TODAY’S S&P 500 SET-UP – June 12, 2013
As we look at today's setup for the S&P 500, the range is 51 points or 1.18% downside to 1607 and 1.96% upside to 1658.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 1.87 from 1.86
- VIX closed at 17.07 1 day percent change of 10.56%
MACRO DATA POINTS (Bloomberg Estimates):
- 7am: MBA Mortgage Applications, June 7 (prior -11.5%)
- 10:30am: DOE Energy Inventories
- 11am: Fed to purchase $750k-$1b notes in 2023-2031 sector
- 1pm: U.S. to sell $21b 10Y notes in reopening
- 2pm: Monthly Budget Statement, May, est. -$136.5b (prior -$124.6b, May 2012)
GOVERNMENT:
- 10:30am: Senate Budget Cmte hears from Defense Sec. Chuck Hagel, Dempsey on dept’s budget request, effects of spending cuts, sexual assaults in the military
- 12pm: Agriculture Dept releases supply, demand forecasts for 2013-2014 domestic, global grain and oilseeds seasons
- 2pm: NSA Director Keith Alexander testifies before Senate Appropriations Cmte about U.S. cyber preparedness
- 2:30pm: Senate Armed Svcs Cmte begins several days of closed meetings to write measure authorizing defense programs for FY14, beginning Oct. 1. Pentagon seeking $526.6b, not including $79.4b for fighting wars
WHAT TO WATCH
- Dish faces June 18 deadline after Sprint deal talks falter
- Vodafone approaches Kabel Deutschland to discuss takeoverbid
- Liberty starts $3.5b buyback after Virgin Media purchase
- ANA scraps 787 Dreamliner flight after engine fails to start
- Airbus sets A350 flight date as Boeing rivalry intensifies
- Glencore Xstrata appoints former Morgan Stanley CEO to board
- Glenview asks Health Management to remove or boost poison pill
- Traders said to manipulate currency rates to profit
- Greece first developed market cut to emerging; U.A.E. raised
- Freeport reschedules concentrate shipments after mine shutdown
- Time Warner Cable said to offer incentives thwarting online TV
- Toyota to meet U.S. Prius goal as economy gains, Lentz says
- Pandora buys South Dakota station to get radio-like rates
- U.K. unemployment falls as economic recovery gains momentum
- Massive line of storms across U.S. may hit Iowa to Maryland
- Flights to France cut, last day of air traffic control strike
EARNINGS
- Dollarama (DOL CN) 7:30am, C$0.67
- Evertz Technologies (ET CN) 4:01pm, C$0.17
- Five Below (FIVE) 4:01pm, $0.04
- H&R Block (HRB) 4:02pm, $2.61
- PVH Corp (PVH) 4:02pm, $1.37
- Men’s Wearhouse (MW) 5:30pm, $0.55
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Gold Premium in Vietnam Seen Dropping From Record on Bank Sales
- Smithfield Embodies China’s Record Hunger for Farms: Commodities
- WTI Crude Halts Two-Day Decline; IEA Trims OPEC Demand Forecast
- Cotton Planting in India Seen Increasing on Early Monsoon Rains
- Copper Gains Most in a Week on Supply Concern as Nickel Declines
- Wheat Declines as Australia Raises Production Outlook on Weather
- Thailand Sets ‘Ambitious’ 13mt Sugar Production Target: Official
- Gold Swings Near 2-Week Low as Investors Weigh Stimulus, Dollar
- IEA Cuts Demand Forecast for OPEC Crude as China Growth Cools
- Freeport Reschedules Concentrate Shipments After Mine Shutdown
- Copper MACD Measure Signals Drop to 2010 Low: Technical Analysis
- Tougher Regulations Seen From Obama Change in Carbon Calculation
- South Korean Crude Oil-Shipping Rebate Seen Extended by IEA
- Australian Wheat Crop Increasing Boosts Pressure on Bear Market
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team