THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – June 18, 2014


As we look at today's setup for the S&P 500, the range is 41 points or 1.44% downside to 1914 and 0.67% upside to 1955.                                                     

                                                                          

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: 2.17 from 2.17
  • VIX closed at 12.06 1 day percent change of -4.66%

 

MACRO DATA POINTS (Bloomberg Estimates):           

  • 7am: MBA Mortgage Applications, June 13 (prior 10.3%)
  • 8:30am: Current Account Balance, 1Q, est. -$97b (pr -$81.1b)
  • 10:30am: DOE Energy Inventories
  • 2pm: Fed seen lowering QE purchases by $10b to $35b, maintaining benchmark interest rate target in 0%-0.25% range
  • 2:30pm: Fed’s Yellen holds news conf.

 

GOVERNMENT:

    • Senate Energy Cmte votes on Keystone pipeline authorization
    • Treasury Sec. Jack Lew on trip to Abu Dhabi, UAE, Saudi Arabia, Jerusalem and Berlin
    • 7am: Quinnipiac Univ. releases poll of Iowa voters on Senate race between Republican state Sen. Joni Ernst, Rep. Bruce Braley, D-Iowa
    • 10am: GM CEO Mary Barra to testify at House Energy and Commerce subcmte hearing on recalls
    • 10am: Senate Appropriations panel hears from Defense Sec. Chuck Hagel, Joint Chiefs Chairman Martin Dempsey on Defense Dept budget
    • 10am: House Financial Services Cmte hears from CFPB’s Cordray
    • 10am: Senate Banking panel meets on high-frequency trading
    • 10:45am: President Obama hosts “Maker Faire” event
    • 2:30pm: Senate Judiciary panel votes on constitutional amendment to allow Congress to regulate campaign financing
    • 2:30pm: Senate Commerce Cmte hearing on e-cigarette marketing

               

WHAT TO WATCH:

  • Fed to taper, may reduce jobless rate forecast: Economists
  • Amazon smartphone potential based on price: BI
  • GE set to make new offer for Alstom on June 20: Le Figaro
  • Bouygues wants to keep its 29% Alstom stake: Le Parisien
  • Boeing said to be in talks with ICBC for 747-8 jumbo order
  • Iraq PM fires commanders as Obama holds off airstrikes
  • Putin, Poroshenko in talks over possible cease-fire
  • GM’s Barra faces Congress irked by small fine, strong sales
  • EU must rely on antitrust, privacy rules vs Google: Germany
  • BlackRock CEO sees regulators shifting to products vs firms
  • Oracle’s Ellison renews talk of Micros takeout 6 yrs later
  • Apollo, Cerberus LBOs have highest default rates: Moody’s
  • California cmte. rejects bill on soda, drink labeling: AP
  • Viacom ends partnerships with 60 rural U.S. cable cos.: WSJ
  • T-Mobile offers to buy spectrum from smaller rivals: NYPost
  • BOE says 2014 rate increase more likely than investors bet
  • CIC investment losses from mismanagement; may widen: Auditor

 

EARNINGS:

    • Actuant (ATU) 8am, $0.63
    • FedEx (FDX) 7:30am, $2.36 - Preview
    • Jabil Circuit (JBL) 4:02pm, $(0.10)
    • Red Hat (RHT) 4:04pm, $0.33

 

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Gold Industry to Discuss Changes to Century-Old Fixing Benchmark
  • Gold Miners Seek Jackpot Hidden Among Nevada Hills: Commodities
  • Brent Pares Gains as North Iraq Fighting Spreads; WTI Rises
  • Oil-Gold Tie Breaks 1st Time in 5 Years as Economy Grows: Energy
  • World Economy Faces Threat From Old Enemy as Oil Approaches $120
  • Nickel Drops as Inventories Surge Most in Five Years to Record
  • Gold Trades Below Three-Week High Before Fed Concludes Meeting
  • Alumina Refineries in Indonesia Delayed by Legal Challenge
  • White Sugar Advances to Highest in Four Weeks; Coffee Slips
  • Kurd Oil Supply Seen Growing as Region Grabs More Territory
  • Platinum Strike Settlement Said to Be Delayed on Union Demands
  • Natixis Says Hiring Commodity Financing Bankers for Asia-Pacific
  • Sinopec May Shut Qingdao Refinery for Maintenance in May 2015
  • Kogas May Buy Winter Spot LNG Cargoes and Reschedule Deliveries
  • Natural Gas Siphoning Seen Unlikely in Ukraine Seeking EU Ties

 

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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