THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – June 17, 2014


As we look at today's setup for the S&P 500, the range is 35 points or 1.12% downside to 1916 and 0.68% upside to 1951.                                                       

SECTOR PERFORMANCE

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EQUITY SENTIMENT:

 

THE HEDGEYE DAILY OUTLOOK - 10

 

CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 2.13 from 2.13
  • VIX closed at 12.65 1 day percent change of 3.86%

 

MACRO DATA POINTS (Bloomberg Estimates)             

  • Fed opens two-day policy meeting
  • 7:45am: ICSC weekly sales
  • 8:30am: CPI y/y, May, est. 2% (prior 2%)
  • CPI ex-food and energy y/y, May, est. 1.8% (prior 1.8%)
  • 8:30am: Housing Starts, May, est. 1.03m (prior 1.072m)
  • Building Permits, May, est. 1.050m (prior 1.080m, revised 1.059m)
  • 8:55am: Redbook weekly sales
  • 4:30pm: API weekly oil inventories

GOVERNMENT:

    • House, Senate in session
    • Obama travels to Pittsburgh to speak on economy, then to NYC for DNC-LGBT gala, second DNC event
    • WHR CEO Fettig, WMT’s Gloeckler at Select USA forum
    • 8am: Senate Finance Cmte Chairman Ron Wyden
    • WSJ CFO conference in Washington, see program
    • 9am: Natl Assn of Manufacturers President Jay Timmons, Sr VP Aric Newhouse speaks at Bloomberg Government breakfast
    • 9:30am: Senate Permanent Subcmte on Investigations holds hearing on high-frequency trading
    • 1pm: Rep. Patrick McHenry, R-NC, head of House Financial Services’ Oversight panel
    • 10am: Senate Banking Cmte considers nominees: Julian Castro for HUD secretary, Laura Wertheimer for inspector general of Federal Housing Finance Agency
    • 11am: Sifma gives mid-year outlook for monetary policy, economic growth, employment
    • U.S. ELECTION WRAP: Members Vie to Replace McCarthy as GOP Whip

WHAT TO WATCH:

  • Fed will raise rates faster than investors expect: survey
  • GE to add commitment to protect French jobs to Alstom bid: FT
  • Boing, Lockheed JV starts work on new rocket engine: Reuters
  • Apple reaches settlement with U.S. states over e-book pricing
  • Hackers seen using complicit YouTube to sell stolen cards
  • N.Y. retailers agree to list unit prices on website
  • Sony May console sales beat Microsoft fifth straight month
  • Truckers fight federal rest rules after Morgan crash: NYT
  • Retail gasoline seen rising to 6-yr seasonal high
  • U.K. inflation falls more than forecast
  • Chinese holdings of U.S. Treasuries falls to 14-month low
  • ISIL militants attack north of Baghdad as Obama mulls options

EARNINGS:

    • Adobe Systems (ADBE) 4:05pm, $0.30   
    • Bob Evans Farms (BOBE) 4:02pm, $0.41 
    • FactSet Research Systems (FDS) 7am, $1.25        
    • John Wiley & Sons (JW/A) 8am , $0.68   
    • La-Z-Boy (LZB) 4:10pm, $0.32     
    • Yingli Green (YGE) 6am, ($0.23)

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Brent Crude Drops for Second Day as Iraqi Oil Secured; WTI Falls
  • Gold Extends Drop From Three-Week High Before Fed Policy Meeting
  • Beef Reaches U.S. Record as Rancher Sees More Gains: Commodities
  • China’s Port Probe May Curb Iron Ore Financing, Demand: ABN Amro
  • Copper Climbs as Higher Auto Sales Bolster Outlook for Demand
  • Kurdish Region Oil Exports At 200K-250K B/D in July: Hawrami
  • Kurds Grab Fourth-Largest Iraq Oilfield as Islamists Advance
  • Iron Ore Futures in Singapore Slump to Lowest Since April ’13
  • Russia’s $8.2 Trillion Oil Trove Locked Without U.S. Know-How
  • Corn Trades Near Four-Month Low as U.S. Crop Conditions Improve
  • Europe’s Swollen Gas Reserves Guard Against Repeat of ’06
  • RasGas Said to Shut LNG Plant in October for Three Weeks
  • BP to Sign $20 Billion LNG Supply Deal With China’s Cnooc Today
  • El Nino Seen Delayed by Australia as Pacific Ocean Warming Eases

 

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CURRENCIES


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GLOBAL PERFORMANCE

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EUROPEAN MARKETS

 

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ASIAN MARKETS

 

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MIDDLE EAST

 

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The Hedgeye Macro Team