THE HEDGEYE DAILY OUTLOOK

THE HEDGEYE DAILY OUTLOOK

 

TODAY’S S&P 500 SET-UP – June 16, 2014


As we look at today's setup for the S&P 500, the range is 37 points or 1.14% downside to 1914 and 0.77% 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: 2.12 from 2.15
  • VIX closed at 12.18 1 day percent change of -3.03%

 

MACRO DATA POINTS (Bloomberg Estimates):           

  • 8:30am: Empire Manufacturing, June, est. 15 (prior 19.01)
  • 9am: Net Long-Term TIC Flows, April, est. $37.5b (prior $4b)
  • 9:15am: Industrial Production m/m, May, est. 0.5% (prior -0.6%)
  • 10am: NAHB Housing Market Index, June, est. 47 (prior 45)

 

GOVERNMENT:

    • House not in session; Senate returns at 2pm
    • Treasury Sec. Jack Lew on trip to Abu Dhabi, UAE, Saudi Arabia, Jerusalem and Berlin
    • House Transportation Cmte’s panel holds meeting on role of financial sector in infrastructure, with JPMorgan’s Jamison Feheley, Macquarie’s Karl Kuchel, IFM Investors’ Tom Osborne, Barclays’ Steve Howard among participants
    • 10am: Supreme Court to issue decisions
    • Washington Week Ahead
    • U.S. ELECTION WRAP: Tea Party’s Reach; Coal Electorate              

               

WHAT TO WATCH:

  • Medronic agrees to buy Dublin-based Covidien for $42.9b
  • Williams buys control of Access Midstream Partners for $6b
  • Siemens said to prepare bid for Alstom’s energy unit
  • Mitsubishi offering to buy ~10% Alstom stake: Nikkei
  • Russell makes Egypt frontier mkt, lists Russell 3k changes
  • Intel, county in talks that may save $1b in taxes: Oregonian
  • American Express, Citi, others report May charge-offs
  • American Tower to buy BR Towers for $978m; sees $131m/y rev.
  • ‘22 Jump Street’ tops ‘How to Train Your Dragon 2’ in sales
  • Iraq attacks militants north of Baghdad; U.S. Emb. cuts staff
  • Russia, Ukraine fail to reach gas payment deal

 

EARNINGS:

    • Korn/Ferry Intl (KFY) 4:15pm, $0.39

 

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • European Gas Jumps Most Since March as Ukraine Faces Supply Cut
  • Gold Climbs to Three-Week High as Iraq Violence Boosts Demand
  • Hedge Funds Cut Crop Wagers the Most Since January: Commodities
  • Oil Topping $116 Seen Possible as Iraq Conflict Widens: Energy
  • Iraq Crisis: Basrah Output Holds the Key to Global Oil Prices
  • Copper Climbs as China’s Central Bank Moves to Support Growth
  • China Adds to Iron Ore Glut as Record Output Seen This Year
  • Wheat Rebounds From Weekly Slide as U.S. Rain Threatens Quality
  • Sugar Gains With Brazilian Mills Slowing Harvest; Coffee Drops
  • Iraq Oil Exports to Jordan Won’t Resume Soon on Security: Hamed
  • Coal’s Share of World Energy Demand at Highest Since 1970
  • Norwegian Oil Industry Faces Mediation to Avoid Output Halt
  • Iraq Uprising Draws In OPEC Nations, Boosts Oil Price: Bull Case
  • WTI, Brent Pare Gains as Iraq Unrest Seen Sparing Crude Supplies

 

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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