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