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THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – July 10, 2013


As we look at today's setup for the S&P 500, the range is 37 points or 1.90% downside to 1621 and 0.34% upside to 1658.                     

SECTOR PERFORMANCE

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EQUITY SENTIMENT:


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CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 2.27 from 2.27
  • VIX closed at 14.35 1 day percent change of -2.91%

MACRO DATA POINTS (Bloomberg Estimates):

  • 7am: MBA Mortgage Applications, July 5
  • 10am: Wholesale Inventories, May, est. 0.3% (prior 0.2%)
  • 10:30am: DOE Energy Inventories
  • 11am: Fed to buy $3b-$3.75b notes, 4/30/2019-6/30/2020
  • 1pm: U.S. to sell $21b 10Y notes in reopening
  • 2pm: Fed releases minutes from June 18-19 FOMC meeting
  • 4:10pm: Fed’s Bernanke speaks on economic policy in Boston

GOVERNMENT:

    • Senate procedural vote on bill to extend 3.4% interest rate for subsidized Stafford college loans for yr
    • 9:30am: House Oversight and Government Reform Cmte hearing on GAO reports that show federal govt is deficient in tracking money, performance
    • 10am: House Ways and Means panel hearing on delay of the health-care law’s employer mandate
    • 10am: House Financial Svcs panel hearing on “Reducing Barriers to Capital Formation”
    • 10am: Joint Economic Cmte hearing on job opportunities for veterans
    • 2:30pm: Senate Agriculture, Nutrition and Forestry Cmte holds hearing on “Smithfield Acquisition, Future Foreign Purchases of American Food Companies,” w/ Smithfield CEO Larry Pope
    • 3pm: House Republicans meet in private conference to discuss strategy on immigration legislation

WHAT TO WATCH

  • DirecTV, Chernin/AT&T group said to bid ~$1b for Hulu
  • China’s June exports, imports drop in drag on economy
  • T-Mobile said to show quarterly gain in contract subscribers
  • Citigroup said to plan sale of 90 Calif. branches for $300m
  • EU to unveil euro-area bank-failure plan amid German opposition
  • UBS leapfrogs Bank of America to top global wealth manager ranks
  • Consumer Bureau to sanction banks over debt collection methods
  • Cheapest panel no longer best in solar market: SunPower CEO
  • Maxim is said to fetch bids of $20m as losses pile up
  • Nintendo, Sony shrs move after report China to end console ban

EARNINGS

    • Fastenal (FAST) 6:50am, $0.41
    • Family Dollar Stores (FDO) 7am, $1.03
    • MSC Industrial Direct (MSM) 7:30am, $0.97
    • Pricesmart (PSMT) 4pm, $0.64
    • Yum! Brands (YUM) 4:10pm, $0.54
    • Cleco (CNL) 4:22pm, $0.66
    • Texas Industries (TXI) Aft-mkt, $0.20
    • Adtran (ADTN) Aft-mkt, $0.19

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Gold Trades Near One-Week High on Physical Purchases, Dollar
  • Cattle Herd at 60-Year Low Cuts Tyson Beef Margins: Commodities
  • Gold Contracts Climb to Four-Year High to U.S. Stocks: Options
  • Copper Advances as China Imports the Most Metal in Nine Months
  • Corn Extends Biggest Gain in 10 Weeks on USDA Production Outlook
  • Robusta Coffee Advances as Investors Boost Buying; Cocoa Gains
  • Rebar Rises on Higher China Property Demand, Shrinking Supply
  • OPEC Sees U.S. Shale Boom Eroding Demand for Its Crude in 2014
  • Aluminum Hampered by Lack of Western Supply Cuts: Bear Case
  • Wheat Imports From Pakistan May Climb to Highest in Five Years
  • Blackstone Treasure Hunt Under Way for German Tankers: Freight
  • Williams %R Returns Most in Gold Bear Market: Technical Analysis
  • Iran LNG Dreams Vanish as U.S. Shale Gas Looms: Energy Markets
  • Gold ETF Assets in India Drop for Third Month as Prices Plunge

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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