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TODAY’S S&P 500 SET-UP – June 19, 2014


As we look at today's setup for the S&P 500, the range is 32 points or 1.48% downside to 1928 and 0.15% upside to 1960.                                                   

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: 2.14 from 2.14
  • VIX  closed at 10.61 1 day percent change of -12.02%

 

MACRO DATA POINTS (Bloomberg Estimates)               

  • 8:30am: Initial Jobless Claims, June 14, est. 313k (prior 317k)
  • Continuing Claims, June 7, est. 2.6m (prior 2.614m)
  • 9:45am: Bloomberg Economic Expectations, June (prior 42.5)
  • Bloomberg Consumer Comfort, June 15 (prior 35.5)
  • 10am: Philadelphia Fed Business Outlook, June., est. 14 (prior 15.4)
  • 10am: Leading Index, May, est. 0.6% (prior 0.4%)
  • 10am: Freddie Mac mortgage rates
  • 10:30am: EIA natural-gas storage change

GOVERNMENT:

    • 8:50am: Dpty CMS Admin Cavanaugh at Accountable Care Summit
    • 9:30am: House Energy and Commerce panel meets on EPA’s proposed carbon dioxide rules for power plants
    • 10am: House Armed Services Cmte holds hearing on negotiations over Iran’s nuclear program
    • 12pm: FDIC Vice Chair Thomas Hoenig at Nat’l Economists Club
    • 2pm: House Republicans hold election to replace Majority Leader Eric Cantor; if House Majority Whip Kevin McCarthy wins that post, election will be held to replace him
    • U.S. ELECTION WRAP: Landrieu Touts Senate Panel’s Keystone Vote

WHAT TO WATCH:

  • GE’s Immelt in final push to sell France on Alstom bid
  • House Republicans hold leadership election to replace Cantor
  • Obama tells lawmakers he can act without Congress on Iraq
  • President distances U.S. from Maliki; see Iraq crisis wrap
  • Blackrock urging regulators to study risk of investor flight
  • Facebook working again after temporary site outage
  • Wal-Mart China to grow hypermarkets, e-commerce: China Daily
  • Markit raises $1.3b pricing increased IPO at $24 midpoint
  • T-Moble offers 7-day IPhone trial to tempt users to brand
  • Electronic Arts exec. says NCAA refused licensing rule change
  • Senators criticize marketing of e-cigarettes: Reuters
  • Ex-Goldman trader says bonus unfairly cut to $8.25m
  • FHLBs said to suspend admissions of insurers used by REITs

EARNINGS:

    • BlackBerry (BB CN) 7am, ($0.26) - Preview
    • IHS (IHS) 6am, $1.44
    • Kroger (KR) 8:45am, $1.05 - Preview
    • Oracle (ORCL) 4:01pm, $0.96
    • Rite Aid (RAD) 7am, $0.04
    • Smith & Wesson Holding (SWHC) 4:05pm, $0.40
    • TIBCO Software (TIBX) 4:05pm, $0.13

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Fleeing Migrant Workers in Thailand Seen Delaying Rice Shipments
  • Brent Trades Near Nine-Month High on Iraq Conflict; WTI Rises
  • New Silver Benchmark Seen Heralding Gold Fix Revamp: Commodities
  • Commodities Climb to Highest Since August as Oil Rallies on Iraq
  • Zinc Climbs to Highest in Almost 16 Months as Stockpiles Shrink
  • Silver Fix Benchmark Replacement Should Be Announced Early July
  • Wheat Extends Gains as Rain Threatens to Thwart U.S. Harvest
  • Raw Sugar Retreats From Three-Month High; Arabica Coffee Drops
  • Steel Rebar Near Record Low as Traders Weigh Output, Economy
  • Half-Price Kurd Oil Threatens Iraq Breakup With Turkish Help
  • Ukraine Wants U.S. and EU Companies to Hold Gas-Pipeline Stake
  • Modi’s Inflation-Curbing Drive Seen Failing by Onion Traders
  • Iraqi Violence Jeopardizes PetroChina, Petronas Oil Investments
  • Gold Trades Near Highest in Three Weeks on Fed’s Rate Outlook

 

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