THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – June 21, 2013


As we look at today's setup for the S&P 500, the range is 46 points or 0.33% downside to 1583 and 2.57% upside to 1629.                 

                                                                                                              

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: 2.07 from 2.09
  • VIX closed at 20.49 1 day percent change of 23.14%

MACRO DATA POINTS (Bloomberg Estimates):

  • 11am: Fed to buy $1.25b-$1.75b notes in 2036-2043 sector
  • 1pm: Baker Hughes rig count

GOVERNMENT:

    • President Obama to announce Jim Comey as pick for FBI director
    • 9am: Natl Housing Conf. holds symposium on neighborhoods, household recovery from housing crisis; HUD Sec. Shaun Donovan delivers keynote remarks
    • 9am: Transportation Undersec. for Policy Polly Trottenberg, Deputy Energy Sec. Daniel Poneman participate in discussion of IEA report, “Redrawing the Energy-Climate Map.”
    • 1pm: Vice President Joe Biden speaks at U.S. Conf. of Mayors
    • 3pm: Senate Homeland Security and Governmental Affairs Cmte holds hearing on curbing prescription drug abuse in Medicare

WHAT TO WATCH

  • Oracle 4Q adj. rev. misses; co. applies to list on NYSE
  • News Corp. publishing spinoff to join S&P 500
  • U.S. said to consider doubling leverage standard for big banks
  • Apple wins suit against Samsung in Japan on screen effects
  • Tesla adding model S battery swap for faster refuels, credit
  • CME raises gold margins as prices fall to lowest since 2010
  • Nike’s second-in-command to retire amid management overhaul
  • ADM in talks on sale of cocoa ops after margins squeezed
  • United 787 to Houston diverts to Newark on low oil alert
  • Endo Health unit pays $54.5m in vaginal mesh settlement
  • CBRE plans to invest in Chinese offices even as rents slow
  • U.S. Supreme Ct, EU Summit, Wimbledon: Wk Ahead June 22-29

EARNINGS:

    • Darden Restaurants (DRI) 7am, $1.04
    • CarMax (KMX) 7:35am, $0.58

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Copper Rises as Aluminum Nears Longest Losing Streak Since 1987
  • Gold Trade Most Bearish Since ’10 as Fed Spurs Drop: Commodities
  • WTI Crude Trims Weekly Drop After Biggest Slump in Seven Months
  • Gold Rebounds in New York After Slumping to Cheapest Since 2010
  • India Approves Wheat, Rice Sale From Inventories to Curb Prices
  • Anil Ambani’s Reliance Halts Gold Sales in India to Cut Imports
  • Rebar Rises on Optimism Government Policies May Boost Demand
  • Ichimoku Beats Copper Charts Over Five Years: Technical Analysis
  • Arabica Coffee Rebounds After Nearing a 4-Year Low; Sugar Rises
  • Rajoy Targets Endesa to EDP’s Revenue to Cut Spain Debt: Energy
  • HKEx to Sign MOU With Bank of China on RMB Commodity Contracts
  • Anemic Growth Pressures Metal Prices and Capex Plans: Bear Case
  • ADM in Talks on Sale of Cocoa Operations After Margins Squeezed
  • CME Raises Margins for Gold as Prices Fall to Lowest Since 2010

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