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
EQUITY SENTIMENT:
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
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team