TODAY’S S&P 500 SET-UP – June 28, 2013
As we look at today's setup for the S&P 500, the range is 63 points or 3.36% downside to 1559 and 0.55% upside to 1622.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.11 from 2.12
- VIX closed at 16.86 1 day percent change of -2.03%
MACRO DATA POINTS (Bloomberg Estimates):
- 8am: Fed’s Stein speaks on monetary policy in New York
- 9am: NAPM-Milwaukee, June, est. 45.2 (prior 40.67)
- 9:15am: Fed’s Lacker speaks in White Sulphur Springs, W. Va.
- 9:45am: Chicago Purchasing Mgr, June, est. 55.0 (prior 58.7)
- 9:55am: U. Mich Consumer Sentiment, June final, est. 83.0
- 3:30pm: Fed’s Williams speaks in Sonoma, Calif.
- 11am: Fed to buy $1.25b-$1.75b debt in 2036-2043 sector
GOVERNMENT:
- House considers remaining amendments to, and passage of, Offshore Energy and Jobs bill
- 9am: ITC judge releases findings in a patent-infringement case that InterDigital filed against Nokia, Huawei Technologies, and ZTE over 3rd generation wireless technology
- 5pm: Canon could learn whether the ITC will issue a broad order blocking what the Japanese electronics company contends is a widespread copying of its toner cartridges
WHAT TO WATCH
- Nike 4Q profit tops ests. as U.S. sales gain
- CBS billboard unit files for IPO as part of breakup with parent
- Corzine faces trading ban as regulator sues in MF Global
- BCE-Astral bid approved with conditions by Canada regulator
- DOJ probes US Airways, American merger: Reuters
- Icahn to wrap up $5.2b loan package for Dell: N.Y. Post
- ABF teamster employees ratify 5-yr national labor agreement
- PBOC’s Zhou maintains pledge to keep stability in mkts
- BoE’s King retires in 2 days as Carney takes helm
- German May retail sales beat ests. as eco. seen growing
- Japan recovery strengthened in May in boost for Abe
- U.S. Jobs, Egypt Protest, Croatia: Week Ahead June 29-July 6
EARNINGS:
- Finish Line (FINL) 7am, $0.16
- Blackberry (BB CN) 7am, $0.08 - Preview
- Shaw Communications (SJR/B CN) 8:15am, C$0.45
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Gold Trades Near 34-Month Low as Quarterly Slump May Spur Demand
- Gold Traders Split as Rout Resumes in Bear Market: Commodities
- JPMorgan Leads Storage Companies Cutting Back on LME Warehouses
- Brent’s Best Forecasters Doubt Bulls After Slump: Energy Markets
- Copper Advances After German Retail Sales; Aluminum Climbs
- WTI Heads for Longest Gain Since April as Economies Strengthen
- Rebar Rises for Second Day as China Plans Town Redevelopment
- Gold’s Slump Fails to Excite Indian Shoppers After April Frenzy
- Palm Oil Declines for Fifth Straight Quarter on Rising Supplies
- U.S. Corn Output to Rise 25% Even as Acreage Drops: Rabobank
- Gold’s Hold on Silver Is Strongest Since 1950: Chart of the Day
- Anglo Said to Hire Banks for Sale of Stake in Biggest Project
- Nicaragua Pursues a $40 Billion Canal It Can Call Its Own
- India to Exceed China as World’s Coal Power, Buoying BHP: Energy
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team