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.
CREDIT/ECONOMIC MARKET LOOK:
MACRO DATA POINTS (Bloomberg Estimates)
WHAT TO WATCH:
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
The Hedgeye Macro Team
Chris Whalen, Senior Managing Director and Head of Research at Kroll Bond Rating Agency, explains why he's bearish on housing, how Washington is failing America, and opportunities he sees with Hedgeye Financials Sector Head Josh Steiner.
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The seasonally-adjusted price index for meats, poultry, fish, and eggs hit an all-time high in May, according to data from the Bureau of Labor Statistics (BLS).
In January 1967, when the BLS started tracking this measure, the index for meats, poultry, fish, and eggs was 38.1. As of last May, it was 234.572. This past May it climbed to a record 252.832.
Takeaway: At least Target (finally) recognizes that it has a brand problem in Canada.
Editor's note: This is an excerpt from retail sector head Brian McGough's morning research. Click here for more information on options available to Hedgeye subscribers.
Takeaway: At least Target finally recognizes that it has a brand problem in Canada. Whether or not this plea for forgiveness actually works is for the consumer to decide. But, we don't think execution is the only thing to blame for TGT's underwhelming results North of the border.The fact is that Canadian marketplace can't support the revenue projections the company set. In order the hit the $6bil revenue target in FY17, TGT Canada would have to eclipse the US store share of wallet in 4 years. Consensus estimates have come down about $1.3bil since we published our report in late April and are now under $4bil, but we think numbers are still too high.
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