TODAY’S S&P 500 SET-UP – November 6, 2013
As we look at today's setup for the S&P 500, the range is 20 points or 0.68% downside to 1751 and 0.46% upside to 1771.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.36 from 2.37
- VIX closed at 13.27 1 day percent change of 2.63%
MACRO DATA POINTS (Bloomberg Estimates):
- 7am: MBA Mortgage Applications, Nov. 1 (prior 6.4%)
- 7:30am: Challenger Job Cuts, Oct., y/y (prior 19.1%)
- 10am: Leading Index, Sept., est. 0.6% (prior 0.7%)
- 10:30am: DOE Energy Inventories
- 11am: Fed to buy $2.75b-$3.5b in 2020-2023 sector
- 1:10pm: Fed’s Pianalto speaks in Ohio
GOVERNMENT:
- Election results:
- Chris Christie, Terry McAuliffe win gubernatorial contests
- Christie’s landslide victory may bolster White House run
- N.Y. votes to allow more casinos; Colorado approves pot tax
- 8:30am: Treasury to release qtrly refunding plan, may comment on debt limit, plans to issue floating notes
- 10am: HHS Sec. Kathleen Sebelius testifies before Sen. Finance Cmte on plans for fixing health insurance exchange website
- 1:30pm: Labor Secretary Thomas Perez, former Rep. Patrick Murphy, D-Penn., attend discussion on veterans’ employment
- 2:30pm: Sen. Lamar Alexander, R-Tenn., testifies before Commerce, Science, Transportation Cmte on science, U.S. economy
- 2:30pm: HUD Secretary Shaun Donovan, FEMA Administrator Craig Fugate testify at Senate Homeland Security and Governmental Affairs Cmte hearing on recovery from Hurricane Sandy
WHAT TO WATCH:
- Twitter IPO means more scrutiny of exchanges after FB debacle
- Wells Fargo said among banks facing U.S. mortgage-bond probes
- Former crude traders claim proof that oil market is rigged
- Boeing seeks labor peace with offer to keep 777X in Seattle
- Washington governor assembles perks to keep Boeing in-state
- Google may scrap plans for HK data center, Apple Daily says
- Tesla CEO Musk says battery supply constraining production
- Revamp of U.S. military force planning delays contract awards
AM EARNS:
- Ariad Pharmaceuticals (ARIA) 7:35am, $(0.44)
- Brookfield Infrastructure (BIP) 7:30am, $0.26
- Carlyle Group (CG) 6:30am, $0.60
- CenterPoint Energy (CNP) 8:15am, $0.35
- Chesapeake Energy (CHK) 7:01am, $0.42 - Preview
- Cimarex Energy (XEC) 6am, $1.55
- Clean Harbors (CLH) 7:30am, $0.65
- Coeur Mining (CDE) 8:30am, $(0.22)
- Devon Energy (DVN) 7am, $1.19 - Preview
- Duke Energy (DUK) 7am, $1.51
- Enbridge (ENB CN) 7am, $0.36 - Preview
- Geo Group (GEO) 7:30am, $0.43
- HollyFrontier (HFC) 7:30am, $0.62
- Hospira (HSP) 7:30am, $0.44
- Humana (HUM) 6am, $2.16
- ING US (VOYA) 5:50am, $0.65
- Intact Financial (IFC CN) 6:55am, $0.28
- Lamar Advertising (LAMR) 6am, $0.18
- Marsh & McLennan (MMC) 7am, $0.46
- Molson Coors Brewing (TAP) 7:30am, $1.39
- NPS Pharmaceuticals (NPSP) 8am, $(0.03)
- OGE Energy (OGE) 7am, $0.93
- Penn West Petroleum (PWT CN) 6:31am, $0.06
- PennyMac Mortgage Investment (PMT) 8:30am, $0.69
- Pepco Holdings (POM) 6:03am, $0.44
- PHH (PHH) 8:30am, $0.12
- Ralph Lauren (RL) 8am, $2.20 - Preview
- Sinclair Broadcast (SBGI) 7am, $0.24
- Starz (STRZA) 7:30am, $0.44
- SunEdison (SUNE) 6am, $(0.13)
- Time Warner (TWX) 7am, $0.89 - Preview
- Vonage Holdings (VG) 8am, $0.03
PM EARNS:
- ACADIA Pharmaceuticals (ACAD) 4:01pm, $(0.12)
- Activision Blizzard (ATVI) 4:05pm, $0.04
- Alnylam Pharmaceuticals (ALNY) 4pm, $(0.40)
- American Water Works Co (AWK) 4:05pm, $0.85
- Antero Resources (AR) Aft-mkt, $0.20
- Atmos Energy (ATO) 5:01pm, $0.12
- Brookdale Senior Living (BKD) 4:43pm, $(0.03)
- CBS (CBS) 4:01pm, $0.76 - Preview
- CenturyLink (CTL) 4:05pm, $0.63
- Chambers Street Properties (CSG) Aft-mkt, $0.18
- Concho Resources (CXO) 5pm, $1.03
- Concur Technologies (CNQR) 4:15pm, $0.26
- Continental Resources (CLR) 5:47pm, $1.49
- Corrections Corp of America (CXW) 4:15pm, $0.62
- EOG Resources (EOG) 5:11pm, $2.05
- Genpact (G) 4pm, $0.26
- Giant Interactive Group (GA) 5:05pm, $0.23
- Hersha Hospitality (HT) 4:30pm, $0.13
- Integrys Energy Group (TEG) 5:07pm, $0.46
- Mid-America Apartment Communities (MAA) 4:05pm, $1.22
- Mondelez Intl (MDLZ) 4:01pm, $0.40 - Preview
- Oasis Petroleum (OAS) 4:15pm, $0.75
- PDL BioPharma (PDLI) 4:02pm, $0.39
- Prudential Financial (PRU) 4:07pm, $2.11
- Qualcomm (QCOM) 4pm, $1.08 - Preview
- SolarCity (SCTY) 4:01pm, $(0.51)
- Solera Holdings (SLH) 4:08pm, $0.56
- Sun Life Financial (SLF CN) 5:10pm, $0.64
- Tempur Sealy Intl (TPX) 4:03pm, $0.68
- Tesoro (TSO) 4:30pm, $0.49
- Transocean (RIG) 4:30pm, $1.07 - Preview
- US Silica Holdings (SLCA) 4:30pm, $0.41
- Western Gas Partners (WES) 4:09pm, $0.40
- Whole Foods Market (WFM) 4:02pm, $0.31 - Preview
- YY (YY) 4:01pm, $0.31
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Tin Exports From Indonesia Seen Jumping as Buyers Adapt to Rules
- Platinum Giants Ready to Stare Down Union Over Pay: Commodities
- WTI Rebounds From Five-Month Low Before U.S. Fuel Supply Data
- Copper Rises Before U.S. Reports Seen Signaling Further Growth
- Wheat Climbs on Signs of Demand From Egypt to Iraq; Corn Steady
- U.S. Cotton Supply Seen Higher as Growing Conditions Improve
- Gold Sales at Perth Mint Advance in October as Prices Tumble
- Rebar Futures Fall for Second Day as Construction in China Slows
- Coal Seen Rebounding in China on Indonesia Curbs: Energy Markets
- Palm Production in Malaysia May Drop First Time in Eight Months
- Oil Industry May Invoke Trade Law to Challenge U.S. Export Ban
- China Targets Steel, Aluminum Overcapacity to Boost Profits
- Traders Face Curbs on Speculation With CFTC Vote on New Limits
- Floods to Drought Seen Curbing China’s Corn Harvest: Commodities
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team