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TODAY’S S&P 500 SET-UP – June 13, 2013


As we look at today's setup for the S&P 500, the range is 29 points or 0.71% downside to 1601 and 1.08% upside to 1630.           

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 1.90
  • VIX closed at 18.59 1 day percent change of 8.90%

MACRO DATA POINTS (Bloomberg Estimates):

  • 8:30am: Advance Retail Sales, May, est. 0.4% (prior 0.1%)
  • 8:30am: Init Jobless Claims, June 7, est. 346k (prior 346k)
  • 8:30am: Cont Claims, June 1, est. 2.978m (prior 2.952m)
  • 8:30am: Import Price Index, May, est. 0.0% (prior -0.5%)
  • 8:30am: Import Price Index Y/y, May, est. -1.4% (pr -2.6%)
  • 9:45am: Bloomberg June U.S. Economic Survey
  • 10am: Business Inventories, April, est. 0.3% (prior 0.0%)
  • 10am: Freddie Mac mortgage rates
  • 10:30am: EIA natural-gas storage change
  • 11am: Fed to purchase $2.75b-$3.5b in 2020-2023 sector
  • 1pm: U.S. to sell $13b 30Y bonds in reopening
  • 7:50pm: Bank of Japan meeting minutes for May 21-22

GOVERNMENT:

    • 8am: U.S. Energy Assn holds Energy Efficiency forum, w/ speakers Reps. Cory Gardner, R-Colo.; Peter Welch, D-Vt.; Paul Tonko, D.-N.Y.; Gov. Jack Markell, D-Del.; Senate Energy and Natural Resources Chairman Ron Wyden, D-Ore.
    • 10am: House Ways and Means Cmte holds hearing on taxation of multinational corporations
    • 10am: Senate Banking Cmte hears from FDIC Chief Economist Richard Brown, FDIC Inspector General Jon Rymer on lessons learned from financial crisis for community banks
    • 10am: FBI Dir. Robert Mueller testifies before House Judiciary Cmte oversight hearing
    • 10am: House Energy and Commerce panels holds hearing on DOE budget
    • 11am: Natl Governors Assn, Natl Assn of State Budget Officers hold conf. call briefing on biannual fiscal survey of states
    • 1pm: House Financial Svcs panel meets on “The Impact of Intl Regulatory Standards on the Competitiveness of U.S. Insurers.”
    • 2pm: House Judiciary holds hearing on SAFE Act, which would grant states, localities authority to enforce federal laws

WHAT TO WATCH

  • World Bank cuts global outlook on China slowdown, Europe
  • Clearwire board backs Dish’s bid over Sprint’s lower offer
  • House passes bill to limit CFTC’s cross-border swaps authority
  • IBM’s U.S. job cuts reach at least 1,300, employee group says
  • RBS tumbles after CEO departure as 2,000 job cuts planned
  • Apple’s Eddie Cue key to defense of e-book price-fixing case
  • U.K. lawmakers slam Google over “contrived” tax strategy
  • EU extends review of GE-Avio deal after commitments offer
  • Boeing loyalists’ patience tested; Airbus wide-body takes off
  • Retail sales in U.S. probably rose on pickup in car purchases
  • Nvidia CEO sees sales of chips for cars increasing to $1b
  • U.K. urged by EU to probe currency rigging in Libor’s wake
  • BlackRock wants to enter Danish pension market: Borsen
  • Tyco’s Kozlowski should be denied new hearing: parole board

EARNINGS

    • BRP (DOO CN) Bef-mkt, No est.
    • Casey’s General Stores (CASY) 4pm, $0.62
    • Restoration Hardware (RH) 4:05pm, $0.04

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Gold Imports by India Seen Tumbling as Curbs Boost Titan’s Costs
  • Silver Faithful Taking $5 Billion Hit in Crossfire: Commodities
  • Copper Resumes Decline as World Bank Cuts Global Growth Forecast
  • WTI Falls for Third Time in Four Days as World Bank Cuts Outlook
  • Metalor Set to Complete Singapore Gold Refinery by Year-End
  • Gold Declines in London After Earlier Getting Boost From Dollar
  • Crop Prices Extend Declines After U.S. Sees Increasing Supplies
  • Robusta Coffee at 17-Month Low on Supply Prospects; Cocoa Drops
  • World Food-Import Bill Seen Below 2011 Record at $1.094 Trillion
  • Ethanol’s Best Performance Since 2006 Falters: Energy Markets
  • Commodity Hedge Funds Said by FAO Finding Profits Harder to Make
  • Green Pool Cuts Sugar Surplus by 23% as Brazil Turns to Ethanol
  • Indonesia Completes Probe Into Freeport Grasberg Tunnel Accident
  • Force Majeure in Indonesia Leaves Japan Copper Smelters Looking

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