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TODAY’S S&P 500 SET-UP – June 24, 2013


As we look at today's setup for the S&P 500, the range is 56 points or 1.66% downside to 1566 and 1.86% upside to 1622.                  

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: 2.22 from 2.16
  • VIX closed at 18.9 1 day percent change of -7.76%

MACRO DATA POINTS (Bloomberg Estimates):

  • 8:30am: Chicago Fed Natl Activity Index, May (prior -0.53)
  • 10:30am: Dallas Fed Manuf Activ, June, est. -1.8 (pr -10.5)
  • 11am: Fed to buy $3b-$3.75b debt in 2019-2020 sector
  • 11:30am: U.S. to sell $30b 3-mo. bills, $25b 6-mo. bills
  • 1pm: Fed’s Fisher speaks in London
  • U.S. Weekly Rates Agenda

GOVERNMENT:

    • Supreme Court begins what is scheduled to be the final week of its term and may rule on cases including:
    • Affirmative-action dispute over whether the University of Texas may consider race in admissions
    • Calif. initiative banning same-sex marriage, law denying federal benefits to legally married gay couples
    • Whether Voting Rights Act can require some states to get “preclearance” from federal government before changing voting rules
    • Obama meets with business leaders on immigration overhaul
    • Senate cloture vote on border-security amendment to immigration bill, 5:30pm
    • Senate Homeland Security and Governmental Affairs Cmte vote on the nominations of Howard Shelanski to be OMB administrator, Daniel Tangherlini to be administrator of the GSA, 5:30pm
    • Senate Homeland Security and Governmental Affairs Cmte hearing on “Curbing Prescription Drug Abuse in Medicare,” 3pm
    • Washington Weekly Agenda
    • U.S. demands Russia expel Snowden as he seeks Ecuador asylum

WHAT TO WATCH

  • Vodafone reaches $10.1b deal to acquire Kabel Deutschland
  • Rio Tinto to keep diamond unit after scrapping sale plans
  • Google confirms FTC has contacted co. over Waze acquisition
  • China may fine-tune policy as cash squeeze threatens growth
  • Facebook working on newspaper for mobile devices, WSJ says
  • DZ Bank drops MBS suits against JPMorgan over ~$645m
  • BP acted w/gross negligence in 2010 spill, plaintiffs say
  • Apple CEO Cook adjusts bonus in shift to performance rewards
  • Fiat said able to triple Chrysler payout after refinancing
  • Hostess’s Twinkies back on store shelves nationwide in July
  • AIG revives plane unit IPO after extending China sale deadline
  • N.Y. lawmakers set aside bill threatening to cut Tesla sales
  • Gartner says PC, tablet, mobile shipments to rise 5.9% in 2013
  • ENRC founders, Kazakhstan make bid valuing miner at $4.7b
  • U.K. regulator said to study banks’ share-sale lockup waivers
  • Oracle to reveal plans for cloud-computing expansion, FT says
  • German business confidence rises for 2nd month on recovery
  • Obama to announce emission curbs on power plants tomorrow
  • Disney’s “Monsters,” with $82m, tops Pitt’s zombies
  • Autos probably led consumer spending up: U.S. Wkly Eco Preview
  • U.S. Weekly Agendas: Finance, Industrials, Energy, Health, Consumer, Tech, Media/Ent, Real Estate, Transports
  • North American M&A Agenda
  • Canada Weekly Agendas: Energy, Mining
  • U.S. Supreme Court, EU Summit, Wimbledon: Wk Ahead June 24-29

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Copper Leads Industrial Metals Lower as China Adds to Oversupply
  • Gold Wagers Slump as $55 Billion Erased From Funds: Commodities
  • LME Looking at Feasibility of Clearing Products in Yuan, Li Says
  • Brent Trades Near Three-Week Low on Concern China Growth to Slow
  • Gold Drops With Silver on Fed Outlook as Goldman Cuts Forecasts
  • Rubber Trades Near Lowest in Nine Months on China Demand Concern
  • Shanghai Rebar Falls on Liquidity Crunch and Stock Market Slump
  • Freeport Indonesia Set to Increase Open-Pit Mining After Restart
  • Indian Jewelers to Halt Gold Bar, Coin Sales to Retail Buyers
  • China Moves Production Overseas to Avoid EU Solar Duties: Energy
  • White Sugar Near 3-Month High on Limited Supplies; Coffee Gains
  • Copper Stockpiles at Decade High as Warehouses Lure Excess Metal
  • Gold’s 2 1/2-Year Low Extending Below $1,200: Technical Analysis
  • LME Woos China’s Metal Traders as Shanghai Vies for Global Stake

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