THE HEDGEYE DAILY OUTLOOK
TODAY’S S&P 500 SET-UP – November 7, 2013
As we look at today's setup for the S&P 500, the range is 20 points or 0.93% downside to 1754 and 0.20% upside to 1774.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.35 from 2.35
- VIX closed at 12.67 1 day percent change of -4.52%
MACRO DATA POINTS (Bloomberg Estimates):
- 7am: BoE seen holding bank rate at 0.5%
- 7:45am: ECB seen holding rates at 0.5%
- 8:30am: ECB’s Draghi holds press conference
- 8:30am: Init. jobless claims, Nov. 2, est. 335k (prior 340k)
- 8:30am: GDP, 3Q, est. 2.0% (prior 2.5%)
- 8:30am: U.S. announces amounts of 3Y notes, 10Y notes, 30Y bonds to be sold at following week’s quarterly refunding
- 9:45am: Bloomberg consumer comfort (prior -37.6)
- 10am: Mortgage delinquencies, 3Q (prior 6.96%)
- 10am: Freddie Mac mortgage rates
- 10:30am: EIA natural-gas storage change
- 11am: Fed to buy $1.25b-$1.75b in 2036-2043 sector
- 1:30pm: ECB’s Draghi speaks in Hamburg
- 1:30pm: Fed’s Dudley speaks in NY
- 1:50pm: Fed’s Stein speaks in Chicago
- 3pm: Consumer credit, Sept., est. $12b (prior $13.625b)
GOVERNMENT:
- FAA to outline civilian drone guidelines
- 9:30am: Army Chief of Staff Gen. Raymond Odierno; Chief of Naval Operations Adm. Jonathan Greenert; Commandant of the Marine Corps Gen. James Amos; and Chief of Staff of the Air Force Gen. Mark Welsh III, testify before Senate Armed Svcs Cmte hearing on sequestration and national defense
- 10am: Treasury Sec. Jack Lew tours exporter of telecom equipment in Gaithersburg, Md.
- 10am: Senate Banking, Housing and Urban Affairs Committee holds hearing on “Housing Finance Reform: Essential Elements to Provide Affordable Options for Housing.”
WHAT TO WATCH:
- Twitter IPO raises $1.8b at $26/shr, pricing above range
- Twitter IPO yields one of smallest fee rates this year
- Microsoft’s internal CEO candidate list said to include Turner
- Toll Bros. to buy Shapell Homes for ~$1.6b
- Emirates pressing Boeing on 777X performance before deal
- Southwest, JetBlue showing interest in AMR-US Airways slots
- Qualcomm looked at some BlackBerry assets, CEO says
- Fmr. AIG real estate exec. settles pay case for $274m
- Washington voters defeat measure requiring GMO food labels: AP
- Chinese domestic fund managers to offer U.S. products: WSJ
- U.S. Oct. retail sales may have slowed vs Sept.
AM EARNS:
- AES (AES) 6am, $0.34
- AMC Networks (AMCX) 8:30am, $0.87
- Ameren (AEE) 7:48am, $1.23
- American Realty Capital (ARCP) 6am, $0.19
- ANSYS (ANSS) 7:09am, $0.75
- Apache (APA) 8am, $2.16 - Preview
- Apollo Global Management (APO) 7am, $0.93
- BCE (BCE CN) 6:52am, C$0.78
- Cablevision Systems (CVC) 8:30am, $0.12
- Calpine (CPN) 6am, $0.65
- Canadian Tire Corp (CTC/A CN) 7:31am, C$1.77
- CI Financial (CIX CN) 11:27am, C$0.39
- Coty (COTY) 6am, $0.29
- Crescent Point Energy (CPG CN) 8am, C$0.30
- Dynegy (DYN) 7:30am, $0.14
- Fifth & Pacific (FNP) 7:32am, $(0.01)
- Flowers Foods (FLO) 6:30am, $0.21
- Great-West Lifeco (GWO CN) 10:24am, C$0.59
- Himax Technologies (HIMX) 6am, $0.11
- IGM Financial (IGM CN) 10:30am, C$0.79
- International Game Technology (IGT) 6:30am, $0.34
- Laredo Petroleum Holdings (LPI) 6:55am, $0.16
- Manulife Financial (MFC CN) 6am, C$0.32
- Martin Marietta Materials (MLM) 8:10am, $1.46
- New Residential Investment (NRZ) 6:30am, $0.18
- Radian Group (RDN) 7am, $(0.07)
- RioCan Real Estate Investment (REI-u CN) 7am, C$0.40
- Rockwell Automation (ROK) 7am, $1.53
- Royal Gold (RGLD) 8am, $0.24
- Saputo (SAP CN) 9:39am, C$0.76
- Scripps Networks Interactive (SNI) 7am, $0.84
- SouFun Holdings (SFUN) 6:45am, $0.88
- Starwood Property Trust (STWD) 6:45am, $0.54
- Stratasys (SSYS) 7am, $0.42
- Tim Hortons (THI CN) 7:30am, C$0.77
- TMX Group (X CN) 6am, C$0.74
- Towers Watson (TW) 6am, $1.33
- Vermilion Energy (VET CN) 6:55am, C$0.77
- Visteon (VC) 6am, $1.16
- Wendy’s (WEN) 7am, $0.06 - Preview
- Westlake Chemical (WLK) 6am, $2.20
- WhiteWave Foods (WWAV) 8am, $0.18
- Windstream Holdings (WIN) 6:15am, $0.09
- WPX Energy (WPX) 7am, $(0.21)
PM EARNS:
- Allscripts Healthcare (MDRX) 4:01pm, $0.09
- Amarin (AMRN) 4:02pm, $(0.32)
- Arena Pharmaceuticals (ARNA) 4:03pm, $(0.12)
- AuRico Gold (AUQ CN) Aft-mkt, $0.02
- AVG Technologies (AVG) 4:15pm, $0.47
- CareFusion (CFN) 4:02pm, $0.39
- Clean Energy Fuels (CLNE) 4:05pm, $(0.23)
- Credicorp (BAP) 6pm, $2.43
- CubeSmart (CUBE) 4:30pm, $0.24
- Groupon (GRPN) 4:01pm, $0.01 - Preview
- Mettler-Toledo Intl (MTD) 4:01pm, $2.60
- Molycorp (MCP) 4:01pm, $(0.28)
- Monster Beverage (MNST) 4:05pm, $0.57
- Nektar Therapeutics (NKTR) 4:15pm, $(0.40)
- Northern Oil and Gas (NOG) 4:30pm, $0.32
- NVIDIA (NVDA) 4:20pm, $0.25
- Pengrowth Energy (PGF CN) 4:30pm, C$0.02
- Pharmacyclics (PCYC) 4:01pm, $0.76
- Priceline.com (PCLN) 4:01pm, $16.22 - Preview
- Santarus (SNTS) 4:05pm, $0.33
- tw telecom (TWTC) 4:01pm, $0.12
- Walt Disney (DIS) 4:15pm, $0.76 - Preview
- Westar Energy (WR) 5pm, $0.99
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- LME Changes Warehousing Rules to Shorten Withdrawal Times
- Brazil Soy Crop Surpassing U.S. Expands Global Glut: Commodities
- Coffee Falls to 7-Year Low on Latin American Supply; Sugar Drops
- Corn Touches Three-Year Low as USDA Seen Raising Crop Outlook
- Brent Falls to Lowest Since July on Warm Weather Across Europe
- World Food Prices Advance for First Time in Six Months on Sugar
- Rebar Climbs on Speculation Air Quality Efforts May Curb Output
- Gold Swings Between Gains and Losses in London Before U.S. Data
- Tin Shipments From Indonesia Jump as Trade Rule Gains Traction
- ArcelorMittal Turns Optimistic on 2014 as Profit Beats Estimates
- China Seen by Klapwijk Boosting Gold Reserves as Prices Drop
- Crude Forecasters Diverging as Contango Emerges: Energy Markets
- Warmer Start to Winter Weakens Gas Demand Throughout Europe
- Crude Traders Sticking With Brent Amid Manipulation Claims
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team