THE HEDGEYE DAILY OUTLOOK

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

 

 

 

 

 

 

 

 

 

 

 

 


SECTOR SPOTLIGHT | Live Q&A with Healthcare Analyst Tom Tobin Today at 2:30PM ET

Join us for this edition of Sector Spotlight with Healthcare analyst Tom Tobin and Healthcare Policy analyst Emily Evans.

read more

Ouchy!! Wall Street Consensus Hit By Epic Short Squeeze

In the latest example of what not to do with your portfolio, we have Wall Street consensus positioning...

read more

Cartoon of the Day: Bulls Leading the People

Investors rejoiced as centrist Emmanuel Macron edged out far-right Marine Le Pen in France's election day voting. European equities were up as much as 4.7% on the news.

read more

McCullough: ‘This Crazy Stat Drives Stock Market Bears Nuts’

If you’re short the stock market today, and your boss asks why is the Nasdaq at an all-time high, here’s the only honest answer: So far, Nasdaq company earnings are up 46% year-over-year.

read more

Who's Right? The Stock Market or the Bond Market?

"As I see it, bonds look like they have further to fall, while stocks look tenuous at these levels," writes Peter Atwater, founder of Financial Insyghts.

read more

Poll of the Day: If You Could Have Lunch with One Fed Chair...

What do you think? Cast your vote. Let us know.

read more

Are Millennials Actually Lazy, Narcissists? An Interview with Neil Howe (Part 2)

An interview with Neil Howe on why Boomers and Xers get it all wrong.

read more

6 Charts: The French Election, Nasdaq All-Time Highs & An Earnings Scorecard

We've been telling investors for some time that global growth is picking up, get long stocks.

read more

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