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TODAY’S S&P 500 SET-UP – November 8, 2013


As we look at today's setup for the S&P 500, the range is 26 points or 0.58% downside to 1737 and 0.91% upside to 1763.                                                          

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: 2.32 from 2.32
  • VIX closed at 13.91 1 day percent change of 9.79%

MACRO DATA POINTS (Bloomberg Estimates):

  • 8:30am: Chg in Nonfarm Payrolls, Oct, est. 120k (prior 148k)
  • 8:30am: Personal Income, Sept., est. 0.3% (prior 0.4%)
  • 9:55am: UofMich. Confidence, Nov. prelim., est. 74.2 (pr 73.2)
  • 11am: Fed buys $4.75b-$5.75b in 2018-2019 sector
  • 12pm: Fed’s Lockhart speaks in Oxford, Miss.
  • 1pm: Baker Hughes rig count
  • 3:30pm: Fed’s Bernanke speaks at IMF in Washington
  • 6pm: Fed’s Williams speaks in Los Angeles

GOVERNMENT:

    • 1:10pm: President Obama speaks on economy, exports New Orleans
    • 2pm: Brookings Inst. discussion on military consequences of sequestration, with Pratt & Whitney’s Jay DeFrank, Booz Allen Hamilton’s Jack Mayer

WHAT TO WATCH:

  • Payroll gains in U.S. probably cooled amid government shutdown
  • Elan, Wyeth investors seek to block SAC’s plea deal
  • Boeing ready to seek place for 777X work outside of Seattle
  • Boeing says 787-9 development on track; 787-10 progressing
  • McDonald’s Oct. sales seen improving on new products
  • Adobe user data found on web after security breach: Reuters
  • Microsoft heir apparent said to mull move away from Windows
  • Priceline 4Q adj. EPS view trails est.; new CEO named
  • Disney falls after ESPN division registers rare profit decline
  • Danaher, Blackstone said to unite on J&J unit bid: Reuters
  • Airlines collecting data on passengers for study, WSJ says
  • Wal-Mart wage protest leads to 50 arrests, Reuters says
  • France cut to AA vs AA+ at S&P; outlook to stable vs negative
  • MSCI announces results of semiannual index review
  • U.S. Budget, Japan Growth, BOE Forecasts: Wk Ahead Nov. 9-16

EARNINGS:

    • Air Canada (AC/A CN) 6am, $1.04
    • Apollo Investment (AINV) 7:30am, $0.21
    • Aqua America (WTR) 7:30am, $0.36
    • Bankers Petroleum (BNK CN) 8am, $0.07
    • Brookfield Asset Mgmt (BAM/A CN) 6:01am, $0.56
    • Cablevision (CVC) 8:30am, $0.12 - Preview
    • Covidien (COV) 6am, $0.90
    • Crosstex Energy (XTEX) 6:30am, $(0.15)
    • DiamondRock Hospitality (DRH) 7:30am, $0.19
    • Eldorado Gold (ELD CN) 7am, $0.07
    • Emera (EMA CN) 7:10am, $0.35
    • EW Scripps (SSP) 7:30am, $(0.05)
    • Halozyme Therapeutics (HALO) 7am, $(0.16)
    • HMS Holdings (HMSY) 7:30am, $0.23
    • Leap Wireless Intl (LEAP) 9am, $(1.20)
    • Lions Gate Entertainment (LGF) 7am, $0.06
    • Magnum Hunter Resources (MHR) 7am, $(0.18)
    • Osisko Mining (OSK CN) 7am, $0.05
    • Telus (T CN) 6am, $0.54 - Preview
    • Tesoro Logistics (TLLP) 4:30pm, $0.49

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Corn Trades Near Three-Year Low Before U.S. Reports Bigger Crop
  • Copper Trade Most Bullish in Eight Months on China: Commodities
  • WTI Crude Trades Near Five-Month Low as Supply Outpaces Recovery
  • Copper Swings Between Gains and Drops Amid European Slowdown
  • Gold Trades Above Three-Week Low in London Before U.S. Jobs Data
  • Cocoa Extends Drop as West African Harvest Advances; Sugar Rises
  • Rebar Posts Weekly Decline as Shanghai Curbs Housing Purchases
  • China’s Soybean Imports Fall to Six-Month Low as Supply Declines
  • Corn Bottoming as Bear Traders Look for Exit: Chart of the Day
  • Two Indian Refiners Forego Iran Oil as Rival Gets Free Shipping
  • New Iron Ore Supply May Create Surplus in 2014: Bear Case
  • Southwest to United Boosted by Fading Jet Rally: Energy Markets
  • Gold Fields’ Holland Says 400 Ghana Jobs May Be Cut by Year-End
  • Commodities May Drop 11% to Lowest Since ’10: Technical Analysis

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