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TODAY’S S&P 500 SET-UP – November 25, 2013


As we look at today's setup for the S&P 500, the range is 22 points or 0.93% downside to 1788 and 0.29% upside to 1810.                                                                                                                              

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: 2.47 from 2.46
  • VIX closed at 12.26 1 day percent change of -3.16%

MACRO DATA POINTS (Bloomberg Estimates):

  • 10am: Pending Home Sales m/m, Oct., est. 2% (prior -5.6%)
  • 10:30am: Dallas Fed Manufacturing Activity, Nov. (prior 3.6)
  • 4pm: USDA crop-progress reports

GOVERNMENT:

    • House, Senate not in session this week
    • 9am: Bread for the World Institute releases annual report on hunger in America; National Press Club
    • Mexico will ask WTO to determine whether U.S. has complied w/ ruling on “dolphin-friendly” labeling for tuna products
    • U.S., Russian diplomats plan to meet in Geneva with special UN envoy Lakhdar Brahimi to Syria peace talks preparations
    • Lawmakers ready U.S. budget options amid taxes impasse

WHAT TO WATCH:

  • Boeing warns of engine-ice risk for GE-powered 787s
  • JAL replaces 787 on some routes on Boeing icing order
  • Dish shareholders ask to exclude Ergen from LightSquared bid
  • Apple agrees to $350m acquisition of PrimeSense
  • J.C. Penney to be ousted from S&P 500, replaced by Allegion
  • Iran to curb nuclear activities amid up-to-$7b relief deal
  • Druckenmiller shorts IBM old technology, bets on Amazon
  • ECB’s Hansson says rate-cut options aren’t fully exhausted
  • J&J-Medivir win U.S. approval for new hepatitis C pill
  • Fisker files for bankruptcy, to sell assets to Hybrid Tech
  • N.Y. Fed counsel says make bankers example to change culture
  • For-profit colleges face consumer bureau probe
  • RBS drove cos. into trouble to lift profit, study finds
  • Obama aims to ease consumers’ effort to buy health plans
  • Microsoft says Xbox One sales top 1m in less than a day
  • Apache may sell Argentina assets to YPF: Reuters
  • Yahoo courts Couric as Mayer accelerates turnaround effort
  • China air-zone move expands field-of-islands spat w/Japan
  • Pfizer, Wyeth agree on merger of India operations
  • Lampert said to seek sale of Sears Canada: NY Post
  • Houston Astros owner sues McLane, Comcast over network value
  • TrueCar said to consider IPO next yr for online auto retailer

EARNINGS:

    • Copart (CPRT) 5:15pm, $0.34
    • Fifth Street Finance (FSC) 4:37pm, $0.26
    • Hillenbrand (HI) 4:15pm, $0.52
    • New Jersey Resources (NJR) 7am, $(0.02)
    • Nuance Communications (NUAN) 4pm, $0.29
    • Palo Alto Networks (PANW) 4:03pm, $0.07
    • Workday (WDAY) 4:02pm, $(0.17)

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Gold Drops to Four-Month Low as Iran Accord Damps Haven Appeal
  • Hedge Fund Gold Bets Less Bullish as Paulson Holds: Commodities
  • Brent Slide Leads Energy Prices Lower After Iran Nuclear Accord
  • Soybeans Retreat From Eight-Week High on South America Outlook
  • Copper Drops From Two-Week High on Outlook for Fed Stimulus Cut
  • Sugar Output in India’s Biggest Producer Declines 57%
  • Rebar Advances as China’s Hebei Demolishes Old Steel Furnaces
  • Certified Coffee Brings Vietnam Farmers Promise: Southeast Asia
  • Gas Wagers Least Bullish in 10 Months Miss Rally: Energy Markets
  • Pollution Pact From China to India Shows Rift: Carbon & Climate
  • Sinopec Qingdao Refinery Disrupted as Blast Death Toll Rises
  • Europe Sugar-User Concerns Build on Prices, Infrastructure Fears
  • Iran Gold Sanctions Easing Seen Having Little Price Impact
  • Oil Slump Seen as ‘Knee-Jerk’ Reaction to Iran Nuclear Deal

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