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TODAY’S S&P 500 SET-UP – November 5, 2013


As we look at today's setup for the S&P 500, the range is 29 points or 1.30% downside to 1745 and 0.34% upside to 1774.      

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: 2.30 from 2.31
  • VIX closed at 12.93 1 day percent change of -2.64%

MACRO DATA POINTS (Bloomberg Estimates):

  • 7:45am: ICSC/Goldman weekly sales
  • 8:30am: ECB’s Draghi speaks in Frankfurt
  • 8:55am: Redbook/Johnson weekly sales
  • 10am: ISM Non-Manuf. Composite, Oct., est. 54 (prior 54.4)
  • 10am: IBD/TIPP Eco. Optimism, Nov., est. 42 (prior 38.4)
  • 11am: Fed to buy $1.25b-$1.75b in 2036-2043 sector
  • 11:30am: U.S. to sell $45b 4W bills
  • 1:15pm: Fed’s Lacker speaks on labor market in N.C.
  • 5pm: Fed’s Williams speaks with reporters in San Francisco

GOVERNMENT:

    • Election Day; Voters choose governors in N.J. and Va., and mayors in N.Y., Boston, Detroit, Miami, Seattle, other cities
    • Elections pose first test for parties since govt shutdown
    • Colorado to vote on 25% tax on marijuana sales
    • Washington could be first state to require labels on GMOs
    • Senate in session, House not in session
    • Senate votes to end debate, advance GLBT workers’ bill
    • Congress debating measures to address patent trolls
    • Senate Banking Cmte hears from community, mortgage bankers on housing finance, 10am
    • CMS Administrator Marilyn Tavenner testifies on health exchanges at Senate Health Cmte hearing, 10am
    • Senate Commerce, Science and Transportation Cmte panel holds hearing on aviation manufacturing, 2:30pm
    • Senate Environment Cmte hears from EPA, Southwestern Energy lawyer, policy grouns on emissions of methane in oil, gas drilling, 2:30pm
    • CFTC meets on rules to limit speculation in commodity derivatives; measures would replace rules enacted in 2011 that were struck down by federal judge last yr, 9:30am

WHAT TO WATCH:

  • Morgan Stanley says AIG may sue over mortgage-linked trades
  • Investment bank’s 2013 litigation accrual climbs to $549m
  • Vornado loses $256m on 3-year J.C. Penney investment
  • Boeing in union talks to build 777X in state of Washington
  • Co. aware of Air India 787 windshield crack during landing
  • Google lobbying expenditures top $18m amid spying debate
  • Co. starting video service for providers of paid lessons
  • Pandora says it’s weathering Apple’s iTunes Radio challenge
  • Venture capital funding for medical devices down 40%: WSJ
  • GM Oct. sales up 12% on Buick-Wuling deliveries
  • U.S. DoE may rule on Freeport, Cameron LNG in 1-2 months

AM EARNS:

    • Affiliated Managers Group (AMG) 7:55am, $2.15
    • AOL (AOL) 7am, $0.51
    • Arcos Dorados Holdings (ARCO) 8am, $0.11
    • Ares Capital (ARCC) 8am, $0.39
    • Ashland (ASH) 6am, $1.50
    • Becton Dickinson (BDX) 6am, $1.46
    • Charter Communications (CHTR) 8am, $0.03
    • Cognizant Technology Solutions (CTSH) 6am, $1.10
    • Cole Real Estate Investment (COLE) 8:34am, $0.22
    • CVS Caremark (CVS) 7am, $1.02 - Preview
    • Delphi Automotive (DLPH) 7am, $0.95
    • Denbury Resources (DNR) 7:30am, $0.43
    • DirecTV (DTV) 7am, $1.01 - Preview
    • Dominion Resources (D) 7:30am, $0.90
    • Emerson Electric (EMR) 6:25am, $1.11
    • Energizer Holdings (ENR) 7:30am, $1.32
    • FirstEnergy (FE) 8:25am, $0.92
    • Fossil Group (FOSL) 6:55am, $1.36 - Preview
    • HCA Holdings (HCA) 8:17am, $0.79
    • Health Care REIT (HCN) 7:30am, $0.96
    • Hecla Mining (HL) 8am, ($0.01)
    • Henry Schein (HSIC) 6:51am, $1.21
    • Host Hotels & Resorts (HST) 6am, $0.27 - Preview
    • IntercontinentalExchange (ICE) 7:30am, $1.83
    • International Flavors & Fragrances (IFF) 7am, $1.18
    • Isis Pharmaceuticals (ISIS) 8:30am, ($0.27)
    • Lexington Realty Trust (LXP) 7:30am, $0.26
    • Liberty Interactive (LINTA) 7:30am, $0.19
    • Louisiana-Pacific (LPX) 8am, $0.12
    • Medical Properties Trust (MPW) 8:30am, $0.25
    • Melco Crown Entertainment (MPEL) Bef-mkt, $0.31
    • Michael Kors Holdings (KORS) 7am, $0.68 - Preview
    • Mosaic (MOS) 7am, $0.56 - Preview
    • Och-Ziff Capital Management (OZM) 7:30am, $0.20
    • Orbitz Worldwide (OWW) 8:01am, $0.13
    • Quicksilver (KWK) 7:30am, ($0.05)
    • Regeneron Pharmaceuticals (REGN) 6:30am, $1.90 - Preview
    • Rowan Cos (RDC) 8am, $0.40
    • RR Donnelley & Sons (RRD) 6:30am, $0.35
    • Sempra Energy (SRE) 9am, $1.23
    • T-Mobile US (TMUS) 6am, $0.04
    • TransCanada (TRP CN) 8:30am, $0.59 - Preview
    • Westjet Airlines (WJA CN) 6:30am, $0.48
    • Zoetis (ZTS) 7am, $0.34

PM EARNS:

    • Agrium (AGU CN) 5:30pm, $0.57 - Preview
    • Amdocs (DOX) 4:01pm, $0.64
    • American Capital (ACAS) 4:01pm, $0.21
    • Axiall (AXLL) 5pm, $0.96
    • BioMed Realty Trust (BMR) Aft-mkt, $0.34
    • Canadian Apartment Properties REIT (CAR-U CN) 5:15pm, $0.43
    • CBL & Associates Properties (CBL) 4pm, $0.54
    • CH Robinson Worldwide (CHRW) 4:15pm, $0.73
    • Ctrip.com International (CTRP) 5pm, $0.41
    • DaVita HealthCare Partners (DVA) 4:03pm, $0.96
    • Energy Transfer Equity (ETE) 5:05pm, $0.64
    • Energy Transfer Partners (ETP) 5:09pm, $0.61 - Preview
    • Franco-Nevada (FNV CN) 5:24pm, $0.20
    • Frontier Communications (FTR) 4:01pm, $0.06
    • Gulfport Energy (GPOR) 4:05pm, $0.13
    • Iamgold (IMG CN) 5:05pm, $0.06
    • Jazz Pharmaceuticals (JAZZ) 4:05pm, $1.68
    • Liberty Global (LBTYA) 5:19pm, $0.41
    • Live Nation Entertainment (LYV) 4:04pm, $0.35
    • MercadoLibre (MELI) 4pm, $0.72
    • Myriad Genetics (MYGN) 4:05pm, $0.46
    • ONEOK (OKE) 4:05pm, $0.30
    • ONEOK Partners (OKS) 4:05pm, $0.65
    • OpenTable (OPEN) 4:30pm, $0.42
    • QEP Midstream, Partners (QEPM,) 4:05pm, $0.24
    • QEP Resources (QEP) 4:05pm, $0.39
    • Regency Energy Partners (RGP) 5pm, $0.09
    • SandRidge Energy (SD) 4:05pm, $0.02
    • Seattle Genetics (SGEN) 4:05pm, ($0.22)
    • Sunoco Logistics Partners (SXL) 4:02pm, $0.83
    • Tesla Motors (TSLA) 4:03pm, $0.10 - Preview
    • Twenty-First Century Fox (FOXA) 4:04pm, $0.35
    • Two Harbors Investment (TWO) 4:05pm, $0.24
    • ValueClick (VCLK) 4:04pm, $0.39
    • Verisk Analytics (VRSK) 4:10pm, $0.60
    • Vivus (VVUS) 4:05pm, ($0.38)
    • Zillow (Z) 4:02pm, ($0.08)

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • China May Phase Out Sugar Stockpiling Regime, NDRC Director Says
  • Cotton Slumping as Glut Expands Record China Hoard: Commodities
  • Coffee Falls to Five-Year Low on Growing Supplies; Cocoa Climbs
  • Corn Trades Near Three-Year Low as U.S. May Raise Crop Forecast
  • Copper Gains as Strengthening Auto Sales Indicate Steady Demand
  • WTI Crude Futures Near Four-Month Low on U.S. Oil Supply Outlook
  • Gold Trades Near Two-Week Low on Stronger Dollar, Slowing Demand
  • Iron Exports to China Reach Record From Australia’s Port Hedland
  • China, U.S. Steel-Price Spread Signals Decline: Chart of the Day
  • Panama Canal’s LNG Surprise to Redefine Trade in Fuel: Freight
  • Commodities Position Limits Weighed Anew With Revised CFTC Plan
  • Libya Hariga Port Likely to Load Oil Exports Next Week
  • Nickel LME Stocks 164% Higher Ytd on Record Oversupply: BI Chart
  • Starbucks Raises U.K. Latte Coffee Prices First Time in 3 Years

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