THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – May 12, 2014


As we look at today's setup for the S&P 500, the range is 20 points or 0.50% downside to 1869 and 0.56% upside to 1889.                                                                                                

SECTOR PERFORMANCE

 

THE HEDGEYE DAILY OUTLOOK - 1

 

THE HEDGEYE DAILY OUTLOOK - 2

 

EQUITY SENTIMENT:

 

THE HEDGEYE DAILY OUTLOOK - 10

 

CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 2.25 from 2.24
  • VIX closed at 12.92 1 day percent change of -3.80%

 

MACRO DATA POINTS (Bloomberg Estimates):

  • 11:30am: U.S. to sell $25b 3M bills, $23b 6M bills
  • 12pm: Fed’s Plosser speaks in Philadelphia
  • 2pm: Monthly Budget Statement, April, est. $114b (prior $113b)

GOVERNMENT:

    • Senate in session, House out
    • President Barack Obama to discuss economic ties with Uruguay President Jose Mujica Cordano
    • 8:30am: U.S. Chamber of Commerce, Natl Assn of Manufacturers, Council on Competitiveness, Organization for Intl Investment hold discussion on “Now Serving: Economy,’
    • WASHINGTON WEEKLY AGENDA: Nebraska, W. Virginia Hold Primaries
    • U.S. ELECTION WRAP: Increased Koch Spending; Primaries Tuesday

WHAT TO WATCH:

  • Lockhart expects Fed to use reverse repos during stimulus exit
  • BSkyB in talks to buy Fox’s pay-TV assets in Germany, Italy
  • Eastern Ukrainian separatists say referendums back independence
  • Dubai to sell Mauser for $1.7b to Clayton, Dubilier
  • Microsoft group guards patent secrets in $7b Nortel trial
  • Xi says China must adapt to “new normal” of Slower Expansion
  • BNP Paribas, Credit Suisse seek leniency in U.S., NYT says
  • Apple, Beats deal may be announced this wk
  • Ex-Treasury Sec. Tim Geithner book “Stress Test” released
  • Nissan leapfrogs Ford behind Toyota, Honda in supplier survey
  • Russia’s Severstal said to get offers for U.S. steel plants
  • Samsung Chairman stable after surgery following heart attack
  • NBC shifts ’Blacklist’; other networks to release this wk
  • Nasdaq hires Adena Friedman as co-president
  • CME Clearing Europe agrees to offer collateral system with SIX
  • Siemens CEO sees many open questions in Alstom talks: Spiegel
  • Qualcomm said to acquire Wilocity for $300m: Globes

AM EARNS:

    • Concho Resources (CXO) Pre-Mkt, $0.98
    • DiamondRock Hospitality (DRH) 6am, ($0.01)
    • Elizabeth Arden (RDEN) 6:59am, $0.00
    • Gogo (GOGO) 7:30am, ($0.25)
    • Inter Pipeline (IPL CN) 11:16am, C$0.29

PM EARNS:

    • Arena Pharmaceuticals (ARNA) 4:03pm, ($0.10)
    • Babcock & Wilcox (BWC) 4:20pm, $0.42
    • Halozyme Therapeutics (HALO) 4:15pm, ($0.14)
    • MannKind (MNKD) 4pm, ($0.13)
    • MBIA (MBI) 4:05pm, $0.14
    • McKesson (MCK) 4:10pm, $2.40
    • Parkervision (PRKR) 4:01pm, ($0.04)
    • PDL BioPharma (PDLI) 4:02pm, $0.51
    • Pengrowth Energy (PGF CN) 4:30pm, $0.02
    • Penn Virginia (PVA) 4:05pm, ($0.06)
    • Rackspace (RAX) 4:01pm, $0.11
    • Towerstream (TWER) 4pm, ($0.10)
    • Vector Group (VGR) 4:05pm, N/A

 

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Nickel Extends Gains on Supply View Amid Vale Plant Suspension
  • Brent Gains for First Time in Three Days on Ukraine; WTI Rises
  • Gold Bulls Bet Wrong for Second Week on Fed Easing: Commodities
  • Iron Ore Trade at Risk as Port Hedland Tugs Approve Stoppage
  • Gold Trades Above One-Week Low as Ukraine Weighed Against Dollar
  • Wheat Falls to Two-Week Low as Global Supply Outweighs U.S. Woes
  • Cocoa Extends Longest Slump Since June in London; Sugar Declines
  • MORE: Aluminum Wait at Pacorini Depots in Vlissingen Is 748 Days
  • Coffee Sales Set to Slow in Vietnam as Reserves Drop From Record
  • Russia to Discuss Gas Price Cut With Ukraine Only If Debt Paid
  • Probe Breakthrough Elusive a Year After EU Raids Big Oil, Platts
  • Hedge Funds Cut Gasoline Wagers by Most in Three Months: Energy
  • Cocoa Net Long of Money Managers in London Was 53,071 Lots
  • Nine Nickel Smelters Seen in Indonesia This Year After Ban

THE HEDGEYE DAILY OUTLOOK - 5

 

CURRENCIES


THE HEDGEYE DAILY OUTLOOK - 6

 

GLOBAL PERFORMANCE

 

THE HEDGEYE DAILY OUTLOOK - 3

 

THE HEDGEYE DAILY OUTLOOK - 4

 

EUROPEAN MARKETS

 

THE HEDGEYE DAILY OUTLOOK - 7

 

ASIAN MARKETS

 

THE HEDGEYE DAILY OUTLOOK - 8

 

MIDDLE EAST

 

THE HEDGEYE DAILY OUTLOOK - 9

 

 

The Hedgeye Macro Team

 

 

 

 

 

 

 

 

 

 

 

 

 


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