THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – June 10, 2013


As we look at today's setup for the S&P 500, the range is 45 points or 1.18% downside to 1624 and 1.56% upside to 1669.     

                                                                                                                          

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: 1.87 from 1.87
  • VIX closed at 15.14 1 day percent change of -8.96%

MACRO DATA POINTS (Bloomberg Estimates):

  • 9:50am: Fed’s Bullard speaks in Montreal
  • 11:00am: Fed to purchase $1b-$1.5b notes in 2017-2043 sector
  • 11:30am: U.S. to sell $30b 3M bills, $25b 6M bills
  • U.S. Rates Weekly Agenda

GOVERNMENT:

    • President Obama speaks on Equal Pay Act’s 50th anniv.
    • Jeff Chiesa, R-N.J., is sworn in as U.S. Senator
    • House, Senate in session
    • Senate Commerce Cmte votes on nominations of Penny Pritzker for Commerce Sec., Anthony Foxx for Transportation Sec.
    • Senate to vote on Leahy amendment to farm bill, S. 954, followed by final passage, 5:30pm
    • Fed issues interim rule on how to treat American branches of foreign banks for a section of Dodd-Frank that prevents bailouts of swaps dealers

WHAT TO WATCH

  • Google said to be buying Waze for $1.1b for social maps
  • Apple holds Worldwide Developers Conf.; to unveil new iOS
  • Elan board rejects raised $6.7b Royalty Pharma offer
  • AstraZeneca to buy Pearl Therapeutics for up to $1.15b
  • SoftBank’s clearance for Sprint deal confirmed by officials
  • China May industrial output rose 9.2% vs est. 9.4%
  • Marchionne says Fiat may acquire Chrysler stake before IPO
  • JBS said to agree to buy Seara food assets from Marfrig
  • Exide files for Chapter 11 bankruptcy after losing Wal-Mart
  • McDonald’s May global comp. sales seen gaining 1.9%
  • GE CFO Sherin said to take over finance arm as soon as summer
  • CBS said nearing $2.7b in upfront advertising commitments
  • Hawke horror film “The Purge” outsells Vaughn/Wilson duo
  • Japan revises growth to annual 4.1% in boost for Abe
  • Obama tells Xi that China must act against cybertheft
  • Pentagon’s cybersecurity plan calls for $23b through 2018
  • 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
  • Retail sales probably rose in May: U.S. Weekly Eco Preview
  • U.S. Retail Sales, BOJ, Iran, U.S. Open: Wk Ahead June 10-15

EARNINGS:

    • Navistar International (NAV) 4pm, $(1.20)
    • Lululemon Athletica (LULU) 4pm, $0.30
    • Diamond Foods (DMND) 4:01pm, (-$0.19)
    • Annie’s (BNNY) 4:06pm, $0.28
    • Pep Boys (PBY) 4:41pm, $0.09

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • WTI Trades Near Two-Week High on Economy; Sudan Oil Threatened
  • Gold Bull Bets Reach Seven-Week High Before Retreat: Commodities
  • China Approves Gold-Backed ETPs as Domestic Buyers Chase Bullion
  • Gold Declines to Two-Week Low in London on U.S. Stimulus Outlook
  • Corn Drops With Soybeans as Dry Weather May Aid Crop Conditions
  • Freeport May Declare Force Majeure If Grasberg Shutdown Extends
  • JBS Becomes Largest Chicken Producer With Marfrig Deal
  • Rupee Slump Set to Boost Costs for India Bullion Importers
  • Palm Oil Falls From Two-Month High on Concern India May Buy Less
  • Allana in Ethiopia Snubs Potash Supply Concern: Corporate Canada
  • Sudan Threatens to Shut South Sudan Oil Over Rebel Support
  • San Onofre Seen as Latest Setback for U.S. Nuclear Power: Energy
  • Bullion Bear Market Seen Extending to $1,303: Technical Analysis
  • Deutsche Bank Starts Singapore Gold Vault With 200 Ton Capacity

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

 

 

 

 

 

 

 

 

 

 

 


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

Europe's Battles Against Apple, Google, Innovation & Jobs

"“I am very concerned the E.U. maintains a battle against the American giants while doing everything possible to sustain so-called national champions," writes economist Daniel Lacalle. "Attacking innovation doesn’t create jobs.”

read more

An Open Letter to Pandora Management...

"Please stop leaking information to the press," writes Hedgeye Internet & Media analyst Hesham Shaaban. "You are getting in your own way, and blowing up your shareholders in the process."

read more

A 'Toxic Cocktail' Brewing for A Best Idea Short

The first quarter earnings pre-announcement today is not the end of the story for Mednax (MD). Rising labor costs and slowing volume is a toxic cocktail...

read more

Energy Stocks: Time to Buy? Here's What You Need to Know

If you're heavily-invested in Energy stocks it's been a heck of a year. Energy is the worst-performing sector in the S&P 500 year-to-date and value investors are now hunting for bargains in the oil patch. Before you buy, here's what you need to know.

read more

McCullough: ‘My 1-Minute Summary of My Institutional Meetings in NYC Yesterday’

What are even some of the smartest investors in the world missing right now?

read more

Cartoon of the Day: Political Portfolio Positioning

Leave your politics out of your portfolio.

read more

Jim Rickards Answers the Hedgeye 21

Bestselling author Jim Rickards says if he could be any animal he’d be a T-Rex. He also loves bonds and hates equities. Check out all of his answers to the Hedgeye 21.

read more

Amazon's New 'Big Idea': Ignore It At Your Own Peril

"We all see another ‘big idea’ out of Amazon (or the press making one up) just about every day," writes Retail Sector Head Brian McGough. "But whatever you do, DON’T ignore this one!"

read more