THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – July 11, 2013


As we look at today's setup for the S&P 500, the range is 42 points or 1.55% downside to 1627 and 0.99% upside to 1669.                     

SECTOR PERFORMANCE


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EQUITY SENTIMENT:


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CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 2.22 from 2.27
  • VIX closed at 14.21 1 day percent change of -0.98%

MACRO DATA POINTS (Bloomberg Estimates):

  • 8:30am: Import Price Index, M/m, June, est. 0.0% (pr. -0.6%)
  • 8:30am: Init Jobless Claims, week of July 6, est. 340k
  • 9:45am: Bloomberg Cons Comfort, week of July 7 (pr. -27.5)
  • 10am: Freddie Mac mortgage rates
  • 10:30am: EIA natural-gas storage change
  • 11am: Fed’s Tarullo testifies on regulation to Senate
  • 11am: Fed to buy $1b-$1.5b TIPS in 7/15/2017-2/15/2043 sector
  • 1pm: U.S. to sell $13b 30Y bonds in reopening
  • 2pm: Monthly Budget Statement, June, est. $100b

GOVERNMENT:

    • 9am: U.S.-China Economic and Security Review Commission holds roundtable on deterring cyber theft
    • 11am: Senate Banking, Housing and Urban Affairs Cmte hearing on “Mitigating Systemic Risk Through Wall Street Reforms,” w/ Fed Governor Daniel Tarullo, FDIC Chairman Martin Gruenberg, Comptroller of the Currency Tom Curry
    • 3:30pm: ACLU, Assn for Molecular Pathology briefing on Supreme Court decision to strike down patents on human genes

WHAT TO WATCH

  • June U.S. retail sales likely helped by heat, pent-up demand
  • Euronext will be spun off in IPO mid-2014, Cerutti says
  • Microsoft reorganization to be announced today: AllThings D
  • BOJ keeps monetary policy on hold as recovery signs seen
  • U.S., Europe said poised to announce agreement on swap rules
  • PC shipments fall for 5th quarter even as U.S. decline slows
  • Bank Indonesia raises benchmark rate more than forecast to 6.5%
  • Luxembourg PM to resign amid security service spying probe
  • Heineken sells Hartwall unit to Royal Unibrew for $614m
  • Sprint drops Nextel from co. name as SoftBank takes control

EARNINGS:

    • Commerce Bancshares (CBSH) 7am, $0.71
    • Corus Entertainment (CJR/B CN) 7am, C$0.51
    • Progressive (PGR) 8:12am, $0.41
    • Bank of the Ozarks (OZRK) 6pm, $0.57

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • IEA Sees 20-Year Supply Peak Outpacing Demand Recovery in 2014
  • Corn Bets Turn Bearish as Rain Revives U.S. Crops: Commodities
  • Thai Sugar Harvest Seen at Record Adding to Global Surplus
  • WTI Trades Near 15-Month High as U.S. Crude Inventories Plunge
  • Copper Reaches Three-Week High on Outlook for Further Stimulus
  • Gold Nears $1,300 After Fed’s Bernanke Backs Sustained Stimulus
  • Commodity Traders Face New Squeeze as Storage Congestion Spreads
  • Crude-by-Rail Profits Fall as WTI-Brent Narrows: Energy Markets
  • Raw Sugar Rebounds in New York After Brazil Raises Interest Rate
  • Japan Purchases Alternatives to Oregon Wheat in Tender
  • Zinc May Advance to $1,974 on Retracement: Technical Analysis
  • South Africa Mine Wage Talks Open With Highest Demands on Record
  • Iron Ore Bests Metals as Prices Have Gone Nowhere Since 1913
  • Corn Gains as Investors Weigh Stress Risk to Record U.S. Crop

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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