TODAY’S S&P 500 SET-UP – June 18, 2013
As we look at today's setup for the S&P 500, the range is 47 points or 2.08% downside to 1605 and 0.79% upside to 1652.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 1.92 from 1.92
- VIX closed at 16.8 1 day percent change of -2.04%
MACRO DATA POINTS (Bloomberg Estimates):
- FOMC starts two-day meeting
- 7:45am: ICSC weekly sales
- 8:30am: Consumer Price Index, May, est. 0.2% (prior -0.4%)
- 8:30am: CPI Core Index, May, est. 233.255 (prior 232.879)
- 8:30am: Housing Starts, May, est. 950k (prior 853k)
- 8:30am: Building Permits, May, est. 975k (prior 1.005m)
- 8:55am: Johnson/Redbook weekly sales
- 11am: Fed to purchase $1.25b-$1.75b notes in 2036-2043 sector
- 11:30am: U.S. to sell 4W bills
- 4:30pm: API weekly inventory data
GOVERNMENT:
- President Barack Obama leaves G8 summit in Northern Ireland to travel to Berlin on official visit
- Swiss lawmakers in lower house of parliament to discuss “black box” agreement to allow banks to cooperate with U.S., end a tax evasion dispute
- 8:45am: Senate Energy and Natural Resources ranking member Sen. Lisa Murkowski, R-Alaska, delivers opening keynote address at U.S. EIA Energy Conf.
- 10am: Senate Finance Cmte holds hearing on health care costs, issues of transparency
- 11am: Rep. Steve Daines, R-Mont., leads group of lawmakers in news conf. on opposition to the Marketplace Fairness Act
- 1pm: Vice President Joe Biden speaks on administration plan for improving gun safety
WHAT TO WATCH
- Obama says Bernanke staying at Fed “longer than he wanted”
- Liberty Global bids for Kabel Deutschland to rival Vodafone
- Johnson Controls said to mull auto-electronics unit breakup
- Third Point boosts stake in Sony as Daniel Loeb seeks talks
- ECB has “open mind” on non-standard monetary policy: Draghi
- Sprint sues Dish in Delaware seeking to block Clearwire buyout
- Verizon said to have interest in buying Canada’s Wind Mobile
- Boeing unveils 787-10 Dreamliner, has 102 commitments
- Yahoo received up to 13k data requests from U.S. authorities
- Mengniu to buy 75.3% stake in Yashili from Zhang, Carlyle
- EasyJet orders Airbus jets, risking clash with founder
- GM Holden says labor costs need cuts to save Australian plants
- Housing starts probably rose in May as expansion gets boost
- EU car sales reach 20-yr low as recession hurts GM demand
- U.S. video-game retail sales fell 25% in May, NPD says
- Microsoft’s Xbox tops U.S. retail game console sales in May
- Ex-UBS trader Hayes said to face U.K. Libor charge this week
- Tissue Regenix licenses dCell technology to U.S. tissue bank
EARNINGS:
- John Wiley & Sons (JW/A) 7am, $0.84
- FactSet Research (FDS) 7am, $1.26
- Adobe Systems (ADBE) 4:02pm, $0.34 - Preview
- La-Z-Boy (LZB) 4:05pm, $0.28
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Palm Exports From Indonesia Rising for First Time Since January
- Rubber Poised for Record Glut as Shippers End Curbs: Commodities
- WTI Trades Near Four-Month High as U.S. Stockpiles Seen Falling
- Wheat Prices Seen Extending Decline as Global Production Surges
- Copper Falls a Second Day as Investors Await Fed Stimulus Signs
- Gold Retreats a Second Day in London Before Fed Policy Meeting
- Coffee Resumes Decline on Vietnam, Bearish Bets; Sugar Retreats
- Americans Exporting Oil First Time Since ’70s Seen on Production
- Keystone Seen Failing to Sop Up Canada Oil Glut: Energy Markets
- India Plans to Sell 17.5 Million Tons of Grain From Stockpiles
- Keystone XL Pipeline Shuns High-Tech Oil Spill Detectors: Energy
- Marubeni, Partners to Set Up Floating Wind Turbine Off Fukushima
- Mongolia Taps North Korea Oil Potential to Ease Russian Grip
- Wheat Advances on Indications Rain Is Delaying Harvest in U.S.
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
