TODAY’S S&P 500 SET-UP – November 21, 2013
As we look at today's setup for the S&P 500, the range is 40 points or 1.09% downside to 1762 and 1.16% upside to 1802.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.51 from 2.53
- VIX closed at 13.4 1 day percent change of 0.07%
MACRO DATA POINTS (Bloomberg Estimates):
- 8:30am: Init. Jobless Claims, Nov. 16, est. 335k (prior 339k)
- 8:30am: PPI m/m, Oct., est. -0.2% (prior -0.1%)
- 8:58am: Markit US PMI Preliminary, Nov., est. 52.3
- 9:45am: Bloomberg Economic Expectations, Nov. (prior -31)
- 9:45am: Fed’s Powell speaks in N.Y.
- 10am: Philly Fed Business Outlook, Nov., est. 15 (prior 19.8)
- 10am: Freddie Mac mortgage rates
- 10:30am: EIA natural-gas storage change
- 11am: U.S. announces plans to sell 2Y, 5Y and 7Y notes
- 12:30pm: Fed’s Lacker speaks in Asheboro, N.C.
- 1pm: Fed’s Bullard speaks in Rogers, Ark.
- 1pm: U.S. to sell $13b 10Y TIPS in reopening
GOVERNMENT:
- Secretary of State John Kerry hosts 4th annual U.S.-China Consultation on People-to-People exchange with Chinese Vice Premier Liu Yandong
- 9am: Amtrak CEO Joseph Boardman, Rep. Tom Petri, R-Wis., speak at Bipartisan Policy Center on “Improving Passenger Rail Service in the Northeast Corridor”
- 9:30am: House Financial Svcs hearing on H.R.3482, “Restoring Main Street Investor Protection and Confidence Act,” to amend Securities Investor Protection Act
- 10am: RNC Chairman Reince Priebus holds event on Obamacare and Senate elections in 2014
- 10am: Senate Banking Cmte meets on “Housing Finance Reform: Powers and Structure of a Strong Regulator”
- 10:30am: FCC’s David Turetsky, Harris’s Dennis Martinez join panel testifying before House Energy and Commerce panel on FirstNet oversight and public safety wireless communications
- 11:45am: House Speaker John Boehner, R-Ohio, swears in Rep.-elect Vance McAllister, winner of special election Nov. 16 to succeed former Rep. Rodney Alexander
WHAT TO WATCH:
- Morgan Stanley said in discussions to sell oil unit to Rosneft
- Bain Capital said to halt talks with TI Automotive on price gap
- Goldman’s currency-trading rev. fell on options bet, WSJ says
- McKesson deadline to submit Celesio offer document to BaFin
- China manufacturing gauge declines in growth headwind
- Johnson Controls rises after boosting buyback plan by $3b
- Euro-area manufacturing expands for 5th month led by Germany
- Credit Suisse plans legal change to meet future Swiss banking regulations
- Robin Hood conference includes Loeb, Einhorn, Summers
EARNINGS:
- Abercrombie & Fitch (ANF) 7am, $0.44
- Aruba Networks (ARUN) 4:03pm, $0.14
- Autodesk (ADSK) 4:01pm, $0.39
- Berry Plastics (BERY) 5:45pm, $0.24
- Buckle (BKE) 7am, $0.89
- Dollar Tree (DLTR) 7:29am, $0.60
- Donaldson (DCI) 7am, $0.39
- Fresh Market (TFM) 4:17pm, $0.26
- GameStop (GME) 8:30am, $0.57
- Gap (GPS) 4pm, $0.71
- Gildan Activewear (GIL CN) 6:31am, $0.84
- Intuit (INTU) 4pm, $(0.09)
- Marvell Technology (MRVL) 4:03pm, $0.25
- Mentor Graphics (MENT) 4:05pm, $0.19
- Pandora Media (P) 4:01pm, $0.06
- Patterson (PDCO) 7am, $0.48
- Ross Stores (ROST) 4pm, $0.80 - Preview
- Sears Holdings (SHLD) 6am, $(3.14)
- Spectrum Brands (SPB) 6:30am, $0.88
- Splunk (SPLK) 4:02pm, $(0.01)
- Stage Stores (SSI) 6am, $(0.26)
- Target (TGT) 7:30am, $0.62 - Preview
- Wesco Aircraft (WAIR) 4:01pm, $0.32
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Goldman Predicts at Least 15% Losses for Gold, Iron Ore in 2014
- Bordeaux Grape Damage Squeezing Top French Vintners: Commodities
- WTI-Brent Link at Weakest in 9 Months on Supply: Energy Markets
- Copper Drops as Fed Signals Tapering to Stimulus: LME Preview
- Gold Rises From Four-Month Low Amid Physical Demand Speculation
- Wheat Gains as Demand Seen Rising on Shrinking Black Sea Supply
- WTI Rebounds Amid Draghi Comments, Saudi Arabia Mortar Attacks
- Indonesian Palm Oil Output Growth Slowed on Weather Effects: Fry
- Rebar Falls as China Manufacturing Data Signal Weak Demand
- South Africa’s Biggest Power Users Challenge Eskom-Cut Directive
- Morgan Stanley Said in Discussions to Sell Oil Unit to Rosneft
- Philippines Seeks Delivery of Rice Imports by December: Official
- Korea Agro-Fisheries Issues Tenders to Buy 200,000 Tons Soybeans
- Copper Little Changed as LME Stocks Decline and China Watched
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team