THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – May 28, 2014


As we look at today's setup for the S&P 500, the range is 36 points or 1.25% downside to 1888 and 0.63% upside to 1924.                                                            

SECTOR PERFORMANCE

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EQUITY SENTIMENT:

 

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CREDIT/ECONOMIC MARKET LOOK:

 

  • YIELD CURVE: 2.13 from 2.17
  • VIX closed at 11.51 1 day percent change of 1.32%

 

MACRO DATA POINTS (Bloomberg Estimates):

  • 7am: MBA Mortgage Applications (prior 0.9%)
  • 7:45am/8:55am: ICSC/Redbook weekly sales
  • 4:30pm: API weekly oil inventories
  • 9:30pm: BOJ’s Shirai speaks and holds press conference

GOVERNMENT:

    • House in session; Senate out
    • 10am: Northrop Grumman holds a briefing on state of global logistics in aerospace, defense industries
    • 10am: FDIC Chairman Martin Gruenberg holds briefing on bank and thrift industry 1Q earnings
    • 11am: President Obama to give commencement address at West Point
    • 2pm: House Veterans Affairs Cmte seeks testimony from three VA officials about Phoenix VA Health Care System
    • John Ratcliffe defeats Rep. Hall in Texas’ 4th district

WHAT TO WATCH:

  • GE’s Immelt strengthened offer for Alstom in Hollande meeting
  • GE said to pledge 1,000 new jobs in France
  • RBS to eliminate hundreds of U.S. jobs ahead of Fed’s new rules
  • Nestle to buy skincare rights from Valeant for $1.4b
  • Valeant hosts investor call; watch for change in Allergan bid
  • Citigroup’s head of centralized risk trading said to leave bank
  • Amazon says not optimistic on dispute with publisher Hachette
  • Hachette hoping to solve Amazon dispute in “few weeks”: CEO
  • China banks’ bad-debt ratio seen climbing to most since 2009
  • Microsoft touts new opportunities, unveils Skype translation
  • Google unveils company-designed driverless vehicle prototypes
  • Morgan Stanley sues convicted ex-broker to recoup legal fees
  • GM poised for more recalls as 2 million vehicles probed
  • President Obama to give commencement address at West Point
  • Credit Agricole said to accuse EU of bias in rate-rigging probe
  • Exchanges can ruin high-frequency trading benefits, study finds
  • Sands China falls as investor moves stake to parent company
  • Credit Suisse’s Dougan says he won’t quit over fine: L’Hebdo
  • Euro-area economic confidence climbs more than expected in May
  • German unemployment unexpectedly rises for 1st time in 6 months
  • Ukraine prolongs anti-rebel operation after dozens killed

EARNINGS:

    • Bank of Montreal (BMO CN) 7:30am, C$1.52 - Preview
    • Brown Shoe (BWS) 7am, $0.31
    • Chico’s (CHS) 7:31am, $0.28
    • Copart (CPRT) 4:45pm, $0.48
    • Cracker Barrel (CBRL) 7am, $1.22
    • DSW (DSW) 7am, $0.48
    • EnerSys (ENS) 4:01pm, $1.18
    • Michael Kors (KORS) 7am, $0.68 - Preview
    • Palo Alto Networks (PANW) 4:03pm, $0.10

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

 

  • Corn Extends Decline to 12-Week Low as U.S. Planting Accelerates
  • Brent Gains for First Day in Three on Libya, Ukraine; WTI Steady
  • Gold Sinking as ETP Assets Drop to Lowest Since ’09: Commodities
  • Palladium Climbs to Highest Since 2011 as Gold Near 15-Week Low
  • Copper Trades Near 11-Week High Amid Advancing Global Equities
  • Robusta Coffee Falls After USDA’s Vietnam Forecast; Sugar Climbs
  • Steel Rebar Drops With Iron Ore as China’s Steel Supplies Climb
  • Iraq Oil Revival Stalls Again as Violence Pinches Growth: Energy
  • El Nino Risk Seen Spurring Rice Importers to Advance Purchases
  • Ukraine Gas-Price Risk Premium Remains for Europe as Gap Widens
  • Gold Premiums in India Seen at 10-Month Low as Curbs Eased
  • Japanese Lawmakers to Lobby Abe for Russian Gas Pipeline
  • Weather, LNG Exports Pace Near-, Long-Term Gas Demand: Bull Case
  • West Australian Court Dismisses Organic Farmer Action in GM Case

 

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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