THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – June 23, 2014


As we look at today's setup for the S&P 500, the range is 42 points or 1.88% downside to 1926 and 0.26% upside to 1968.                                          

                                                                                     

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 2.15
  • VIX closed at 10.85 1 day percent change of 2.17%

 

MACRO DATA POINTS (Bloomberg Estimates):               

  • 8:30am: Chicago Fed Nat Activity, May, est. 0.2 (prior -0.32)
  • 9:45am: Markit US Mfg PMI, June prelim, est. 56.0 (prior 56.4)
  • 10am: Existing Home Sales, May, est. 4.74m (prior 4.65m)
  • 11am: U.S. to announce plans for auction of 4W bills
  • 11:30am: U.S. to sell $25b 3M bills, $23b 6M bills

 

GOVERNMENT:

    • President Obama, first lady Michelle Obama, VP Joe Biden participate in White House Summit on Working Families
    • Senate returns at 2pm; House holds votes at 6:30pm
    • House Veterans Affairs Cmte holds hearing on patient care
    • House Oversight Cmte hears from IRS Commissioner John Koskinen on missing Lois Lerner e-mails
    • Washington Week Ahead
    • U.S. ELECTION WRAP: Cochran Runoff Strategy; Senate Predictions

               

WHAT TO WATCH:

  • GE wins Alstom board’s backing for energy-assets deal
  • France reaches deal with Bouygues for up to 20% of Alstom
  • ISIL advances to Iraq-Jordan border; Obama warns of spillover
  • Putin supports Ukraine cease-fire, holding military drills
  • BlackRock said attending Russia forum
  • China PMI climbs to 7-month high, beats est.
  • Lululemon reassures investors after founder steps up pressure
  • American Apparel key investor won’t support founder Charney
  • BNP said close to $9b accord in U.S. sanctions case
  • GE Capital sells Scandinavian consumer finance unit for ~$953m
  • Nissan, Honda add >2m cars to air bag recall
  • Sterne Agee ousted CEO Holbrook said to face U.S. probe
  • InterContinental Hotels rebuffed Wyndham offer this yr: Sky
  • Euro-region PMI shows weakening as French woes intensify
  • AbbVie may raise Shire bid as high as GBP55/Shr: Jefferies
  • Oracle’s $5b deal to buy Micros could be announced today: WSJ
  • ‘Think Like a Man Too’ tops N.A. weekend box office
  • Aereo decision may be announced by Supreme Court
  • Barron’s Roundup: Amgen, Apache, National Oilwell, Pier One
  • U.S. Weekly Agendas: Finance, Industrials, Energy, Health, Consumer, Tech, Media/Ent, Real Estate, Transports
  • North American M&A Agenda
  • Canada Weekly Agendas: Energy, Mining
  • U.S. GDP, Housing Data, Nike, Wimbledon: Wk Ahead June 21-28

 

EARNINGS:

    • Micron Technology (MU) 4:02pm, $0.72
    • Sonic Corp (SONC) 4:05pm, $0.29

 

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Traders Barking Orders in London’s Last Open Outcry Get Reprieve
  • Gold Trades Below 2-Month High as Fed to Physical Demand Weighed
  • Hedge Funds Bet on Sugar as Dryness Threatens Crops: Commodities
  • China Palm Oil Imports Seen Falling as Economic Growth Slows
  • Copper Extends Longest Rally This Year After China Manufacturing
  • Bullish Oil Wagers Reach Record as Fighting Engulfs Iraq: Energy
  • Steel Rebar Rises on Iron Ore, China Manufacturing Expansion
  • LME Getting Interest From New Companies to Join Floor Trading
  • China Buying More Indian, Australian Bauxite After Indonesia Ban
  • EnBW Starts German Coal-Fired Plant With Solar Power Near Record
  • Glencore’s Singapore Crude Oil Trading Manager McBain Retiring
  • Corn Extends Weekly Rally as Investors Weigh Rain on Record Crop
  • Platinum Union Says Workers May Report June 25 If Deal Accepted
  • Gazprom Boosting Gas Transit via Ukraine Before Nord Stream Halt
  • China’s Corn Shipments From U.S. Rise in May, Customs Says

 

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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