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TODAY’S S&P 500 SET-UP – June 10, 2014


As we look at today's setup for the S&P 500, the range is 26 points or 1.09% downside to 1930 and 0.24% upside to 1956.                                                       

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 2.18
  • VIX closed at 11.15 1 day percent change of 3.91%

 

MACRO DATA POINTS (Bloomberg Estimates):

  • 7:30am: NFIB Small Business Optimism, May, est. 95.8 (prior 95.2)
  • 7:45am: ICSC weekly sales
  • 8:55am: Redbook weekly sales
  • 10am: JOLTs Job Openings, April, est. 4.05m (prior 4.014m)
  • 10am: Wholesale Inventories, April, est. 0.5% (prior 1.1%)
  • Wholesale Trade Sales, April, est. 0.9% (prior 1.4%)
  • 4:30pm: API weekly oil inventories

GOVERNMENT:

    • Primaries held in Va., Nev., Maine, S.C.
    • President Obama hosts Tumblr Q&A on college affordability
    • 8:45am: House Approps. energy, water spending bill markup
    • 9:30am: House Appropriations Cmte marks up defense spending bill
    • 10am: Senate Armed Services Cmte gets briefing on prisoner exchange for Army Sgt Bowe Bergdahl
    • 10am: World Bank issues Global Economic Prospects report
    • 10:30am: Senate Banking Cmte receives semi-annual report on CFPB from Director Richard Cordray
    • 10:30am: PCAOB  open meeting to consider auditing standard
    • 1:25pm: Vice President Joe Biden delivers keynote remarks at the National Association of Manufacturing 2014 summi

WHAT TO WATCH:

  • ICE says Euronext IPO values exchange at up to $2.4b
  • PPL to spin off some U.S. power plants into new firm w/fund
  • Merkley urges Fed to restrict bank ownership of commodities
  • High-speed trading to be examined by Levin at hearing next wk
  • Apollo Global said to raise $1.5b CLO fund with JPMorgan
  • Time Warner said to be in talks for stake in Vice Media
  • GM faces punitive damages over switch defect, lawyers warned
  • Berkshire to expand energy wager as far as ’eye can see’
  • China inflation quickens to fastest pace since Jan. on food
  • U.K. industrial output posts biggest annual increase since ’11
  • LG Display said in talks to supply OLED TV panels to Panasonic
  • Sony says PS4 users will get early look at Destiny video game
  • China auto sales climb 13% as Ford surges, Great Wall slumps
  • Hillary Clinton’s book, “Hard Choices,” released
  • CFPB delivers semi-annual report to Senate Banking Cmte
  • MSCI index classification review announced ~5pm

EARNINGS:

    • Burlington Stores (BURL) 6:12am, $0.22
    • Francesca’s Holdings (FRAN) 7:30am, $0.22
    • HD Supply Holdings (HDS) 6am, $0.17
    • NCI Building Systems (NCS) 4:01pm, ($0.03)
    • Oxford Industries (OXM) 4pm, $0.87
    • RadioShack (RSH) 7am, ($0.51)
    • Science Applications Int’l (SAIC) 4:05pm, $0.67
    • Ulta Salon Cosmetics (ULTA) 4pm, $0.74
    • United Natural Foods (UNFI) 4:05pm, $0.73

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Palladium Reaches 3-Year High as South Africa Strike Talks Fail
  • Brent Oil Premium to WTI Narrows to Two-Month Low on Inventories
  • Soy Farmers See Rally Ending on Record U.S. Harvest: Commodities
  • Copper Falls Amid Concern Banks Might Further Restrict Financing
  • Wheat Rebounds on Speculation Slump May Spur Demand; Corn Drops
  • Rubber Climbs by Most in 3 Weeks as Thailand May Support Prices
  • China’s Commodity Financing Seen Unwinding by Goldman Amid Probe
  • Platinum Jobs Threat Seen Rising by Minister as Strike Persists
  • Coffee Harvest in Vietnam Set to Drop From Record as Yields Fall
  • Port Hedland Engineers Join Tugboat Workers in Approving Strikes
  • China’s Clean-Fuel Focus Tests U.S. Coal-Export Lifeline: Energy
  • USDA’s Glauber Says China Grain Trade Disruption Seen Temporary
  • LNG Imports Drop 45%, Risking Future Utility Returns: Bear Case
  • Some Chinese Banks Said to Limit Credit for Iron Ore Financing

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