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TODAY’S S&P 500 SET-UP – June 17, 2013


As we look at today's setup for the S&P 500, the range is 46 points or 1.34% downside to 1605 and 1.49% upside to 1651.                  

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: 1.85 from 1.86
  • VIX closed at 17.15 1 day percent change of 4.51%

MACRO DATA POINTS (Bloomberg Estimates):

  • 7:30am: Empire Manufacturing, June, est. 0 (prior -1.43)
  • 10am: NAHB Housing Market Index, June, est. 45 (prior 44)
  • 11am: Fed to purchase $4.75b-$5.75b notes in 2018-2019 sector
  • 11:30am: U.S. to sell $30b 3M, $25b 6M bills
  • U.S. Weekly Rates Agenda

GOVERNMENT:

    • Two day G-8 Summit in Northern Ireland begins
    • House begins debate, voting as early as this wk on Farm Bill, possibly ending subsidies for farmers regardless of what they grow and replacing them with expanded subsidized crop insurance; measure proposes reducing food-stamp spending by $20.5b over 10 yrs, vs reduction of $4b in Senate-passed bill
    • 5-day pretrial hearing in case of Khalid Sheikh Mohammed and four other men accused of planning the Sept. 11, 2001, attacks
    • 8:45am: Energy Sec. Ernest Moniz keynote at EIA Energy Conf.

WHAT TO WATCH

  • Rockwood to sell ceramics unit CeramTec to Cinven for $2b
  • GE lease unit said to order 10 of Boeing’s biggest 787 jets
  • Airbus wins A380 commitment for 20 planes valued at $8.1b
  • Paris Air Show seen w/ positive, wide-body focus
  • Smithfield investor urges producer to consider breakup: WSJ
  • Google said to negotiate with U.S. over data requests
  • Apple joins Facebook, Microsoft in outlining data requests
  • Facebook sends out invitations for event on “new product”
  • BP holders seek to sue as group over 2010 Gulf spill losses
  • Weyerhaeuser to buy Longview for $2.65b to add Timberland
  • Wells Fargo to begin 2nd Minnesota securities-lending trial
  • Telefonica denies AT&T made approach for takeover
  • CF Industries says one dead in Louisiana plant accident
  • Dole Food investors sue over CEO’s $645m buyout offer
  • Virgin seeks U.S. car-rental entry by buying Advantage
  • Citigroup, JPMorgan release May credit-card charge-off data
  • Sundance Energy will look to acquire more U.S. shale assets
  • “Man of Steel” takes $113m in year’s 2nd-best premiere
  • Tronox, Vringo, Zale among prelim. adds to Russell 3000
  • Housing mkt probably brightened in May: U.S. Wkly Eco Preview
  • U.S. Weekly Agendas: Finance, Industrials, Energy, Health, Consumer, Tech, Media/Ent, Real Estate, Transports
  • North American M&A Agenda
  • Canada Weekly Agendas: Energy, Mining
  • Bernanke, G-8 Summit, Paris Air Show, NBA: Wk Ahead June 17-22

EARNINGS:

    • Korn/Ferry (KFY) 4pm, $0.31

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Soybeans Drop With Corn as Drier U.S. Weather May Boost Crops
  • Hedge Funds Cut Gold Bets as Paulson’s Loss Widens: Commodities
  • WTI Crude Trades at Nine-Month High on Mideast Unrest Concern
  • Copper Declines as Investors Await Meeting of Fed Policy Makers
  • Record Soybean Glut Is Seen Worsening as China’s Appetite Eases
  • Gold Falls Before Fed Meets as Investors Weigh Stimulus Outlook
  • Sugar Rebounds After Bearish Bets Reach Record; Cocoa Retreats
  • Rebar Advances to Highest in Three Weeks on Reduced Inventory
  • Serge Schoen Resigns as CEO of Louis Dreyfus Commodities
  • Money Managers Boost Crude Bets to 15-Month High: Energy Markets
  • Monsoon Covering India in Record Time May Boost Rice, Sugar
  • Smithfield Investor Urges Producer to Consider Breakup, WSJ Says
  • Minneapolis Wheat Premium May Double Amid Rain: Chart of the Day
  • Palladium Only Precious Metal That Hasn’t Surprised in LBMA Poll

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