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