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TODAY’S S&P 500 SET-UP – June 25, 2014


As we look at today's setup for the S&P 500, the range is 37 points or 1.28% downside to 1925 and 0.62% upside to 1962.                                                  

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: 2.08 from 2.12
  • VIX closed at 12.13 1 day percent change of 10.47%

 

MACRO DATA POINTS (Bloomberg Estimates):            

  • 7am: MBA Mortgage Applications, June 20 (prior -9.2%)
  • 8:30am: Durable Gds Orders, May, est. 0.0% (pr 0.8%, rev 0.6%)
  • 8:30am: GDP Annualized, 1Q, est. -1.8% (prior -1%)
  • 9:45am: Markit US Composite PMI, June (prior 58.4)
  • 9:45am: Markit Services PMI, est. 58.0 (prior 58.1)
  • 10:30am: DOE Energy Inventories
  • 11am: Fed to purchase $2.25b-$2.75b in 2021-2024 sector

GOVERNMENT:

    • Cochran, Lankford win; Rangel race still close in N.Y.
    • Israeli President Peres has lunch with President Obama at White House
    • 10am: Supreme Court issues rulings
    • 10am: Sen. Homeland Security and Government Affairs Cmte votes on Shaun Donovan’s nomination to be OMB director
    • 10am: Sen. Judiciary Cmte hearing on legislation designed to strengthen Voting Rights Act
    • 10am: House Foreign Affairs Cmte hears from James Dobbins, State Dept representative for Afghanistan and Pakistan, on Afghanistan’s transition
    • 10am: Senate Banking Cmte votes on nominations of Julian Castro to lead HUD, Laura Wertheimer to be inspector general of FHFA
    • Treasury Sec. Jack Lew testifies on Financial Stability Oversight Council’s annual report to Congress
    • 10am: House Financial Services Cmte hearing on reauthorizing Export-Import Bank, witnesses incl. Delta CEO Richard Anderson, Ex-Im President Fred Hochberg

WHAT TO WATCH:

  • Obama said to be preparing sanctions on Russian industries
  • Exchanges get test to curb dark-pool trading in SEC program
  • SEC orders exchanges to start pilot for wider ticks
  • Abbvie seen having to raise Shire bid to $51b for deal
  • News Corp. faces possible corporate charges after hacking trial
  • Cochran survives Mississippi runoff as Tea Party suffers loss
  • For more election news, ELECT <GO>
  • Hazard insurers may face suit over fees for Fannie-Freddie
  • Obama administration seen widening exports for shale oil
  • Marriott sees revenue boost as global economy recovers
  • LVMH, Constellation Brands may bid for Treasury Wine: AFR
  • France sells GDF stake for $2b as state seeks Alstom cash
  • Silverstein said to seek private funding for 3 World Trade tower
  • Best Buy said to explore options for China business: WSJ
  • DuPont is more likely suitor for Syngenta, Nomura says
  • Google to introduce Android TV set-top box: WSJ
  • American Apparel founder to seek $23m-$25m severance pay: FT
  • China’s postal savings bank said to plan $4b IPO
  • Google courting developers as device sprawl creates hard choices
  • GoPro touts content ahead of IPO for higher value than cameras

EARNINGS:

    • Apollo Education (APOL) 4:01pm, $0.66
    • Barnes & Noble (BKS) 8:30am, $(0.49)
    • Bed Bath & Beyond (BBBY) 4:15pm, $0.95
    • General Mills (GIS) 6:58am, $0.72 - Preview
    • HB Fuller (FUL) 5:20pm, $0.78
    • Herman Miller (MLHR) 4pm, $0.46
    • Lindsay (LNN) 7am, $1.41
    • Monsanto (MON) 8am, $1.55 - Preview

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Iron Ore Outlook Cut by Australia as Global Supplies Spur Glut
  • WTI Pares Gains as U.S. Export Ruling Seen Limited; Brent Falls
  • Obama Administration Seen Widening Exports for Shale Oil
  • Aluminum Advances to Two-Week High as Bookings Surge to Record
  • Soybeans Rise Amid Concern of Crop Damage as Inventories Slide
  • Gold Falls After Advance to Two-Month High Seen Spurring Sales
  • Crop Sowing Delayed by Weak India Monsoon Threatening Prices
  • Steel Rebar Rises to Highest in Three Weeks as Iron Ore Gains
  • Koch to Start European Power Trading as It Plans LNG Expansion
  • Ghana Cocoa Seen Damaged Without Pesticides From Government Soon
  • Commodity Investor Interest Seen by Bank of America Picking Up
  • Russia Joins Turkey Boosting Gold Reserves as Ukraine Cuts: IMF
  • China’s Gas Consumption May Surge 64% by 2017 on Energy Shift
  • Raw Sugar Drops for 3rd Session Before Unica Report; Cocoa Gains

 

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