THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – June 11, 2014


As we look at today's setup for the S&P 500, the range is 24 points or 0.81% downside to 1935 and 0.42% upside to 1959.                                       

                                                                                        

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 10.99 1 day percent change of -1.43%

 

MACRO DATA POINTS (Bloomberg Estimates):

  • 7am: MBA Mortgage Applications, June 6 (prior -3.1%)  
  • 8am: Treasury Sec. Jack Lew speaks at Economic Club of NYC     
  • 10:30am: DOE Energy Inventories            
  • 2pm: Monthly Budget Statement, May, est. -$131b (prior from May 2013 -$138.7b)        

               

GOVERNMENT:               

    • Shaun Donovan testifies on his nomination to lead OMB              
    • President Obama gives commencement address at Worcester Mass. Technical High School        
    • Goldman Sachs Energy summit is held in NYC, Vice President Joe Biden, Mexican Finance Sec. Luis Videgaray Caso scheduled          
    • 8:30am: House Ways and Means Chairman Dave Camp, R-Mich. Speaks at Natl Assn of Professional Employer Orgs               
    • 10am House/2pm Senate: Shaun Donovan testifies on his OMB nomination       
    • 12pm: House Budget Cmte’s Price gives Heritage Foundation economic address               
    • U.S. ELECTION WRAP: Primaries Today; Ernst Leading in Iowa     

 

WHAT TO WATCH:

  • AIG names Hancock CEO to rebuild co. shrunk by predecessors
  • U.S. prosecutors seek $17b for BofA settlement, NYT reports    
  • Airbus suffers worst order loss as Emirates scraps A350 buy        
  • Intel set for EU judgment day 5 yrs after $1.4b fine         
  • IBM said near deal w/Globalfoundries for chip-making unit         
  • World Bank cuts global growth forecast after 2014 bumpy start 
  • Google said to plan deeper energy push w/tools for utilities       
  • Amazon stops taking advance orders for Warner videos, NYT says           
  • EU to investigate Apple tax break in Ireland: RTE              
  • MSCI says China A-Shrs will not join Emerging Markets Index     
  • BR Towers said to join TorreSur in $4b tower sale boom
  • House Majority Leader Cantor loses in Republican primary          
  • Takata tells carmakers including Honda airbags may need fixes  
  • Toyota expands vehicle recall in Japan for Takata airbag fix          
  • Pentagon contracts slid 29% in May in extended budget slowdown         
  • U.K. unemployment falls more than forecast as recovery gains 

               

EARNINGS:        

    • Dominion Diamond (DDC CN) 5:40pm, $0.08       
    • H&R Block (HRB) 8am, $3.23       
    • Restoration Hardware Holdings (RH) 4:05pm, $0.11         

               

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • OPEC Maintains Current Production Target, Person Says
  • WTI Trades Near Three-Month High on U.S. Supplies; Brent Steady
  • War on Cornfield Pest Sparks Clash Over Insecticide: Commodities
  • Saudi Oil Minister Says Supply, Demand, Prices Are Good
  • Goldman Says Keeping U.S. Oil-Export Ban to Add Value to Economy
  • OPEC Majority at Ease With Oil Markets Before Vienna Meeting
  • Gold Nears Highest in Two Weeks as Palladium Below 3-Year High
  • Palm Imports by India Tumbling as Refiners Buy Soybean Oil
  • Steel Rebar Slips to Record Low as Dalian Iron Ore Futures Slump
  • China’s Record Hoarding Seen Keeping Crude Above $100: Energy
  • Cocoa Shortage Seen by Olam as Beans Considered Poor Man’s Crop
  • Russia Sets Ukraine June 16 Deadline as Gas Talks Resume
  • Nordic Power Funds Post Losses in May Amid Narrow Trading Range
  • Nickel Declines Amid Liquidation of Wagers on Price Increases

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 


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