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TODAY’S S&P 500 SET-UP – May 21, 2014


As we look at today's setup for the S&P 500, the range is 22 points or 0.63% downside to 1861 and 0.54% upside to 1883.                                         

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: 2.19 from 2.18
  • VIX closed at 12.96 1 day percent change of 4.35%

 

MACRO DATA POINTS (Bloomberg Estimates):

  • 7am: MBA Mortgage Applications, May 16 (prior 3.6%)
  • 10am: Fed’s Dudley speaks in New York
  • 10:30am: DOE Energy Inventories
  • 11am: Fed’s Yellen speaks in New York
  • 12:50pm: Fed’s George speaks in Washington
  • 1:30pm: Fed’s Kocherlakota speaks in Minneapolis
  • 2pm: FOMC releases minutes from April 29-30 meeting

GOVERNMENT:

    • President Obama visits Interior Dept, signs proclamation on new national monument in N.M., holds ambassador credentialing ceremony in Oval Office
    • Nunn aided by Georgia Republicans forced into Senate runoff
    • Senate to vote on confirmation of Stanley Fischer for Fed; likely to hold separate vote later making Fischer vice chairman
    • 10am: Senate Finance Cmte hears from Social Security Admin. chief actuary Stephen Goss on strengthening Social Security
    • 10am: CFTC’s Global Markets Advisory Cmte holds meeting, considers regulatory treatment of foreign-based swap clearinghouses
    • 10am: 2 House Homeland Security Subcmtes hold joint hearing on emerging cyberthreats to U.S.
    • 2pm: House Financial Services Financial Institutions and Consumer Credit Subcmte will review legislation on transparency, accountability at CFPB
    • 2pm: Senate Finance Cmte votes on nomination of Sylvia Mathews Burwell for HHS Sec.

WHAT TO WATCH:

  • FOMC minutes preview: exit strategy, employment view
  • Netflix enters Germany, France in biggest expansion since 2011
  • Woodside scraps $2.6b Israeli gas deal as talks fail
  • ‘Surprised’ Microsoft works w/China after Windows 8 exclusion
  • Senate confirmation vote on Fischer for Fed scheduled today
  • BNP drops as U.S. said to seek $5b in sanctions probe
  • Google says it needs up to $30b cash overseas for deals
  • Nasdaq hunting Alibaba after ‘hundreds’ of smooth IPOs: CFO
  • China’s JD.com seeks Jeff Bezos treatment with $1.7b IPO
  • KCG joins Liquidnet in quest for more dark pool transparency
  • Batista bases insider-trading defense on Mubadala share deal
  • Target releases first earnings since firing CEO
  • Skanska moves engineers to California as Apple work helps
  • First Solar, India developers oppose dumping findings in court
  • U.K. retail sales surged in April as discounting boosts food

AM EARNS:

    • American Eagle Outfitters (AEO) 8am, $0.00 - Preview
    • Booz Allen Hamilton (BAH) 6:30am, $0.31
    • Eaton Vance (EV) 8:38am, $0.55
    • Hormel Foods (HRL) 6:30am, $0.56
    • Lowe’s Cos (LOW) 6am, $0.60 - Preview
    • PetSmart (PETM) 7am, $1.02
    • Raven Industries (RAVN) 9am, $0.33
    • Sears Canada (SCC CN) 7am, NA
    • Target (TGT) 7:30am, $0.71 - Preview
    • Tiffany & Co (TIF) 6:45am, $0.78

PM EARNS:

    • Giant Interactive (GA) 4:05pm, NA
    • L Brands (LB) 4pm, $0.52
    • NetApp (NTAP) 4:01pm, $0.79
    • Renren (RENN) 6pm, $0.09
    • Semtech (SMTC) 4:30pm, $0.30
    • Sina (SINA) 4:30pm, $0.15
    • Synopsys (SNPS) 4:05pm, $0.60
    • Williams-Sonoma (WSM) 4:05pm, $0.44

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

 

  • Goldman Widens Iron Ore Surplus Forecast on China Steel Slowdown
  • WTI Crude Rises to One-Month High on Supply Drop; Brent Advances
  • Copper Reaches One-Week Low as Chinese House Sales Seen Slowing
  • Palladium at Highest Since 2011 With Fund Holdings Near Record
  • Wheat Climbs as Slide Seen Attracting Buyers With Russia Heat
  • Cocoa Extends Longest Rally Since January in London; Sugar Falls
  • China’s Nickel Ore Imports From Indonesia Slump 67% in April
  • China’s Imports of U.S. Corn Plummet as Curbs on GM Seed Tighten
  • Gold Demand in Vietnam Seen Declining by Half as Inflation Slows
  • Tranquility in Crude Repels Chaos-Loving ETP Investors: Energy
  • Ex-Millennium Trader Rosengren Joins Modity Energy in Sweden
  • Christmas Comes Early to LME on China Holidays: Chart of the Day
  • Argentina Shale Has Geological Potential for U.S.-Like Surge
  • Steel Rebar Rises From Record Low After Iron Ore Futures Rebound

 

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