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TODAY’S S&P 500 SET-UP – June 19, 2013


As we look at today's setup for the S&P 500, the range is 38 points or 1.26% downside to 1631 and 1.04% upside to 1669.                       

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: 1.92 from 1.92
  • VIX closed at 16.61 1 day percent change of -1.13%

MACRO DATA POINTS (Bloomberg Estimates):

  • 7am: MBA Mortgage Applications, June 14 (prior 5%)
  • 10:30am: DOE Energy Inventories
  • 2pm: FOMC seen Fed Funds rate target between zero and 0.25%
  • Release of Fed’s Summary of Economic Projections
  • 2:30pm: Fed’s Bernanke to hold news conference on FOMC

GOVERNMENT:

    • 9:30am: Senate Appropriations Cmte panel on Joint Strike Fighter FY14 budget request
    • 10am: Natl Governors Assn., Natl Conf. of State Legislatures hold discussion of Marketplace Fairness Act, with 7 tech cos. making software to collect remote sales tax online
    • 10am: Senate Commerce, Science and Transportation Cmte hearing on improving passenger, freight rail safety
    • 10am: Senate Judiciary Cmte hears from FBI Director Robert Mueller at oversight hearing
    • 10am: House Oversight and Govt Affairs Cmte holds hearing on biometric ID use in fed govt
    • 2:30pm: Senate Commerce, Science and Transportation Cmte panel on airline industry consolidation, with reps. from US Airways, American Airlines

WHAT TO WATCH

  • Google considering PE alliances amid buying spree
  • Icahn urges Dell to buy back shrs at $14 in revised approach
  • Dish won’t make new Sprint bid by deadline
  • Microsoft said to add Qualcomm as supplier for Surface RT
  • BC Partners to buy Springer Science for $4.4b
  • Shuanghui getting $7.9b financing for Smithfield bid: WSJ
  • Smithfield got another $34/shr bid prior to Shuanghui deal
  • GE sees $20b order tally from Paris Air Show: Aviation CEO
  • Tesla issues recall for some Model S vehicles
  • Netflix to expand streaming service to Netherlands by yr-end
  • GM says China luxury vehicle demand slower than expected
  • U.K. banker bonuses face decade delays in industry overhaul
  • HSBC cuts China growth forecasts to 7.4% in 2013 and 2014
  • Japan’s exports surge by most since ‘10 in boost for Abenomics
  • Porsche $2.6b hedge-fund suit moved to Hanover court
  • King loses final BOE vote as majority sees recovery strength
  • Cuomo said to win agreement for four upstate N.Y. casinos

EARNINGS:

    • FedEx (FDX) 7:30am, $1.95 - Preview
    • Actuant (ATU) 7:30am, $0.59
    • Finisar (FNSR) 4pm, $0.17
    • Steelcase (SCS) 4:01pm, $0.13
    • Jabil Circuit (JBL) 4:02pm, $0.54
    • Red Hat (RHT) 4:04pm, $0.31
    • Micron Technology (MU) 4:05pm, $0.03 - Preview
    • Clarcor (CLC) 5:30pm, $0.67

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Timah Sees Tin Climbing 20% as Supply Curbed From Indonesia
  • Mining CEOs Punished as FTSE 100 Peers Keep Pay: Commodities
  • WTI Crude Advances to Nine-Month High as U.S. Stockpiles Decline
  • Copper Swings Between Gains and Drops Before Fed Meeting’s End
  • Hog Futures Rise in Chicago, Heading for Biggest Gain in a Week
  • Gold Holds Above Three-Week Low Before Fed Concludes Meeting
  • Arabica Coffee Gains as Investors May Start Buying; Sugar Slides
  • Rice Exports From Thailand to Advance as Support Prices Reduced
  • Carbon Rescue Seen Surviving European Panel Vote: Energy Markets
  • Aluminum Contango Widest in Four Years as Stockpiles Swell
  • Singapore Urges Naming of Firms After Worst Smog Since 1997
  • Argentina Banks on Railroads to Prolong Soybean Boom: Freight
  • Copper Slump Longest Since 2001 on Supply Gain: Chart of the Day
  • Corn Falls on Outlook for U.S. Supply and Signs of Weaker Demand

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