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TODAY’S S&P 500 SET-UP – May 22, 2014


As we look at today's setup for the S&P 500, the range is 32 points or 1.22% downside to 1865 and 0.48% upside to 1897.                                                         

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: 2.20 from 2.19
  • VIX closed at 11.91 1 day percent change of -8.10%

 

MACRO DATA POINTS (Bloomberg Estimates):

  • 8:30am: Chicago Fed National Activity Index, April est. 0.0 (prior 0.2)
  • 8:30am: Initial Jobless Claims, May 17, est. 310k (prior 297k)
  • Continuing Claims, May 10, est. 2.675m (prior 2.667m)
  • 9:45am: Bloomberg Economic Expectations, May (prior 48)
  • 9:45am: Markit US Manufacturing PMI, May prelim est. 55.5 (prior 55.4)
  • 10am: Existing Home Sales, April, est. 4.69m (prior 4.59m)
  • 10am: Index of Leading Economic Indicators, April, est. 0.4% (prior 0.8%)
  • 10am: Freddie Mac mortgage rates
  • 10:30am: EIA natural-gas storage change
  • 11am: Kansas City May Fed Manufact. Index, est. 7 (prior 7)
  • 4pm: Fed’s Williams speaks in San Francisco

GOVERNMENT:

    • President Obama speaks on tourism at Baseball Hall of Fame, travels to Chicago for DSCC events
    • 8am: SEC Chair Mary Jo White at Investment Co. Institute
    • 9:45am: House Financial Svcs Cmte resumes May 7 small cap., emerging growth co. legislation, community banks
    • 10am: U.S. Chamber of Commerce conf. call on SEC’s Pay Ratio Rule
    • 10:45am: House Minority Leader Pelosi holds press conference
    • 11:30am: House Speaker Boehner holds news conference

WHAT TO WATCH:

  • BofA said to abandon market-making unit amid industry scrutiny
  • Vivendi selling Activision stake worth ~$850m
  • China manufacturing gauge rises in stabilization sign
  • JD.com raises $1.78b, pricing IPO above offer range
  • Mastercard declined Sberbank offer to buy Maestro brand: IFX
  • Reynolds in advanced talks to buy Lorillard, Reuters says
  • Weibo loss more than doubles on rising costs to add users
  • China to review security of IT products, suppliers: Xinhua
  • Unilever to sell sauce brands to Mizkan for $2.15b
  • Russia says troops near Ukraine to return to base by June 1
  • Euro-area services surge helps recovery as factories cool
  • U.S. sends troops to Chad to hunt for kidnapped Nigerian girls
  • EU 4-day parliament elections begin in U.K., Netherlands
  • Germany wants to question Facebook, Google CEOs on NSA: Welt

AM EARNS:

    • Best Buy Co. (BBY) 7am, $0.19 - Preview
    • Buckle (BKE) 7am, $0.78
    • Dollar Tree (DLTR) 7:31am, $0.66
    • GameStop (GME) 8:30am, $0.57
    • Movado Group (MOV) 7am, $0.32
    • Nordson (NDSN) 7am, $0.89
    • Patterson Cos (PDCO) 7am, $0.66
    • Perry Ellis International (PERY) 7am, $0.27
    • Royal Bank of Canada (RY CN) 6am, C$1.43 - Preview
    • Sears Holdings (SHLD) 6am, ($1.91)
    • Toro Co. (TTC) 8:30am, $1.48
    • Toronto-Dominion Bank (TD CN) 6:30am, C$1.02

PM EARNS:

    • Aeropostale (ARO) 4:01pm, ($0.72) - Preview
    • Aruba Networks (ARUN) 4:05pm, $0.20
    • Brocade Communications Systems (BRCD) 4pm,$0.18
    • Compuware (CPWR) 4:05pm, $0.08
    • DryShips (DRYS) 4:05pm, $0.004
    • Fresh Market (TFM) 4:02pm, $0.43
    • Gap/The (GPS) 4pm, $0.57
    • Hewlett-Packard Co (HPQ) 4:04pm, $0.88 - Preview
    • Marvell Technology Group (MRVL) 4:05pm, $0.22
    • Mentor Graphics (MENT) 4:05pm, $0.06
    • Ross Stores (ROST) 4pm,$1.15  - Preview
    • TiVo (TIVO) 4:01pm, $0.06
    • Youku Tudou (YOKU) 4:30pm, ($1.11)
    • Zumiez (ZUMZ) 4pm, $0.05

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Soybeans Advance to 11-Month High as China Demand Seen Rising
  • Brent Trades Near 11-Week High on China Factory Data; WTI Steady
  • China’s Bauxite Loss Spurs Export Boom in Australia: Commodities
  • Copper Rises as China Factory Gauge Adds to World Demand Outlook
  • Gold Trades Above One-Week Low as Palladium Near 33-Month High
  • Arabica Drops to 7-Week Low on Ample Supplies; Cocoa Advances
  • Steel Rebar Climbs for Second Day on Iron Ore Price, China PMI
  • Russia-China Deal Seen Damping LNG Prices Amid Rising Output
  • Gold Imports by India Seen Advancing as RBI Relaxes Some Curbs
  • Mexico Crude Needs New Markets as U.S. Exports Surge, Citi Says
  • Aluminum Market Focuses on Surplus, Premiums: Outlook
  • Gold-Palladium Ratio at 10-Year Low on Supply: Chart of the Day
  • U.S. Crude Oil, Like Horses, Banned From Being Exported Overseas
  • Gazprom Bulls’ China Fixation Is Misguided to Top Moscow Broker

 

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