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
EQUITY SENTIMENT:
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
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team