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TODAY’S S&P 500 SET-UP – June 27, 2013


As we look at today's setup for the S&P 500, the range is 60 points or 2.82% downside to 1558 and 0.92% upside to 1618.                                

SECTOR PERFORMANCE


THE HEDGEYE DAILY OUTLOOK - 1

THE HEDGEYE DAILY OUTLOOK - 2

EQUITY SENTIMENT:


THE HEDGEYE DAILY OUTLOOK - 10A


CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 2.14 from 2.16
  • VIX closed at 17.21 1 day percent change of -6.82%

MACRO DATA POINTS (Bloomberg Estimates):

  • 8:30am: Personal Income, May, est. 0.2% (prior 0.0%)
  • 8:30am: Init Jobless Claims, June 22, est. 345k (prior 354k)
  • 9:45am:  Bloomberg Consumer Comfort, June 23 (prior -29.4)
  • 10am: Pending Home Sales M/m, May, est. 1.0%  (prior 0.3%)
  • 10am: Freddie Mac mortgage rates
  • 10am: Fed’s Dudley speaks on labor market in New York
  • 10:30am: Fed’s Powell speaks on monetary policy in D.C.
  • 10:30am: EIA natural-gas storage change
  • 11am: Kansas City Fed Manuf Activity, June, est. 3 (prior 2)
  • 11am: Fed to buy $4.25b-$5.25b debt in in 2017-2018 sector
  • 12:30pm: Fed’s Lockhart speaks on economy in Marietta, Ga.
  • 1pm: U.S. to sell $29b 7Y notes

GOVERNMENT:

    • 10am: Senate Banking Cmte hears from Rep. Mel Watt, D-N.C., to be head of FHFA, Jason Furman on his nomination to be CEA chairman, and Kara Stein, Michael Piwowar to be SEC members
    • 10am: House Transportation panel hears from Federal Railroad Administration chief Joseph Szabo on national rail policy
    • 10am: House Ways and Means Cmte hears from acting IRS Commissioner Danny Werfel on agency’s taxpayer targeting practices
    • 10am: Senate Environment and Public Works Cmte holds hearing on federal oversight of chemical plants, including those in West, Tx., and Geismar, La.
    • 10:30am: FCC Acting Chairwoman Mignon Clyburn will seek protection against disclosure of some information stored on mobile devices at agency monthly meeting
    • 10:30am: Qualcomm’s Dean Brenner, CTIA’s Christopher Guttman-McCabe, NTIA’s Karl Nebbia, Defense Dept CIO Teri Takai testify before House Energy and Commerce Cmte on equipping carriers, agencies in wireless era
    • 11am: Center on Budget and Policy Priorities briefing on changing projections in long-term budget outlook, incorporating Social Security, Medicare trustees’ reports, CBO’s May budget baseline

WHAT TO WATCH

  • EU finance chiefs reach deal on how to handle failing banks
  • New York Times set to sell Globe for ~10% of purchase price
  • U.K. 1Q GDP rises 0.3%, matching previous est.
  • U.K. disposable income in 1Q fell most in 25 yrs
  • HD Supply, CDW raise 31% less than sought after stocks tumble
  • Oracle, Salesforce.com to hold call on partnership at 4pm
  • Canada regulators to rule on BCE’s bid to acquire Astral Media, 4pm
  • Eurozone June economic confidence rises to 91.3; est. 90.4
  • German unemployment unexpectedly drops as eco. recovery seen
  • FHFA nominee faces Senate skepticism of skills to oversee GSEs
  • KKR submits formal bid for Bushnell, N.Y. Post says

EARNINGS:

    • McCormick (MKC) 6:30am, $0.61
    • Commercial Metals (CMC) 7am, $0.18
    • ConAgra Foods (CAG) 7:30am, $0.59
    • KB Home (KBH) 8am, $(0.06)
    • Worthington Industries (WOR) 8:30am, $0.63
    • Empire (EMP/A CN) 9:30am, C$1.33
    • Accenture (ACN) 4:01pm, $1.14
    • Nike (NKE) 4:15pm, $0.74 - Preview

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • StanChart to Build Hong Kong as Metals Center as East Moves
  • Corn Futures Swing to Limits on China-Sized Errors: Commodities
  • Risk of Cookie Shortage Prompts Japan to Test New Wheat Tender
  • WTI Rises for a Fourth Day on U.S. Refining Boost, China Profits
  • Nickel Leads Metals Rebound as Lower Prices Attract Investors
  • Palm Oil Drops to One-Month Low on Rising Soybean Oil Supplies
  • Sugar Falls After Unica Report on Higher Output; Cocoa Declines
  • HKEx, LME and China Beijing Intl Mining Exchange Sign Agreement
  • Rebar Pares Quarterly Loss as China’s Industrial Profit Improves
  • Aluminum Shipments by Japan Decrease For Seventh Month in May
  • LNG in Paradigm Shift as Shippers See Savings: Energy Markets
  • Cocoa Crop in Ivory Coast Seen by Growers Boosted After Rain
  • Colombia Coffee Growers Threaten Road Blocks, Strikes, Protests
  • Corn Declines for a Sixth Day as Record Production Is Forecast

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