TODAY’S S&P 500 SET-UP – November 18, 2013
As we look at today's setup for the S&P 500, the range is 30 points or 1.40% downside to 1773 and 0.27% upside to 1803.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.41 from 2.40
- VIX closed at 12.19 1 day percent change of -1.46%
MACRO DATA POINTS (Bloomberg Estimates):
- 9am: Total Net TIC Flows, Sept. (prior -$2.9b)
- 10am: NAHB Housing Market Index, Nov., est. 56 (prior 55)
- 12:15pm: Fed’s Dudley speaks in New York
- 1:30pm: Fed’s Plosser speaks in Philadelphia
- 3:45pm: Fed’s Dudley tours factory in Long Island City, N.Y.
- 7:45pm: Fed’s Kocherlakota speaks in Minneapolis
GOVERNMENT:
- House, Senate in session
- Senate cmte holds hearing on Bitcoin, virtual currencies
- Office of the Comptroller of the Currency’s Mutual Savings Association Advisory Cmte holds a public meeting on current condition, regulatory changes of mutual savings, 2pm
- Washington Space Business Roundtable meets to discuss International Traffic in Arms Regulations, with Asst Commerce Secretary for Export Administration Kevin Wolf, 12:30pm
WHAT TO WATCH:
- Google opens showrooms in 6 U.S. cities taking page from Apple
- Xi’s China reform plan sets scene for local govt clampdown
- Xi expands power as China leaders pledge major changes
- Chinese stocks jump as H shrs gain most since 2011 on reforms
- Salesforce revamps software for mobile as users move to tablets
- Microsoft board said to refine CEO choices at Nov. 18 meeting
- Democrats downplay lawmaker defections over Affordable Care Act
- Prokhorov’s Onexim agrees to buy Kerimov’s stake in Uralkali
- Sony monitors PlayStation “issues” as sales top 1m
- Lloyds sells Scottish Widows fund-management arm to Aberdeen
- Advent to buy Dutch software maker Unit4 for $1.6b
- “Thor” tops N.A. box office for a second weekend
- Volcker rule compliance may be postponed by 1 yr: FT
- Disney seeing hurdles in shifting market for games: NYT
- Sheldon Adelson readies push to oppose Internet gambling: WPost
EARNINGS:
- AmeriGas Partners (APU) Aft-mkt, $(0.48)
- Brocade (BRCD) 4:05pm, $0.18
- Jacobs Engineering (JEC) Aft-mkt, $0.87
- JinkoSolar (JKS) 6am, $2.74
- Salesforce.com (CRM) 4:05pm, $0.09 - Preview
- Semtech (SMTC) 4:30pm, $0.34
- Tyson Foods (TSN) 7:30am, $0.70
- UGI (UGI) 4:45pm, $(0.08)
- Urban Outfitters (URBN) 4pm, $0.45 - Preview
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Brent Crude Declines for a Second Day; Citigroup Lowers Forecast
- Gold Bears Return Before Yellen Signals More Easing: Commodities
- Norway Prime Minister Says Time Has Come to Cut Oil Reliance
- Gold-Laden Brides in India Defying Singh as Culture Triumphs
- Jiangxi Copper Agrees on 31% Increase in Fees With Freeport
- Gold Falls as Investors Sell After Advance on Stimulus Outlook
- CME Hack Reawakens Electronic Threat to Financial Services Firms
- Hedge Funds Cut WTI Crude Bets to Five-Month Low: Energy Markets
- Prokhorov Agrees to Buy Stake in Uralkali Valued at $3.5 Billion
- Rain Slowing French Corn Harvest Widens Premium to U.S. Prices
- Qatar Readies Food Contingency Plan on Regional Trade Disruption
- Copper Falls After Funds Turn Bearish and Investors Favor Stocks
- Libyans Begin Strike in Tripoli to Protest Militia Violence
- Vietnam Coffee Harvesting Disrupted as Rains Lash Main Region
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
