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TODAY’S S&P 500 SET-UP – May 27, 2014


As we look at today's setup for the S&P 500, the range is 28 points or 1.19% downside to 1878 and 0.29% upside to 1906.                                                       

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 2.19
  • VIX closed at 11.36 1 day percent change of -5.57%

 

MACRO DATA POINTS (Bloomberg Estimates):

  • 8:30am: Durable Goods Orders, Apr., est. -0.7% (prior 2.9%, revised from 2.6%)
  • 9am: FHFA House Price Index m/m, Mar., est. 0.5% (prior 0.6%)
  • 9am: S&P/CS 20 City m/m SA, Mar., est. 0.7% (prior 0.76%)
  • 9:45am Markit US Composite PMI, May (P) (prior 55.6)
  • 9:45am: Markit US Services PMI, May (P), est. 54.5 (prior 55)
  • 10am: Consumer Confidence Index, May, est. 83 (prior 82.3)
  • 10am: Richmond Fed Manufact. Index, May, est. 5 (prior 7)
  • 10:30am: Dallas Fed Manf. Activity, May, est. 9.2 (prior 11.7)
  • 8:10pm: Fed’s Lockhart speaks in Baton Rouge, La.

GOVERNMENT:

    • Obama lands in Afghanistan for unannounced visit with troops
    • White House inadvertently exposes Afghan CIA Chief: WPost
    • Supreme Court may issue opinions
    • Senate, House not in session
    • Washington Week Ahead: Obama to deliver address at West Point

WHAT TO WATCH:

  • Pfizer weighs next move as $117b AstraZeneca bid ends
  • China said to push banks to remove IBM servers in spy dispute
  • GE seeks consent in pledge to keep Alstom nuclear ops in France
  • GE’s Immelt, Siemens’s de Maistre at hearing in France
  • Fox’s X-Men sequel topples Godzilla through holiday weekend
  • Sony forms China Playstation venture in Microsoft challenge
  • Twitter is getting bigger in Asia amid slowing U.S. user growth
  • InterContinental jumps after report co. spurned bid approach
  • ICE plans Euronext IPO, to list in Paris, Amsterdam, Brussels
  • China Hangzhou asks Lilly, AstraZeneca for self-checks: Herald
  • BofA said to find error after change in Fed wording: WSJ
  • Apple seeks order blocking sale of some Samsung smartphones
  • Germany plans Google entries’ mediation service: Handelsblatt
  • Google said to consider acquiring Dropcam: The Information
  • Russia, Ukraine draft gas debt plan as price dispute unresolved
  • Lloyds plans initial public offering for TSB banking division
  • EU austerity rethink demanded as leaders meet post protest vote
  • Poroshenko triumphs in Ukraine vote as Russia open to talks

EARNINGS:

    • Autozone (AZO) 7am, $8.45
    • National Bank of Canada (NA CN) 6pm, C$1.04 - Preview
    • Qihoo 360 (QIHU) 5pm, $0.35
    • Scotiabank (BNS CN) 6am, C$1.31 - Preview
    • Wet Seal (WTSL) 4:05pm, ($0.18)
    • Workday (WDAY) 4:02pm, ($0.15)

 

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

 

  • Brent Trades Near Four-Day Low After Ukraine Vote; WTI Steady
  • Russian Palladium Flows to Switzerland Jump on Sanction Concerns
  • Solar Farmers in Japan to Harvest Energy With Crops: Commodities
  • Copper Touches an 11-Week High on Outlook for Stimulus in China
  • Corn Slumps to 12-Week Low as U.S. Planting Progress Accelerates
  • Cocoa Climbs to Highest Since 2011 as Robusta Coffee Declines
  • Gold Falls to Two-Week Low in London as Ukraine Outlook Weighed
  • Cocoa Climbs 0.6% to $3,040/T, Highest Since September 2011
  • Rebar Rises to 2-Week High on Optimism China Economy Improving
  • Ukraine Drafts $2.5 Billion Russia Gas Debt Plan to Avoid Cutoff
  • Platinum Producers to Meet With Judge Mediating Strike Talks
  • Shakeout Threatens Shale Patch as Frackers Go for Broke: Energy
  • Russian Gas Reliance in European Union Skews Sanctions Debate
  • COMMODITIES DAYBOOK: Solar Farmers in Japan to Harvest Energy
  • China’s April Gold Imports Drop Amid Lower Investment Demand

 

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