TODAY’S S&P 500 SET-UP – June 11, 2013
As we look at today's setup for the S&P 500, the range is 38 points or 1.14% downside to 1624 and 1.17% upside to 1662.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 1.94 from 1.90
- VIX closed at 15.44 1 day percent change of 1.98%
MACRO DATA POINTS (Bloomberg Estimates):
- 7:30am: NFIB Small Business, May, est. 91.5 (prior 92.1)
- 7:45am: ICSC weekly sales
- 8:55am: Johnson/Redbook weekly sales
- 10am: Wholesale Inventories, April, est. 0.2% (prior 0.4%)
- 10am: JOLTs Job Openings, April, est. 3.900m (prior 3.844m)
- 11am: Fed to buy $1.25b-$1.75b notes in 2036-2043 sector
- 11:30am: U.S. to sell 4W bills
- 1pm: U.S. to sell $32b 3Y notes
- 4:30pm: API weekly inventory data
GOVERNMENT:
- Obama meets w/ President Ollanta Humala of Peru to discuss proposed Trans-Pacific Partnership, other issues; will also give remarks on Senate immigration bill
- ITC holds hearing on probable economic effect of duty-free treatment for imports in TPP free trade agreement, 9:30am
- Senate Appropriations subcommittee hears from Defense Sec. Chuck Hagel, Joint Chiefs Chairman Martin Dempsey, 10am
- Senate Finance Committee votes on nomination of Michael Froman to become U.S. trade representative, 10am
- Senate panel holds hearing on Puerto Rico’s status, 10am
- Senate scheduled to hold cloture vote on motion to proceed to immigration legislation, 2:15pm
WHAT TO WATCH
- Softbank raises Sprint bid by 7.5% to $21.6b to counter Dish
- Paulson, #2 Sprint holder, to vote for Softbank deal
- Bank of Japan left unaltered 1-yr fixed-rate loan facility
- News Corp. holders to OK plan to spin off publishing unit
- Sony unveils PlayStation 4 console pressing fight w/ MSFT
- Nestle’s Nespresso to face new copycat from Mondelez
- MSCI to announce mkt classification review after 5pm
- Goldman to expand in Poland even as economy slows
- ANA says it canceled Boeing 787 flight yday to check engine
- Safety net scaled back as Senate passes agriculture bill
- EU seeks air-traffic charge cuts, challenging controllers
- Most banks expect salary increases to offset EU bonus cap
EARNINGS:
- Oxford Industries (OXM) 4pm, $0.78
- Ulta Salon Cosmetics (ULTA) 4pm, $0.62
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Copper Touches a Five-Week Low on Concern About Stimulus Curbs
- Record U.S. Soybean Crop Seen Extending Bear Market: Commodities
- Wheat Drops a Fifth Day on Prospects for Better Crop Conditions
- WTI Crude Declines a Second Day on Forecast of U.S. Supply Gain
- Gold Falls to Lowest in More Than Two Weeks on Stimulus Outlook
- Coffee Declines on Outlook for Growing Production; Sugar Climbs
- Shale Boom Curbing OPEC’s Grip as Saleri Sees a $120 Oil Cap
- Iraq Plans to Boost Wheat Output, Become Exporter in Three Years
- Oil-Tanker Demand Seen Falling 5% as Bookings and Distances Slip
- Gold ‘Triangle’ Signals Price Drop to $1,250: Technical Analysis
- Australia 2013 Wheat Crop May Be 25 Mln T, Grain Trade CEO Says
- Commodities for Rest of 2013 Seen by UBS Heading for 1994 Redux
- Car Carriers Fill Up as Global Trade Expands to Record: Freight
- Iron Ore Seen Rebounding as China Restocks in Year’s Second Half
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
