TODAY’S S&P 500 SET-UP – December 19, 2012
As we look at today's setup for the S&P 500, the range is 24 points or 1.51% downside to 1425 and 0.15% upside to 1449.
SECTOR AND GLOBAL PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 1.54 from 1.54
- VIX closed at 15.57 1 day percent change of -4.71%
MACRO DATA POINTS (Bloomberg Estimates):
- 7am: MBA Mortgage Applications, Dec. 14 (prior 6.2%)
- 8:30am: Housing Starts, Nov., est. 871k (prior 894k)
- 8:30am: Housing Starts M/m, Nov., est. -2.6% (prior 3.6%)
- 8:30am: Building Permits, Nov., est. 875k (prior 868k)
- 8:30am: Building Permits M/m, Nov., est. 0.8% (prior -2.5%)
- 10:30am: DoE inventory data
- 11am: Fed to buy $1.5b-$2.25b notes in 2036-2042 sector
- 1pm: U.S. Treasury to sell $29b 7Y notes
GOVERNMENT:
- House, Senate in session
- Senate Banking panel meets on consumer credit reports, 10am
- House Education and Workforce hears from PBGC Chairman Joshua Gotbaum on agency’s financial outlook, 10am
- U.S. Chamber of Commerce holds a discussion on innovation in agriculture, with USDA Secretary Tom Vilsack, Cargill CEO Gregory Page, Monsanto EVP Jerry Steiner, 8:30am
- Energy Dept.’s Wind-Powering America director Jonathan Bartlett provides overview of program plans on webinar, 3pm
- Commerce Dept. issues final ruling on anti-dumping, countervailing duties for washers from Mexico, South Korea
- FDA Commissioner Margaret Hamburg holds media briefing before meeting with states on compounding pharmacies, 2:30pm
- NRA says it will offer “meaningful” steps to end mass shootings after Newtown deaths
- State Dept. cited for “grossly inadequate” security at Libya mission
- AmEx’s Chenault said to be discussed at White House for Treasury
WHAT TO WATCH
- UBS fined $1.5b by regulators for manipulating Libor
- Boehner "Plan B" vote aims to show Obama Republican tax aversion
- Knight backs Getco bid of $3.75 a share in cash, stock
- Oracle sales, profit top ests. on cloud computing demand
- Apple-Samsung judge weighing damages after rejecting sales ban
- U.S. reaches deal with Penguin as it pursues Apple e-book case
- Google antitrust decision by FTC said to be postponed to 2013
- Ford’s COO says isn’t losing customers after recalls
- Japan exports slide even as yen’s drop improves 2013 outlook
- BOE voted 8-1 to leave QE unchanged as euro risks receded
- SEC said to weigh ex-CFTC enforcement chief Geoffrey Aronow as general counsel
- Facebook incites backlash with changes in Instagram user terms
- Icahn’s American Railcar bidding for Greenbrier triggers rebuff
- Martha Stewart CEO Gersh may step down this wk: N.Y. Post
- Time Inc. names Martha Nelson as 1st female editor-in-chief
EARNINGS:
- Navistar (NAV) 6am, $(1.08) - Preview
- General Mills (GIS) 7am, $0.79 - Preview
- Actuant (ATU) 7:30am, $0.50
- FedEx (FDX) 7:30am, $1.41 - Preview
- Herman Miller (MLHR) 4pm, $0.39
- Paychex (PAYX) 4:01pm, $0.41
- Steelcase (SCS) 4:01pm, $0.23
- Accenture (ACN) 4:01pm, $1.04
- Jabil Circuit (JBL) 4:02pm, $0.56
- Bed Bath & Beyond (BBBY) 4:15pm, $1.02
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Brent Crude Gains for Second Day as U.S. Stockpiles Decline
- Potash Seen Falling as Asia Wields Purchasing Power: Commodities
- Gold Gains as Drop to Three-Month Low Spurs Purchases, ETPs Rise
- Copper Trims Decline on Outlook for China’s Economy: LME Preview
- Wheat Advances for Second Day on Signs of Rising Import Demand
- Palm Oil Drops on Concern Demand to Decline Amid Record Reserves
- Rubber Climbs to Seven-Month High on Japan Stimulus Optimism
- Less Profit in Sight as Maersk Overcapacity Hits Growth: Freight
- BP Whiting Delay Puts WTI-Brent Drop on Hold: Energy Markets
- Coffee Gains on Stockpiles Before Options Expiry; Sugar Retreats
- Mining Stocks Seen as Cheap Gold Alternative: Chart of the Day
- Indonesia Raises Minimum Tin Purity for Exports: Trade Ministry
- Rebar to Continue Rally on Buying Signal: Technical Analysis
- Lead Reaches 15-Month High as Stop-Loss Orders Trigger Buying
CURRENCIES
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team