THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – November 13, 2013


As we look at today's setup for the S&P 500, the range is 30 points or 1.11% downside to 1748 and 0.58% upside to 1778.             

SECTOR PERFORMANCE

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EQUITY SENTIMENT:

 

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CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 2.42 from 2.45
  • VIX closed at 12.82 1 day percent change of 2.31%

MACRO DATA POINTS (Bloomberg Estimates):

  • 7am: MBA mortgage applications, Nov. 8, (pr. -7.0%)
  • 7:10am: Bundesbank’s Weidmann speaks in Frankfurt
  • 8:45am: Fed’s Pianalto speaks to women’s conf. in Philadelphia
  • 11am: Fed to buy $1b-$1.5b TIPS in 2018-2043 sector
  • 11:30am: U.S. to sell $25b 52W bills; also 4W bills
  • 1pm: U.S. to sell $24b 10Y notes
  • 2pm: Monthly budget data, Oct., est. -$104.0b (pr. -$120.0b)
  • 4:30pm: API weekly oil inventories
  • 7pm: Fed’s Bernanke hosts town hall meeting with educators

GOVERNMENT:

    • 9am: President Barack Obama speaks to representatives of 566 federally recognized Native American groups
    • 10am: House Homeland Security Cmte holds hearing on security of personal information entered on healthcare.gov website
    • 12pm: Rep. Sander Levin, D-Mich., and Sen. Lindsey Graham, R-S.C., hold roundtable on currency, other trade issues
    • 2pm: House Financial Services panel hearing, “What Is Central About Central Banking?: A Study of International Models”

WHAT TO WATCH:

  • J&J said to reach $4b settlement of hip-implant lawsuits
  • LendingClub said to reach $2.3b valuation in DST funding
  • Calpers said to enter buyout secondaries business to dodge fees
  • PetroChina to buy Petrobras assets in Peru for $2.6b
  • Blankfein says Goldman can boost ROE without major changes
  • Starbucks to pay Mondelez $2.76b to settle coffee dispute
  • Boeing to weigh options for 777X if union rejects deal
  • China pledges bigger market role amid state dominance
  • ICAP sees “marginally” higher full-yr profit on cost cuts
  • Equity traders’ bonuses seen rising as rates salesmen face drop
  • AMR-US Airways Washington focus opens airport to new carriers
  • GIC said to invest in Time Warner headquarters in New York
  • Wynn Resorts says U.S. hasn’t sought information on Macau gift
  • Chegg raises $187.5m in textbook renter’s public offering
  • U.K. unemployment falls to 7.6% in move toward BOE threshold
  • Live Nation said in talks to buy Principle, Maverick: NYT
  • Healthcare.gov may not work fully by Nov.’s end: Wash. Post

AM EARNS:

    • CAE (CAE CN) 8:22am, C$0.15
    • Canadian Solar (CSIQ) 6:46am, $0.60
    • Loblaw (L CN) 6am, C$0.81
    • Macy’s (M) 8am, $0.39 - Preview
    • Meritor (MTOR) 8am, $0.09
    • Metro (MRU CN) 7am, C$1.22
    • Pinnacle Foods (PF) 8am, $0.35

PM EARNS:

    • Cisco Systems (CSCO) 4:04pm, $0.51 - Preview
    • Element Financial (EFN CN) 5:29pm, C$0.09
    • Globalstar (GSAT) 4pm, $(0.06)
    • Kinross Gold (K CN) 5pm, $0.03 - Preview
    • Linamar (LNR CN) 4pm, C$0.66
    • Millenial Media (MM) 4:05pm, $0.02
    • NetApp (NTAP) 4:01pm, $0.63
    • NetEase (NTES) 6pm, $1.36
    • SeaWorld Entertainment (SEAS) 4:01pm, $1.19
    • Envision Healthcare (EVHC) Aft-mkt, $0.09

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Copper Reaches Three-Month Low on Speculation Stimulus to Slow
  • Mutant Crops Drive BASF Sales Where Monsanto Denied: Commodities
  • Silver Coin Sales by U.S. Mint Reach a Record, Topping 2011
  • Brent-WTI Crude Spread Jumps to Seven-Month High on Libya Unrest
  • Gold Advances From a One-Month Low on Signs of Increased Demand
  • Cocoa Retreats as Pound Rallies on U.K. Labor Data; Coffee Falls
  • Soybeans Drop for First Time in Six Days on Increasing Supplies
  • Thailand Spurns IMF’s Call to Rethink Rice-Purchase Program
  • Palm Oil Climbs to One-Week High on Increasing Biodiesel Demand
  • Rebar Futures Fall With China’s Leaders Silent on Policy Details
  • Barrick Share Sale No Twitter as Gold Snubbed: Corporate Canada
  • Black Treasure in Poland Clouds Warming Talks: Carbon & Climate
  • Shanghai-LME Zinc Arbitrage at Highest in Over 3 Years: BI Chart
  • Palm Imports by India Expanding as Crop Delay Cuts Reserves

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CURRENCIES

 

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GLOBAL PERFORMANCE

 

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EUROPEAN MARKETS

 

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ASIAN MARKETS

 

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MIDDLE EAST

 

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The Hedgeye Macro Team