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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

THE HEDGEYE DAILY OUTLOOK - 1

THE HEDGEYE DAILY OUTLOOK - 2

 

EQUITY SENTIMENT:

 

THE HEDGEYE DAILY OUTLOOK - 10                                                                                                                                                                  

 

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

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