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 TODAY’S S&P 500 SET-UP – May 23, 2014


As we look at today's setup for the S&P 500, the range is 32 points or 1.45% downside to 1865 and 0.24% 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 2.21
  • VIX closed at 12.03 1 day percent change of 1.01%

 

MACRO DATA POINTS (Bloomberg Estimates):

  • 10am: New Home Sales, April, est. 425k (prior 384k)
  • 1pm: Baker Hughes rig count

GOVERNMENT:

    • Obama to unveil San Antonio mayor as nominee for HUD secretary
    • 9:30am: Fifth round of Transatlantic Trade and Investment Partnership talks
    • 9pm: Rolling Thunder opens Memorial Day events with candlelight vigil for prisoners of war, MIA
    • Federal judge to rule on constitutional issues raised by Rep. John Conyers in his effort to be listed on Michigan’s Aug. 5 primary ballot
    • U.S. ELECTION WRAP: Conyers Ruling Tomorrow; Steyer, Gates Funds

WHAT TO WATCH:

  • German business confidence declines as economy seen slowing
  • Pfizer, AstraZeneca face May 26 deadline on possible deal
  • Anti-bailout Syriza party leads in Greek EU election poll
  • Keryx gets notification of Pdufa date extension for Zerenex
  • France, Netherlands, Slovenia, Spain ratings watch
  • Encana says PrairieSky IPO shares priced at C$28 apiece
  • Michigan Rep. Conyers faces primary ballot ruling
  • Duke Energy shareholders sue over coal-ash cleanup oversight
  • Ukraine, EU Elections, U.S. GDP: Week Ahead May 24-31

EARNINGS:

    • Foot Locker (FL) 7am, $1.06
    • Hibbett Sports (HIBB) 6:30am, $1.09

 

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Barclays Fined $44 Million for Manipulating London Gold Prices
  • WTI Set for Longest Gain Since February on Supply; Brent Steady
  • Aluminum Climbs to Three-Week High Amid Shortage Speculation
  • Gold Declines in London as Strengthening Dollar Curbs Demand
  • JPMorgan’s CEO of Asia Commodities Eyles Resigns After 25 Years
  • Robusta Coffee Drops for Third Week on Fund Selling; Sugar Falls
  • Palm Posts Biggest Weekly Drop in Three on Malaysian Production
  • Rebar Falls for 4th Week as Demand Concerns Cloud PMI Optimism
  • Credit Suisse Sees Commodities Openings as Competitors Pull Back
  • LNG Sellers to Chase Japan, South Korea on China-Russia Gas Deal
  • Australian About-Face Bodes Ill for Global Warming Talks: Energy
  • Sale of Kurdish Oil to European Nations Angers Iraqi Government
  • Gold’s Character Is Fundamentally Changing From West to Asia
  • Soybeans Extend Gains on Signs of Rising Demand for U.S. Exports

 

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