THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – July 1, 2013


As we look at today's setup for the S&P 500, the range is 60 points or 3.01% downside to 1558 and 0.73% upside to 1618.                

                                                                                                               

SECTOR PERFORMANCE


THE HEDGEYE DAILY OUTLOOK - 1

 

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EQUITY SENTIMENT:


THE HEDGEYE DAILY OUTLOOK - 10


CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 2.16 from 2.13
  • VIX closed at 16.86 1 day percent change of 0.00%

MACRO DATA POINTS (Bloomberg Estimates):

  • 8:58am: Markit U.S. PMI Final, June, est. 52.4
  • 10am: Construction Spending, May, est. 0.6% (prior 0.4%)
  • 10am: ISM Manufacturing, June., est. 50.5 (prior 49)
  • 11:30am: U.S. to sell $30b 3M bills, $25b 6M bills
  • U.S. Weekly Rates Agenda

GOVERNMENT:

    • House, Senate not in session
    • NCUA deadline for comments on its consultation on federal credit union ownership of fixed assets
    • U.S. deadline for financial institutions to stop dealing in the rial, Iran’s currency, or face sanctions

WHAT TO WATCH

  • Onyx seeks suitors after rejecting $120/shr Amgen bid
  • Nokia buys out Siemens in wireless gear venture for $2.2b
  • Euro-area PMI contracts less than estimated
  • Chinese PMIs fall as slowdown persists
  • Apple seeks to trademark ’iWatch’ in Japan
  • U.S. 10Y ylds belong at 2.20% as Fed too optimistic: Gross
  • SAC’s Cohen said to have declined to testify for grand jury
  • Russell reconstitution effective as of Friday’s close
  • Final Russell 1000, 2000 membership lists posted today
  • News Corp. to start trading as FOXA, NWSA
  • 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. Jobs, Iran Sanctions, Croatia, Wimbledon: Week Ahead July 1-6

EARNINGS:

    • No earnings scheduled by S&P 500 cos.: Bloomberg data

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • LME Seeks to Reduce Lines at Warehouses Where Wait Is 100 Days
  • Hedge Funds Cut Gold Bets as Goldman Lowers Outlook: Commodities
  • Rusal Urges Further Aluminum Capacity Cuts to Bolster Prices
  • WTI Crude Gains After Quarterly Drop Amid Egypt Mass Protests
  • Gold Gains in London as Record Quarterly Drop May Spur Demand
  • Copper Rises Before Report Seen Showing U.S. Manufacturing Gain
  • ICL Falls to 19-Month Low on Corn Prices, Laws: Tel Aviv Mover
  • Raw Sugar Climbs in New York Before July Delivery; Cocoa Drops
  • Copper Warehouses Emptying as China Imports: Chart of the Day
  • Gas Exporters to Defend Pricing System as Courts Reject Oil Link
  • Bullish Natural Gas Bets Fall to Three-Month Low: Energy Markets
  • Dutch Gasoline Exports to U.S. Reach 11-Month High: BI Chart
  • Africa’s Richest Man Vies With China Over Nigerian Tomatoes
  • Rebar Declines as Pace of Manufacturing Growth in China Slows

THE HEDGEYE DAILY OUTLOOK - 5

 

CURRENCIES


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GLOBAL PERFORMANCE

 

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EUROPEAN MARKETS


THE HEDGEYE DAILY OUTLOOK - 7

 

ASIAN MARKETS


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MIDDLE EAST


THE HEDGEYE DAILY OUTLOOK - 9

 

 

The Hedgeye Macro Team

 

 

 

 

 

 

 

 

 

 

 


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