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


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EQUITY SENTIMENT:


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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

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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