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