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TODAY’S S&P 500 SET-UP – June 20, 2013


As we look at today's setup for the S&P 500, the range is 45 points or 1.10% downside to 1611 and 1.66% upside to 1656.               

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: 2.09 from 2.05
  • VIX closed at 16.64 1 day percent change of 0.18%

MACRO DATA POINTS (Bloomberg Estimates):

  • 8:30am: Initial Jobless Claims, June 15, est. 340k (prior 334k)
  • 8:30am: Continuing Claims, June 8, est. 2.958m (prior 2.973m)
  • 8:58am: Markit US PMI Preliminary, June
  • 9:45am: Bloomberg Economic Expectations, June (prior -1)
  • 9:45am: Bloomberg Consumer Comfort, June 16
  • 10am: Philadelphia Fed Factory Index, June, est. -2 (prior -5.2)
  • 10am: Existing Home Sales, May, est. 5m (prior 4.97m)
  • 10am: Leading Indicators, May, est. 0.2% (prior 0.6%)
  • 10am: Freddie Mac mortgage rates
  • 10:30am: EIA natural-gas storage change
  • 11am: Fed to purchase $2.75b-$3.5b notes in 2020-2023 sector
  • 1pm: U.S. to sell $7b 30Y TIPS in reopening

GOVERNMENT:

    • 8:55am: Inter-American Development Bank President Luis Alberto Moreno delivers keynote remarks at Woodrow Wilson Center event on Latin America, Asia relations
    • 9:30am: House Ways and Means Cmte health panel holds hearing on 2013 Medicare Trustees Report
    • 10:30am: Senate Appropriations Cmte marks up several FY2014 spending bills, including the Agriculture, Rural Development, FDA and Related Agencies Appropriations Bill

WHAT TO WATCH

  • European stocks sink as Bernanke outlines paring of stimulus
  • Goldman Sachs drops Ebix deal as U.S. prosecutors open probe
  • Facebook said to plan unveiling Instagram video sharing
  • Microsoft reverses stance on trading games for Xbox One
  • Men’s Wearhouse founder said ousted amid clash with CEO
  • Ford’s Mulally calls Japan currency manipulator
  • Ford CEO opens $300m China plant as sales surge
  • Fiat judge seen leaving Marchionne in lurch over Chrysler
  • Boeing, Airbus tighten jet-order grip as upstarts falter
  • AirAsia orders $8.6b CFM engines to power A320 planes
  • Airbus explores A380 superjumbo refresher to help sales
  • “Candy Crush Saga” maker said to enlist bankers for IPO
  • Ex-AMD worker seeks probation in insider case on aid to U.S.
  • IEA says U.S. natgas production to accelerate next year
  • Credit Suisse, Baer seen facing delay in U.S. tax deal
  • Five U.K. banks must raise $21.2b total in capital, BOE says
  • Stratasys to acquire 3-D printer rival MakerBot for $403m
  • China manufacturing contraction deepens amid cash pinch
  • Tata wins over IBM, Dell in India as solar cheaper than grid 

EARNINGS:

    • Pier 1 Imports (PIR) 6am, $0.19
    • IHS (IHS) 6am, $1.05
    • Rite Aid (RAD) 7am, $0.09
    • Kroger (KR) 8:30am, $0.88 - Preview
    • Oracle (ORCL) 4:01pm, $0.87
    • TIBCO Software (TIBX) 4:05pm, $0.19

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Gold Tumbles to 2 1/2-Year Low as Bear Market Extends After Fed
  • SocGen’s Haigh Sees Gold Lower After Calling Rout: Commodities
  • Commodities From Gold to Oil Slump on Fed Outlook, China Crunch
  • Copper Reaches Seven-Week Low on Fed Concern and China Slowdown
  • WTI Crude Drops a Second Day on Chinese Slowdown, Fed Easing
  • Socgen’s Bhar Sees Silver Sliding to $10-$15 ‘Quite Quickly’
  • Corn Exports From India Seen Climbing to Record on Bigger Crop
  • Gold Imports by India Seen Tumbling 40% This Month From May
  • Gold ‘Bubble’ Is Fit to Burst as Funds Unwound: Chart of the Day
  • Glencore to BP Widen Fuel Oil Price Gap in Spree: Energy Markets
  • Rebar Falls for First Day in Six on Steel Output, China Data
  • LNG Market Will Be Tight Through 2014 on Asia Demand, IEA Says
  • Russia’s Oil Champion Shunned as Putin Weighs Share Sale: Energy
  • SPDR Gold Assets Drop Below 1,000 Tons as $30 Billion Erased

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