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