THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – July 9, 2013


As we look at today's setup for the S&P 500, the range is 31 points or 1.31% downside to 1619 and 0.58% upside to 1650.                      

SECTOR PERFORMANCE


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EQUITY SENTIMENT:


THE HEDGEYE DAILY OUTLOOK - 10


CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 2.29 from 2.28
  • VIX closed at 14.78 1 day percent change of -0.74%

MACRO DATA POINTS (Bloomberg Estimates):

  • 7:30am: NFIB Small Bus. Optim, June, est. 94.6 (prior 94.4)
  • 7:45am/8:55am: ICSC/Redbook weekly retail sales
  • 10am: JOLTs Job Openings, May, est. 3790k (prior 3757)
  • 11am: Fed to buy $2.75b-$3.5b notes in 8/15/2020-5/15/2023
  • 11:30am: U.S. to sell 4wk bills
  • 12pm: DoE Short-Term Energy Outlook
  • 1pm: U.S. to sell $32b 3Y notes
  • 4:30pm: API crude, oil product inventories

GOVERNMENT:

    • House Financial Svcs panel holds hearing with CFPB Acting Deputy Director Steven Antonakes on how CFPB collects and uses of consumer data, 10am
    • FDIC board meets to consider interim final regulatory capital rules including those needed for implementation of Basel III intl banking accords, 10am
    • House Financial Svcs panel holds hearing on Dodd-Frank Act, with witnesses including lawyer Boyden Gray, 2pm
    • House Energy and Commerce panel meets on “Cyber Espionage and the Theft of U.S. Intellectual Property and Technology,” with CSIS’s Jim Lewis testifying, 10:15am
    • NTSB holds first of two investigative hearings on 2012 New Jersey train derailment, haz-mat release, 9am

WHAT TO WATCH

  • FDIC meets to vote on final capital rules of Basel III
  • Glass Lewis backs Michael Dell $13.65-shr buyout offer
  • BlackBerry to hold annual shareholder meeting
  • China inflation stays below target; PPI falls 2.7%
  • CFTC weighs delay of swaps rules, WSJ says
  • U.S. apartment vacancies unchanged in 2Q, Reis says
  • DirectTV, Time Warner Cable meet deadline to bid on Hulu
  • Alcoa 2Q EPS, rev. beat; reaffirms 2013 aluminum outlook
  • Barnes & Noble edges closer to breakup as CEO quits
  • Shell names Van Beurden to succeed Voser as CEO
  • U.K. manufacturing unexpectedly falls in May
  • Greece wins release of $3.9b in aid from Europe

EARNINGS:

    • Wolverine World Wide (WWW) 6:30am, $0.34
    • Jean Coutu Group (PJC/A CN) 7am, C$0.26
    • Alimentation Couche-Tard (ATD CN) 11:45am, $0.77
    • Helen of Troy (HELE) After-mkt, $0.70

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Commodity Traders’ Buildup on Easy Money Seen as Risk in Report
  • Gold Bulls Defy Price Slump as Paulson Loss Widens: Commodities
  • Copper Falls as Slumping Chinese Prices Reflect Slowing Economy
  • Russian Grain Harvest Seen Below Government Target After Drought
  • Gold Gains to One-Week High on China Inflation, Physical Demand
  • WTI Crude Trades Near 14-Month High Before U.S. Inventory Data
  • Coffee Reaches One-Month High on Supply-Curb Signal; Cocoa Gains
  • Gold-Dollar Deviation Signaling Shift of Faith: Chart of the Day
  • Hedge Fund Crude Oil Bets Jump Amid Egypt Strife: Energy Markets
  • Rebar Erases Gains to Decline as Overcapacity Damps Sentiment
  • Libya Oil Output Slides as Power Cuts Mix With Protests: Energy
  • Tanker Demolitions Slumping as Rupee Reaches Record Low: Freight
  • Quebec Explosion Exposes Risks of Rising Urban Oil Shipments
  • China’s Wheat Imports Seen Higher Than USDA Forecast After Rains

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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