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TODAY’S S&P 500 SET-UP – May 16, 2014


As we look at today's setup for the S&P 500, the range is 21 points or 0.53% downside to 1861 and 0.60% upside to 1882.                            

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: 2.14 from 2.14
  • VIX closed at 13.17 1 day percent change of 8.22%

 

MACRO DATA POINTS (Bloomberg Estimates):

  • 8:30am: Housing Starts, April, est. 980k (prior 946k)
  • 9:55am: UMich Confidence, May prelim, est. 84.5 (prior 84.1)
  • 12:20pm: Fed’s Bullard speaks in Little Rock, Ark.
  • 1pm: Baker Hughes rig count

GOVERNMENT:

    • 8am: U.S. Chamber of Commerce hosts discussion on infrastructure with participants including U.S. Ex-Im Bank Chairman Fred Hochberg, Rio Tinto CEO Sam Walsh
    • 10:30am: Vice President Joe Biden, Time Warner Cable CEO Robert Marcus attend Change the Equation’s National STEM Summit
    • 12pm: Congressional Internet Caucus Advisory Cmte holds discussion on “The FCC’s Internet Plans for an ’Open Internet’ and for the Auctioning of the Mobile Spectrum”

WHAT TO WATCH:

  • Credit Suisse said close to $2.5b deal in tax probe
  • Uber said to be in funding talks for $10b-plus valuation
  • Buffett trims GM stake while Einhorn exits amid record recalls
  • Berkshire adds Verizon stake as Vodafone deal reshapes carrier
  • Soros to Perry build Herbalife holdings as Bass buys stake
  • Rackspace hires Morgan Stanley to evaluate strategic options
  • J.C. Penney soars as sales gain for first time in 3 yrs
  • Applied Materials sales outlook tops analysts’ lowest ests.
  • Pinterest valued at $5b in $200m financing round
  • TrueCar auto-buying website raises $70m in U.S. IPO
  • GM’s latest recalls bring company’s total to record 11.2m
  • Drought and hurricanes bigger threats for world’s top cos.
  • Modi-led opposition poised for biggest India win in 30 yrs
  • Fed, BOE Minutes, U.S. Home Sales, EU Vote: Wk Ahead May 17-24

EARNINGS:

    • Onex (OCX CN) 7am, $0.32

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

 

  • Paulson Sticks With Gold Stake as Price Rises on Ukraine Tension
  • Brent Crude Set for Weekly Gain Amid Ukraine Tension; WTI Steady
  • Russian Steel Billionaire Mordashov Seeks U.S. Exit: Commodities
  • Wheat Rebounds as Drop Seen Overdone While U.S. Drought Persists
  • Nickel Advances in Rebound From the Biggest Decline Since 2011
  • Gold Narrows Weekly Increase as Investors Weigh U.S. to Ukraine
  • Coffee Retreats as Export Market ‘Well Supplied’; Cocoa Declines
  • Iron Ore Futures in Singapore Decline to Lowest Level Since 2013
  • Vermillion Hedge Fund Said to Start in Shanghai Free Trade Zone
  • China’s Local Nickel Price Points to More Refined Metal Imports
  • Uranium Retreat on Japan Delays Makes Banks Less Bullish: Energy
  • Kazakhstan Wants to Trade Grain With Iran Using Yuan for Payment
  • Gazprom’s Pipe Control May Hinder Independent Gas: Bear Case
  • Steel Rebar Drops for 3rd Week in China, Setting New Record Low

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