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TODAY’S S&P 500 SET-UP – December 7, 2012



The S&P 500 closed yesterday at 1,413.94 an increase from the prior day's trading of 33bps.                                                                                                                                                          

SECTOR AND GLOBAL PERFORMANCE

THE HEDGEYE DAILY OUTLOOK - 1

THE HEDGEYE DAILY OUTLOOK - 2

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THE HEDGEYE DAILY OUTLOOK - 4

 

EQUITY SENTIMENT:


THE HEDGEYE DAILY OUTLOOK - 10


CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 1.34 from 1.35
  • VIX closed at 16.58 1 day percent change of 0.73%

MACRO DATA POINTS (Bloomberg Estimates):

  • 8:30am: Change in Nonfarm Payrolls, Nov. est. 86k (prior 171k)
  • 8:30am: Unemployment Rate, Nov. est. 7.9% (prior 7.9%)
  • 9:55am: UMichigan Confidence, Dec. P est. 82.0 (prior 82.7)
  • 1pm: Baker Hughes rig count
  • 3pm: Consumer Credit, Oct. est. $10.0b (prior $11.365b)

GOVERNMENT:

    • Romney, Obama, allies spent more than $2b in campaign
    • House meets in pro forma session. Senate not in session

WHAT TO WATCH

  • Sandy probably dealt blow to U.S. labor market in November
  • Japan reports little damage after 7.3-magnitude quake hits
  • Samsung asks judge to reject Apple’s request for smartphone ban
  • AT&T, Verizon to allow text-message 911 services
  • Dodd-Frank rules governing derivatives may be delayed from implementation for 6 months
  • Netflix, CEO receive Wells notices from SEC
  • JPMorgan investment banking bonus pool said to contract by as much as 2% from year ago
  • Pfizer’s Inlyta fails to win approval by U.K.’s health cost regulator
  • Ford Hybrids don’t meet gas mileage target of 47mpg as set by automaker, Consumer Reports says

EARNINGS:

    • Bank of Nova Scotia (BNS CN) 7:30am, C$1.19

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Copper Steady in London, New York Before U.S. Employment Data
  • Gold Bulls Retreat as Goldman Sees Peak Next Year: Commodities
  • Rebar Has Biggest Weekly Gain in Two Years on Improving Demand
  • Oil Heads for First Weekly Drop in Five on German Growth Cut
  • Bins Bulge With Grain as Low Water Threatens Mississippi Traffic
  • Soybeans Approach Biggest Weekly Gain Since August on Exports
  • Gold Extends Weekly Decline as a Stronger Dollar Curbs Demand
  • Palm Oil Shipments From Indonesia Seen Falling to Five-Month Low
  • Fracking-Study Conflicts Prompt Head of Texas Institute to Quit
  • Chicken-Feet Exports Help Savannah Top U.S. Port Growth: Freight
  • Swollen Lakes Mean Five-Year Low Nordic Power: Energy Markets
  • Europe Copper Premium Said to Drop Over Month on Weaker Demand
  • Storm Heads Toward China, Vietnam as Philippine Death Toll Rises
  • Copper Gains in London Before China’s Production: LME Preview

THE HEDGEYE DAILY OUTLOOK - 5

CURRENCIES


THE HEDGEYE DAILY OUTLOOK - 6

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