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