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TODAY’S S&P 500 SET-UP – November 15, 2013


As we look at today's setup for the S&P 500, the range is 24 points or 1.15% downside to 1770 and 0.19% upside to 1794.       

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: 2.43 from 2.40
  • VIX  closed at 12.37 1 day percent change of -1.20%

MACRO DATA POINTS (Bloomberg Estimates):

  • 8:30am: Import Price Index m/m, Oct., est. -0.5% (prior 0.2%)
  • 8:30am: Empire Manufacturing, Nov., est. 5.00 (prior 1.52)
  • 9:15am: Industrial Production m/m, Oct., est. 0.2% (prior 0.6%)
  • 10am: Wholesale Inventories m/m, Sept., est. 0.4% (prior 0.5%)
  • 11am: Fed buys $0.75b-$1b in 2024-2031 sector
  • 1pm: Baker Hughes rig count

GOVERNMENT:

    • 9am: House to consider H.R.3350, “Keep Your Health Plan Act of 2013;” last votes no later than 3pm
    • 9:30am: U.S. Chief Negotiator Dan Mullaney, EU Chief Negotiator Ignacio Garcia Bercero hold press conf. in Brussels following EU-U.S. trade talks
    • 10am: Janet Woodcock, dir., FDA’s Center for Drug Evaluation and Research, testifies at House Energy and Commerce hearing on implementation of FDA Safety and Innovation Act

WHAT TO WATCH:

  • Moody’s downgrades 4 U.S. banks on federal support review
  • Kimberly-Clark plans to spin off $1.6b health-care unit
  • Google win in copyright suit may bolster web search dominance
  • Berkshire adds $3.7b Exxon stake in biggest bet since IBM
  • Paulson sticks with gold wager as Soros buys mining companies
  • Soros joins Ubben in taking Microsoft stake as dividend raised
  • Icahn discloses holdings in Apple, Nuance
  • Credit card cos. report Oct. charge-offs, delinquencies
  • Wall Street bid on cross-border swaps quashed by U.S. regulator
  • AMR bid for merger suit deal said to turn on meeting U.S. number
  • Morgan Stanley said to seek broker dual status in mortgage push
  • AstraZeneca, generic drugmakers face class action on Nexium
  • N.Y. Fed seeks dismissal of examiner’s suit over Goldman Sachs
  • Barrick, Goldcorp said to seek sale of Marigold mine in Nevada
  • Comcast said to plan to sell movies through its cable service
  • Zulily raises $253m, pricing IPO above increased range
  • China to release Plenum details in next wk: Morgan Stanley
  • UBS, Sumitomo Mitsui had talks on investment bank venture: WSJ
  • U.S. investigates major banks’ currency trading: NYT
  • Eli Lilly CEO sees no rev. gain for at least a yr: Le Temps

EARNINGS:

    • Maximus (MMS) 6:30am, $0.49

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Billionaire Paulson Sticks With Gold Wager as Prices Rebound
  • Gold Analysts More Bullish on Fed Stimulus Outlook: Commodities
  • Rice Plan Signals End of Era as New World Farmers Beat Old Japan
  • WTI Oil May Gain on Signs Fed to Maintain Stimulus, Survey Shows
  • Wheat Rises on Import Demand Gain as Egypt Buys French Supply
  • Gold Swings in London as Investors Weigh Fed Stimulus Outlook
  • India’s Vegetable Oil Imports Rise 4.8% to Record in 2012-2013
  • Copper Declines on China Demand Concern as Power Spending Slows
  • U.K. Gas Climbs to 7-Mos. High as Cooler Weather to Boost Demand
  • Rebar Has Weekly Loss With China Leaders Silent on Policy Detail
  • Gasoline Profit Plunge Pressures Europe Refiners: Energy Markets
  • Shale Revolution Spreads With Record Wells Outside U.S.: Energy
  • Yellen Says Review of Bank Commodity Activity Could Bring Limits
  • WTI Set for Longest Run of Weekly Losses Since 1998 on Supplies

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