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
EQUITY SENTIMENT:
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
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team