THE HEDGEYE DAILY OUTLOOK

 TODAY’S S&P 500 SET-UP – May 13, 2014


As we look at today's setup for the S&P 500, the range is 28 points or 1.35% downside to 1871 and 0.12% upside to 1899.                                              

SECTOR PERFORMANCE

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EQUITY SENTIMENT:

 

THE HEDGEYE DAILY OUTLOOK - 10A

 

CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 2.25 from 2.27
  • VIX closed at 12.23 1 day percent change of -5.34%

MACRO DATA POINTS (Bloomberg Estimates):

  • 12:30am: Fed’s Lockhart speaks in Riyadh, Saudi Arabia
  • 7:30am: NFIB Small Business, April, est. 94.5 (prior 93.4)
  • 7:45am: ICSC weekly sales
  • 8:30am: Retail Sales, April, est. 0.4% (prior 1.1%, rev. 1.2%)
  • 8:30am: Import Price Index, April, est. 0.3% (prior 0.6%)
  • 8:55am: Redbook weekly sales
  • 10am: Business Inventories, March, est. 0.4% (prior 0.4%)
  • 10:30am: Fed’s Lacker speaks in Charlotte, North Carolina
  • 4:30pm: API weekly oil inventories

GOVERNMENT:

    • House out of session, Senate in
    • 9:30am: Brookings holds discussion on “The Future of Fannie Mae and Freddie Mac” with FHFA Director Mel Watt
    • 10am: Senate Agriculture Cmte hearing on high-frequency;  witnesses incl. CFTC head of mkt oversight Vince McGonagle, CME’s Terrence Duffy
    • 10am: United States Energy Assn holds discussion on North American LNG exports
    • 10am: Commerce Sec. Penny Pritzker on Natl Export Initiative at Atlantic Media HQ
    • 12pm  Alliance for American Manufacturing on steel import report w/Sens. Sherrod Brown, D-Ohio, Jeff Sessions, R-Ala.
    • 12:45pm: Resources for the Future holds discussion with Exelon CEO Chris Crane
    • U.S. ELECTION WRAP: Cong. Dist. Income Inequality; Crisco Dies

WHAT TO WATCH:

  • Pfizer said to plan raising AstraZeneca bid for second time
  • Pfizer CEO to make AstraZeneca case to U.K. parliament
  • FHFA Director Mel Watt speaks on GSEs at Brookings
  • AT&T is said in advanced talks to buy DirecTV for ~$50b
  • China industrial production, investment show slowdown deepening
  • Ukraine rebels ask to join Russia as Gazprom threatens a cutoff
  • KKR eyes Spanish banks, may seek role managing bad bank assets
  • Lockhart says Fed weighs role of funds rate amid stimulus exit
  • Facebook said to take steps to open a sales office in China
  • 2 former Qualcomm sales directors charged with insider trading
  • German investor confidence drops for 5th month on growth risks
  • Airbus earnings beat estimates as costs on A380 come down
  • RBS’s U.S. unit Citizens files for $100m IPO in New York
  • Bloomberg Canada Economic Summit
  • Neb., W.Va. hold primaries

AM EARNS:

    • Convergys (CVG) 8:30am, $0.29
    • CST Brands (CST) 7am, $0.19
    • Encana (ECA CN) 6am, $0.53 - Preview
    • First Majestic Silver (FR CN) 7am, $0.10
    • Insys Therapeutics (INSY) 7am, $0.27
    • Resolute Energy (REN) 6am, ($0.01)
    • RioCan Real Estate Investment (REI-U CN) 7am, C$0.42

PM EARNS:

    • Element Financial (EFN CN) 5:06pm, C$0.10
    • Finning International (FTT CN) 4:32pm, C$0.41
    • Fossil Group (FOSL) 4:01pm, $1.17
    • Legacy Oil (LEG CN) Aft-Mkt, C$0.09
    • Renren (RENN) 6pm, $0.05
    • Take-Two Interactive (TTWO) 4:05pm, $0.09
    • URS (URS) 4:05pm, $0.69
    • Wix.com (WIX) Aft-Mkt, ($0.36)

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Nickel Nears Resistance That May Spur Drop Before Further Rally
  • WTI Crude Reaches Two-Week High on Supply Forecast; Brent Climbs
  • Tire Rubber Plunging as Vietnam Tappers Expand Glut: Commodities
  • Copper Trades Below Two-Month High as China Factories Slow Down
  • Wheat Heads for Longest Decline This Year on Ample Global Supply
  • Gold Declines as Improving U.S. Economy to Dollar Cuts Demand
  • Sugar Advances as Rainfall Forecast for Brazil; Cocoa Also Rises
  • Rebar in Shanghai Falls to Record Low on Steel Output Increase
  • Soybean Imports by China Seen Recovering as Fish Farms Buy Feed
  • Libya Oil Output May Double as Protests in Western Region End
  • Ukraine Boosts Russian Gas Imports as Gazprom Deadline Looms
  • Russian Pork Imports Fell 34% This Year Through May 5 After Ban
  • LNG May be Europe’s Future Fuel If Shale Fails: Outlook
  • Mexico Oil Opening May Be Foreigners’ Gusher as Pemex Struggles

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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