TODAY’S S&P 500 SET-UP – November 19, 2013
As we look at today's setup for the S&P 500, the range is 30 points or 0.87% downside to 1776 and 0.81% upside to 1806.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.40 from 2.39
- VIX closed at 13.1 1 day percent change of 7.47%
MACRO DATA POINTS (Bloomberg Estimates):
- 8:30am: Employment Cost Index, 3Q, est. 0.5% (prior 0.5%)
- 9:am: Chicago Fed’s annual agriculture conference
- 11am: Fed to purchase $2.75b-$3.5b in 2021-2023 sector
- 11:30am: U.S. to sell 4W bills
- 2:15pm: Fed’s Evans speaks in Chicago
- 4:30pm: API weekly oil inventories
- 7pm: Fed’s Bernanke speaks to Economists Club in Washington
GOVERNMENT:
- 8:40am Institute of Medicine holds workshop on impact of Affordable Care Act on preparedness resources, programs. Asst HHS Sec. Nicole Lurie to speak. National Academy of Sciences
- 1:30pm: Vice President Joe Biden travels to Houston to speak on infrastructure, economy; Transportation Sec. Anthony Foxx attends.
- 1pm: Media briefing by Press Sec. Jay Carney.
- 1pm:U.S. Department of the Interior Bureau of Reclamation holds a public meeting and technical workshop on cost allocation study for the Central Valley Project
- 3pm: Senate Cmte on Homeland Security and Governmental Affairs holds hearing on risks of virtual currencies, with Bitcoin Foundation General Counsel Patrick Murck. 342 Dirksen
- 2pm: 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
WHAT TO WATCH:
- JPMorgan said to agree to final details of $13b settlement
- JPMorgan said in talks to sell $4b private-equity stakes
- U.S. opens probe of fires in Tesla’s Model S electric sedan
- OECD cuts global growth forecasts on emerging-market slowdown
- Apple can pursue U.S. block of Samsung smartphones, court says
- Apple said to be in talks to Buy Israel’s PrimeSense
- Sony said hiring Bain to find $100m in entertainment cuts
- Dropbox said to be seeking more than $8b value in funding
- Yellen nomination for Fed chairman to get panel vote this wk
- NLRB accuses Wal-Mart of illegally firing workers who protested
- Cepsa to Buy Coastal Energy for $2.2b to raise Asian Output
- CLP agrees to pay $1.8b for stakes in two Exxon units
- European car sales rise second straight month on Spain surge
- Camp aide said to tell groups tax proposal possible by January
- U.K. said to investigate traders’ personal currency dealing
- Spain sells 1-yr bills to yield 0.678%, lowest on record
EARNINGS:
- Best Buy Co (BBY) 7am, $0.12 - Preview
- Campbell Soup Co (CPB) 7:30am, $0.86
- Diana Shipping (DSX) 7:45am, $(0.06)
- Dick’s Sporting Goods (DKS) 7:30am, $0.39 - Preview
- George Weston (WN CN) 8am, $1.44
- Home Depot (HD) 6am, $0.90 - Preview
- La-Z-Boy (LZB) 4pm, $0.26
- Medtronic (MDT) 7:15am, $0.90 - Preview
- Saks (SKS) 8am, $0.11
- TJX Cos. (TJX) 8:28am, $0.74 - Preview
- Trina Solar (TSL) 6:30am, $(0.21)
- Valspar (VAL) 7:30am, $0.92
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Indonesia Weighs Ore Ban as Citigroup Increases Nickel Forecast
- Gold No Slam-Dunk Sell in China as Aunties Pounce: Commodities
- WTI-Brent Nears Widest Since March Amid Stimulus Taper Talk
- Copper Declines to Three-Month Low on U.S. Builder Sentiment
- Cocoa Halts Rally as Ghana May Accelerate Sales From Next Crop
- Rubber Declines for Second Day as Yen’s Rebound Weakens Appeal
- Gold Swings as Investors Weigh Stimulus After Rally in Equities
- Wall Street Pushes Back on CFTC’s Advisory for Overseas Swaps
- Egypt’s Thirst for Cheap Gas Threatens Export Prospects: Energy
- Japan Seeks to Buy Most Milling Wheat in Three Months in Tender
- Zinc Premium Said to Be Steady in Past Month During Supply Talks
- Onions Bring Tears to RBI’s Rajan as Prices Surge: India Credit
- Rio Tinto, Paladin Uranium Mines in Namibia Face Water Shortage
- Rebar Advances in Shanghai on Lower Stockpiles, Demand Outlook
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
