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TODAY’S S&P 500 SET-UP – June 26, 2014


As we look at today's setup for the S&P 500, the range is 41 points or 1.40% downside to 1932 and 0.69% upside to 1973.                                                  

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 2.08
  • VIX  closed at 11.59 1 day percent change of -4.45%

 

MACRO DATA POINTS (Bloomberg Estimates):               

  • 8:30am: Initial Jobless Claims, June 21, est 310k (prior 312k)
  • 8:30am: Personal Income, May, est. 0.4% (prior 0.3%)
  • 8:30am: Personal Spending, May, est. 0.4% (prior -0.1%)
  • 9:45am: Bloomberg Consumer Comfort, June 22 (prior 37.1)
  • 11am: Kansas City Fed Manufact., June, est. 10 (prior 10)
  • 8:30am: Fed’s Lacker speaks in Lynchburg, Va.
  • 10am: Freddie Mac mortgage rates
  • 10:30am: EIA natural-gas storage change
  • 1:05pm: Fed’s Bullard speaks in New York

GOVERNMENT:

    • House, Senate in session
    • Israeli Pres. Shimon Peres to receive Congressional Gold Medal
    • 9:15am: House Financial Services panel holds oversight hearing on SEC’s division of trading and markets
    • 9:30am: Senate Judiciary Committee markup of S. 2454, Satellite Television Access Reauthorization Act; S. 517, Unlocking Consumer Choice/Wireless Competition Act
    • 10am: Senate Finance Cmte Chairman Ron Wyden markup for proposal to shore up highway trust fund through end of year
    • 10:30am: Senate Appros Cmte markup of DHS appropriations bill
    • U.S. ELECTION WRAP: Election Night Preserves Old Guard

WHAT TO WATCH:

  • LSE to buy Frank Russell for $2.7b to boost indexes, ETF
  • Philip Morris cuts earnings forecast amid currency headwinds
  • BNP said to face yr-long dollar-clearing curb in U.S. case
  • Nabors unit, C&J Energy Services to combine in $2.86b deal
  • GoPro IPO raises $427m as shares price at top-end of range
  • China finds $15b of loans backed by false gold trades
  • Ukraine peace deal optimism wanes as cease-fire deadline looms
  • IRS’s Lerner weighed audit involving Grassley, e-mails show
  • BHP considers opportunities to export oil condensate from U.S.
  • Supreme Court to issue rulings

EARNINGS:

    • Accenture (ACN) 7:01am, $1.21
    • ConAgra Foods (CAG) 7:30am, $0.55
    • Empire (EMP/A CN) Bef-mkt, C$1.22 - Preview
    • Lennar (LEN) 6am, $0.51 - Preview
    • McCormick (MKC) 6:30am, $0.62
    • Nike (NKE) 4:15pm, $0.75 - Preview
    • Progress Software (PRGS) 4:15pm, $0.34
    • Schnitzer Steel Industries (SCHN) 8:30am, $0.06
    • Shaw Communications (SJR/B CN) 8am, C$0.49 - Preview
    • Steelcase (SCS) Bef-mkt, $0.16
    • Winnebago Industries (WGO) 7am, $0.39
    • Worthington Industries (WOR) 8:25am, $0.67

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • China Finds $15 Billion of Loans Backed by Falsified Gold Trades
  • Brent Trades Near One-Week Low as Iraq Supplies Rise; WTI Holds
  • U.S. Corn Glut Expanding at Fastest Pace Since 2005: Commodities
  • Cotton Futures Fall After Entering Bear Market on Global Supply
  • Gold Falls as Investors Weigh U.S. Economy Amid Slower Purchases
  • Aluminum Users Stick With LME as Alternative Yet to Gain Volume
  • Steel Rebar Climbs as Ore Posts Record Gain on China Property
  • China’s Gold Imports From Hong Kong Drop as Yuan Rate Swings
  • Stronger Indian Gold Demand to Support Prices in 2H: Macquarie
  • Goldman Says Shale Gas Boom Driving Fear Out of Market: Energy
  • Danske Bank Says Brent May Slip to $110/Bbl as Iraq Oil Stable
  • Iraq Crude Untouched by Violence Means Options Seen Too Bullish
  • El Nino Has 60% Chance of Starting by End of August, UN Says
  • California Drought Means Record Produce Prices: Chart of the Day
  • Rubber in Tokyo Climbs to 2-Month High as China Inventory Falls

 

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