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TODAY’S S&P 500 SET-UP – November 22, 2013


As we look at today's setup for the S&P 500, the range is 20 points or 0.60% downside to 1785 and 0.51% upside to 1805.                                                         

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: 2.50 from 2.51
  • VIX closed at 12.66 1 day percent change of -5.52%

MACRO DATA POINTS (Bloomberg Estimates):

  • 8:40am: Fed’s George speaks in Paris
  • 10am: JOLTs Job Openings, Sept., est. 3.840m (prior 3.883m)
  • 11am: Kansas City Fed Mfg Activity, Nov., est. 6 (prior 6)
  • 11am: Fed to purchase $1.25b-$1.75b in 2036-2043 sector
  • 12:15pm: Fed’s Tarullo speaks in Washington
  • 1pm: Baker Hughes rig count

GOVERNMENT:

    • President Obama hosts King Mohammed VI of Morocco at White House
    • 10:15am: Sec. of Defense Chuck Hagel meets with Canadian counterpart Rob Nicholson to discuss defense relations, sign Canada-U.S. Asia-Pacific Defense Policy Cooperation Framework

WHAT TO WATCH:

  • J&J said to narrow bidder list to 3 for diagnostics business
  • Robin Hood conf. continues today w/ Ackman, Druckenmiller
  • Paulson changes tone to say he won’t add more to gold fund
  • Apple recoups most Samsung damages cut from 2012 verdict
  • Gap’s profit forecast signals holiday quarter may disappoint
  • EMA monthly CHMP announcements today from 7am NY time
  • Novartis to buy back $5b in stock, add business segments
  • German business confidence rises in sign recovery on track
  • Apple supplier Foxconn to invest $40m in Pennsylvania
  • Party City readies for IPO in early 2014, Reuters says

EARNINGS:

    • Ann Inc. (ANN) 7:45am, $0.87
    • Foot Locker (FL) 7am, $0.66 - Preview
    • Hibbett Sports (HIBB) 6:30am, $0.65
    • PetSmart (PETM) 9:05am, $0.86 - Preview
    • Sirona Dental Systems (SIRO) 6:30am, $0.80

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Paulson Changing Tone Said to Say He Won’t Add More to Gold Fund
  • Gold Analysts Most Bearish Since June on Fed Taper: Commodities
  • Codelco ‘Optimistic’ on China Copper Demand on Middle Class
  • Gold Swings Near Four-Month Low as Investors Weigh Fed Tapering
  • WTI Crude Set for First Weekly Gain in Seven; Iran Deal Falters
  • Taylor, Jamison Outpace Commodity Hedge Funds Seeing Losses
  • Aluminum Fees in Japan Seen Near Record in First Quarter on Abe
  • Copper Poised for Weekly Gain on Stockpiles, China: LME Preview
  • Rebar Caps First Weekly Gain in Three on Mill Price, Inventory
  • Western Bulk Says China Minor-Bulks Rose 19%; Supramaxes to Gain
  • Shale Boom Pits U.S. LPG Against Mideast in Asia: Energy Markets
  • South African White Corn Climbs to Highest in More Than 7 Months
  • Gold Option Wagers on Surge to $3,000 Was Most-Active Yesterday
  • German Gold Assets Drop 0.1% in October in First Cut Since June
  • Copper Gains Amid Signs Recovery Picking Up as Stockpiles Shrink

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