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TODAY’S S&P 500 SET-UP – June 27, 2014


As we look at today's setup for the S&P 500, the range is 37 points or 1.19% downside to 1934 and 0.70% upside to 1971.                                                          

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: 2.06 from 2.07
  • VIX closed at 11.63 1 day percent change of 0.35%

 

MACRO DATA POINTS (Bloomberg Estimates):             

  • 9:55am: U.Mich Consumer Sentiment, June fin, est. 82 (pr 81.2)
  • 1pm: Baker Hughes rig count

GOVERNMENT:

    • President Obama speaks on the economy in Minneapolis
    • Sec. of State John Kerry travels to Saudi Arabia to discuss situation in Iraq
    • House not in session, no more votes in Senate until after July 4th recess
    • 6am: U.S. Marshals Service start online auction of 29,656 bitcoins seized last year in illicit Silk Road marketplace

WHAT TO WATCH:

  • American Apparel creditor Lion Capital said to deny loan waiver
  • BPN Paribas is said to prepare to pay $8.9b penalty: NY Times
  • Netflix to come to Australia, Village Roadshow CEO says: ZDNet
  • KKR names Alex Navab sole head of private equity for Americas
  • United Technologies wins $1.3b Air Force chopper contract
  • Autoliv agrees to settle U.S. lawsuit with $22.5m payment
  • Goldman Sachs wins bid to move investor Oei suit to arbitration
  • European Medicines Agency to release drug approval, safety decisions
  • Molson CEO says craft-beer cos. “massively overvalued”
  • Russell rebalancing effective close of market today
  • U.S. Jobs, Yellen, Lew, Tankan, ECB: Wk Ahead June 28-July 5

EARNINGS:

    • Commercial Metals (CMC) 7am, $0.30
    • Finish Line (FINL) 7:05am, $0.21 - Preview
    • KB Home (KBH) 8:30am, $0.21 - Preview

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Google’s Nordic Server Set to Get Asian Internet Imitators
  • Magnum Hunter Turns $891 Million in Debt Into 138% Gain on Shale
  • Brent Set for First Weekly Drop of Iraq Crisis as Output Spared
  • Copper Trades Near Three-Month High Before Confidence Report
  • Cocoa Rebounds in New York as Robusta Coffee Gains on Stockpiles
  • Soybeans Trim Weekly Advance as Investors Assess U.S. Weather
  • Germany’s New Coal Plants Push Power Glut to 4-Year High: Energy
  • IRAQ CRISIS WRAP: Govt Forces Advance; Brent Set for Weekly Fall
  • U.K. Audit Questions $28 Billion of Renewable Energy Deals
  • EU Would Curb Coal Use With 20-Euro Carbon Price, Iberdrola Says
  • U.S. Shale Spurs Record Foreign Chemical Investment: Commodities
  • WTI Oil Seen Rising in Survey on Iraq Supply Risk
  • Cheaper Nickel Pig Iron Production Drives China Metals Market
  • Gold Trades Near Two-Month High as Investors Weigh U.S. Economy

 

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