THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – May 20, 2014


As we look at today's setup for the S&P 500, the range is 32 points or 1.07% downside to 1865 and 0.63% upside to 1897.                                                           

SECTOR PERFORMANCE

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EQUITY SENTIMENT:

 

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CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 2.19 from 2.20
  • VIX closed at 12.42 1 day percent change of -0.16%

 

MACRO DATA POINTS (Bloomberg Estimates):

  • 7:45am/8:55am: ICSC/Redbook weekly sales
  • 12:30pm: Fed’s Plosser speaks in Washington
  • 1pm: Fed’s Dudley speaks in New York
  • 4:30pm: API inventories

GOVERNMENT:

    • Water Resources bill H.R. 308 may be taken up on House floor as House-Senate conference report
    • Finra annual conf. in Washington; speakers include SEC Commisioner Dan Gallagher
    • 9am: Natural Products Assn CEO Dan Fabricant at BGov conference
    • 9:30am: House Oversight/Govt Reform subcmte hearing on misspent Medicare funds
    • 10am: House Appropriations subcmte FY15 budget bill markup for Agriculture Dept, FDA, related agencies
    • 10am: Senate Appropriations  mark up Military Construction and Veterans Affairs bill spending bills
    • 10:30am: FCC Chairman Tom Wheeler  before House Energy & Commerce panel on agency oversight
    • 3:30pm: House Fin Svs Cmte’s Hensarling at Heritage Foundation
    • U.S. Senate holds procedural vote on Fischer Fed nomination
    • Ark., Ga., Idaho, Ky., Ore., Penn., hold primaries
    • U.S. ELECTION WRAP: Primaries; Senate Outside Ad Buys

WHAT TO WATCH:

  • Cobham to buy Aeroflex for $895m to grow in civil market
  • Pfizer’s $117b AstraZeneca hunt said likely to fail
  • Investcorp said to tap JPMorgan for $1.1b Esmalglass sale
  • Credit Suisse agrees to plead guilty in tax case, pay $2.6b
  • Apple, Samsung blame the other for blocking settlement talks
  • America Movil unable to buy significant part of AT&T stake
  • Visa, MasterCard forced to weigh Russia exit as elections loom
  • Twitter said to be discussing music deals including SoundCloud
  • T. Rowe’s Twitter bullishness wanes; firm dumps 26% of stake
  • LSE in exclusive talks with Russell parent company
  • Cisco, WWE, Jarden CFOs speak at Bloomberg conference
  • BP faces billions in spill payments after court upholds deal
  • RSA to sell Canadian broker to Arthur J. Gallagher
  • U.K. inflation up more than forecast on transport costs
  • China suspends cybersecurity cooperation after U.S. charges
  • Thai military declares martial law, seeks to quell protests
  • Microsoft hosts new product event in NYC
  • BlackRock CEO Fink speaks at ICI meeting

AM EARNS:

    • Apollo Investment (AINV) 7:30am, $0.21
    • Dick’s Sporting Goods (DKS) 7:30am, $0.52
    • Donaldson Co (DCI) 7am, $0.47
    • Home Depot (HD) 6am, $0.99 - Preview
    • Medtronic (MDT) 7:15am, $1.12 - Preview
    • Stage Stores (SSI) 6am, ($0.38)
    • Staples (SPLS) 6am, $0.21 - Preview
    • TJX (TJX) 8:28am, $0.67 - Preview

PM EARNS:

    • Analog Devices (ADI) 4:05pm, $0.56
    • Heico (HEI) 5:14pm, $0.40
    • Intuit (INTU) 4pm, $3.50
    • Salesforce.com (CRM) 4:05pm, $0.10 - Preview
    • Tidewater (TDW) 4:03pm, $0.63

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

 

  • Gold Demand in India Seen Climbing as Government May Ease Curbs
  • WTI Trades Near Four-Week High on Cushing Supplies; Brent Steady
  • Stumpy Brazil Cane Crop Signals World Sugar Deficit: Commodities
  • Nickel Drops on Speculation Supplies Are Adequate to Meet Demand
  • Gold Consumption in Thailand Drops in Q1 as Bar Demand Slumps
  • Wheat Rises Most in Two Weeks as U.S. Crop Ratings Deteriorate
  • Palm Oil Drops to 4-Month Low as Malaysian Exports Seen Slowing
  • Port Hedland Engineers Union Set to Continue Talks with Teekay
  • Commodity Assets Said by Barclays to Fall $2 Billion in April
  • U.S. LNG Won’t Replace Russian Gas as Europe Seeks Options
  • Ukraine Must Show Will to Pay Before Gas Talks, Medvedev Says
  • Europe Has 28-Year Shale Gas Rebuff to Russia: Chart of the Day
  • Japan Triples Oil Imports, Boosts LNG 23% on Nuclear Shutdown
  • Gold Demand Little Changed as Jewelry Counters Lower Investment

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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