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