THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – June 12, 2014


As we look at today's setup for the S&P 500, the range is 36 points or 1.49% downside to 1915 and 0.37% upside to 1951.                                                      

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: 2.21 from 2.21
  • VIX closed at 11.6 1 day percent change of 5.55%

 

MACRO DATA POINTS (Bloomberg Estimates):          

  • 8:30am: Retail Sales, May, est. 0.6% (prior 0.1%)
  • 8:30am: Import Price Index, May, est. 0.2% m/m (prior -0.4%)
  • 8:30am: Initial Jobless Claims, June 7, est. 310k (prior 312k)
  • 8:45am: Bloomberg June U.S. Economic Survey
  • 9:45am: Bloomberg Consumer Comfort, June 8 (prior 35.1)
  • 10am: Business Inventories, April, est. 0.4% (prior 0.4%)
  • 10am: Freddie Mac mortgage rates
  • 10:30am: EIA natural-gas storage change

GOVERNMENT:

    • President Obama meets with Australia PM Tony Abbott
    • House, Senate in session
    • Senate Approps Cmte to mark up HHS, Education, Labor, legislative branch spending bills
    • FTC Commissioner Maureen Ohlhause, House Intelligence Chairman Mike Rogers discuss future of cybersecurity at AEI
    • Senate to vote on confirmation of Stanley Fischer as Fed vice chairman, Jerome Powell for second term on Fed Board, and Lael Brainard as member of Fed Board
    • 7:30am: Abbott remarks at  U.S. Chamber of Commerce breakfast
    • 9am: Defense Dept hearing of Guantanamo Periodic Review Board for for Faez Mohammed Ahmed Al-Kandari
    • 10am: Supreme Court to issue decisions
    • 11am: CFPB Director Richard Cordray to speak at mobile fin. services field hearing in New Orleans
    • 12pm: Sens. Heidi Heitkamp, D-N.D.; John Barrasso, R-Wyo.; speak at Natural Gas Roundtable
    • 12:30pm: SEC Commissioner Stein joins Peterson Institute discussion on systemic risk
    • U.S. ELECTION WRAP: Democrats Seek Edge Amid GOP Splintering

WHAT TO WATCH:

  • Bank of America sways judge to reconsider SEC mortgage case
  • French govt examining all bids for Alstom energy: official
  • Intel loses EU court bid to cut record EU1.06b antitrust fine
  • Euronext delays open of cash markets on connectivity fault
  • Airbus pitches A380 jumbo jet in New York after Emirates snub
  • GM ignition-switch defect response probed by eight states
  • Amazon’s new music service said to hit snags with Universal
  • Musk plans Tesla patent move after hint of sharing with rivals
  • Mickelson not subject of Clorox trade probe, NYT reports
  • Dianping said to appoint advisers for U.S. IPO
  • LG Household still reviewing making bid for Elizabeth Arden
  • Senate plans Fed nominee confirmation votes on Fischer, Powell, Brainard
  • China money supply unexpectedly rises as new loans jump
  • E-cigarettes gain potential benefit in FDA focus on nicotine
  • Islamists extend military gains in Iraq; U.S. asked for help

EARNINGS:

    • Lululemon Athletica (LULU) 7:15am, $0.32
    • Dollarama (DOL CN) 7:30am, C$0.77
    • Finisar (FNSR) 4pm, $0.38            

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • WTI Crude Trades as High as $105.24/Bbl, Highest Since Sept. 20
  • Copper Trades Near June Low as Chinese Probe Might Curb Demand
  • Strike Curbs Palladium Supply as Auto Demand Surges: Commodities
  • Palladium Below 13-Year High as Strike Union to Meet Members
  • EU May Decide on Carbon Reform in 1st Half of 2015, Delbeke Says
  • Wheat Rises as Traders Weigh U.S. Outlook Against World Supply
  • Cocoa in London Climbs to Highest Since Aug. 2011 as Sugar Falls
  • Iron Ore Price Forecast Cut by Morgan Stanley as Supply Expands
  • Iran’s Increasing Oil Exports Challenge Obama Nuclear Sanctions
  • China’s State Reserve Said to Check Copper Purchases Amid Probe
  • California Warns of Oil-by-Rail While Keeping Data Under Wraps
  • Ghana’s Smaller Cocoa Crop Seen at Risk of Damage From Poor Rain
  • Limited Crude Oil Spare Capacity Supports Oil Price: Bull Case
  • EU Gas Traders Ignore Ukraine Offer Rejection as Talks Continue

 

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