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THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – June 26, 2013


As we look at today's setup for the S&P 500, the range is 54 points or 1.77% downside to 1560 and 1.64% upside to 1614.                 

SECTOR PERFORMANCE


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EQUITY SENTIMENT:


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CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 2.16 from 2.20
  • VIX closed at 18.47 1 day percent change of -8.16%

MACRO DATA POINTS (Bloomberg Estimates):

  • 7am: MBA Mortgage Applications, June 21 (prior -3.3%)
  • 8:30am: GDP Q/q, 1Q final, est. 2.4% (prior 2.4%)
  • 8:30am: Personal Consumption Expend., 1Q final, est. 3.4%
  • 8:30am: GDP Price Index, 1Q final, est. 1.1% (prior 1.1%)
  • 10am: Fed’s Fisher, Lacker testify on financial regulation to House Financial Services Committee
  • 10:30am: DOE Energy Inventories
  • 11am: Fed to buy $2.75b-$3.5b debt in 2020-2023 sector
  • 1pm: U.S. to sell $35b 5Y notes

GOVERNMENT:

    • 10am: Supreme Court will rule on Prop. 8, Calif. initiative banning same-sex marriage, and DOMA, a law denying federal benefits to legally married gay couple
    • 10am: Sen. Finance Cmte hearing on future of health care
    • 10am: House Budget Cmte hearing on energy development for economic growth, jobs
    • House Finl Svcs Cmte holds hearing on possibility of further taxpayer-funded bailouts resulting from Dodd-Frank; FDIC Vice Chairman Thomas Hoenig testifies
    • 10:30am: Senate Budget Cmte holds hearing on consequences of federal budget decisions on future generations
    • 1:30pm: House Energy and Commerce panel on energy, power holds hearing on the renewable fuel standard

WHAT TO WATCH

  • Gold hits lowest since Sept. 2010, silver lowest since Aug. 2010
  • China swaps drop a 4th day as PBOC eases cash squeeze
  • Democrat Markey wins Mass. Senate race for Kerry’s seat
  • Las Vegas Sands says Kay will leave as CFO
  • Draghi says deficit cuts in euro area should be growth friendly
  • EU resumes battle of how to impose losses at failing banks
  • Wal-Mart India head leaves 7 mos. after local CFO suspended
  • Australian PM Julia Gillard calls Labor party leadership vote
  • Marc Rich, commodities trader, died aged 78 in Switzerland
  • Stratasys plans acquisitions for 3-D printers that use metals
  • China starts investigation to ensure accuracy of eco. data
  • Square to process payment online, taking on PayPal: WSJ

EARNINGS:

    • General Mills (GIS) 6:58am, $0.54 - Preview
    • Lindsay (LNN) 7am, $1.80
    • UniFirst (UNF) 8am, $1.38
    • Monsanto (MON) 8am, $1.59 - Preview
    • AGF Management (AGF/B CN), 8am C$0.16
    • Herman Miller (MLHR) 4pm, $0.36
    • Paychex (PAYX) 4:01pm, $0.38
    • Bed Bath & Beyond (BBBY) 4:15pm, $0.93 - Preview
    • Progress Software (PRGS) 4:15pm, $0.22
    • HB Fuller (FUL) 5:25pm, $0.70

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Marc Rich, Fugitive Commodities Trader During 1980s, Dies at 78
  • Gold Bear Market Hits Hardest in South Africa Mines: Commodities
  • Australia Cuts Iron Ore Estimate as China’s Expansion Slows
  • Gold Slips to 34-Month Low as Precious Metals Slide on Fed View
  • Copper Seen Dropping on Slower Chinese Growth as Stockpiles Gain
  • Gold’s Slump Signals Fed Can’t Fuel Inflation: Chart of the Day
  • Government to Call Meeting of Malaysian Palm Planters Over Haze
  • WTI Crude Drops as U.S. Supplies Remain Near Three-Decade High
  • Rubber Declines to Lowest in Nine Months on China Demand Concern
  • Soybeans Decline on Concern USDA May Raise U.S. Acreage Estimate
  • Coal Crippled by Supply in Worst Quarter in Year: Energy Markets
  • France Says ‘Satisfied’ With Farm Ministers’ Agreement on Policy
  • Europe-to-U.S. Gasoline Arbitrage Cargoes Increase 64% in Survey
  • China’s Corn Crop Seen Rising to Record as Imports Set for High

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CURRENCIES


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GLOBAL PERFORMANCE

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EUROPEAN MARKETS


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ASIAN MARKETS


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MIDDLE EAST


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The Hedgeye Macro Team