THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – June 24, 2014


As we look at today's setup for the S&P 500, the range is 47 points or 1.97% downside to 1924 and 0.43% upside to 1971.                                                    

SECTOR PERFORMANCE

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EQUITY SENTIMENT:

 

THE HEDGEYE DAILY OUTLOOK - 10

 

CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 2.15 from 2.16
  • VIX closed at 10.98 1 day percent change of 1.20%

 

MACRO DATA POINTS (Bloomberg Estimates):      

  • 7:45am: ICSC weekly sales
  • 8:05am: Fed’s Plosser speaks in New York
  • 8:55am: Redbook weekly sales
  • 9am: FHFA House Price Index, April, est. 0.5% (prior 0.7%)
  • 9am: S&P/Case-Shiller 20 City m/m, April, est. 0.8% (prior 1.24%)
  • 10am: Consumer Confidence Index, June, est. 83.5 (prior 83)
  • 10am: Richmond Fed Manufacturing Index, June, est. 7 (prior 7)
  • 10am: New Home Sales, May, est. 439k (prior 433k)
  • New Home Sales, m/m, May, est. 1.4% (prior 6.4%)
  • 2pm: Fed’s Dudley speaks in New York
  • 4:30pm: API weekly oil inventories
  • 6:30pm: Fed’s Williams speaks in Stanford, Calif.

GOVERNMENT:

    • Primaries held in N.Y., Colo., Md., Okla., Utah; Miss. GOP runoff between Sen. Thad Cochran, state Sen. Chris McDaniel
    • 9:30am: House Oversight Cmte hearing on IRS’s missing e-mails
    • 10am: Senate Appros subcmte marks FY15 Homeland Security bill, then at 11am FY15 fin svcs, general govt spending bill
    • 10am: Senate Finance Cmte examines how tax code can be leveraged to reduce student debt
    • 2pm: Senate-House conf. cmte on veterans’ health-care bill
    • *U.S. ELECTION WRAP: Primaries to Watch; Sen. Warren for Tennant

WHAT TO WATCH:

  • German IFO business confidence drops more than est.
  • Iraq forces regain control of Baiji refinery
  • Kerry lands in Erbil to urge Iraqi Kurds to help form govt
  • AT&T CEO to tell Congress DirecTV takeover means lower prices
  • Merkel expects tough sanctions on Russia from EU summit: Bild
  • Gazprom says Europe gas shipments via Ukraine uninterrupted
  • Targa said to abandon sale to Energy Transfer after share spike
  • Apple’s larger iPhones said to start mass output next month
  • Lew defends council’s work to guard against U.S. financial risk
  • KKR pays $567m for stake in Acciona’s foreign renewables
  • NYC rent board sets 1% apartment-rate rise as freeze rejected
  • Ex-Goldman currency trader Cho said to start macro hedge fund

EARNINGS:

    • AGF Management (AGF/B CN) 8:00am, C$0.18
    • Apogee Enterprises (APOG) 4:30pm, $0.26
    • Carnival (CCL) 9:15am, $0.02
    • Walgreen (WAG) 7:30am, $0.94 - Preview

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Gold Climbs to Two-Month High on Iraq to U.S. Economy Outlook
  • Brent Trades Near One-Week Low as Iraq Supply Stable; WTI Slips
  • Gold Euphoria Won’t Last With Yellen’s Rally Fading: Commodities
  • Copper Premium in Europe Said to Decline With Demand Slowing
  • Nickel Reaches One-Week Low as Speculators Cut Bullish Wagers
  • Raw Sugar Declines Before Brazil’s Unica Report; Cocoa Falls
  • MORE: CME Sees Asia as ‘Right Market’ to Invest in Gold Products
  • China Copper Bonded Stockpiles Seen by CRU Down to 775,000 Tons
  • Crop Futures Decline as Report Shows U.S. Fields in Good Shape
  • China Seen Bolstering Oil Security as Stockpiles Swell to Record
  • Indonesia Seeks Tin-Export Rules to Avoid Inaccurate Declaration
  • Rooftop Solar Leases Scaring Buyers When Homeowners Sell: Energy
  • Congo’s Gecamines Needs $160 Million to Cut 6,000 Mining Jobs
  • Platinum Union to Sign Deal With Producers to End 5-Month Strike

 

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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