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
EQUITY SENTIMENT:
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
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team