aggregate sales and earnings growth of 6.1% and 16.8% respectively.

read more