TODAY’S S&P 500 SET-UP – November 26, 2013
As we look at today's setup for the S&P 500, the range is 17 points or 0.58% downside to 1792 and 0.36% upside to 1809.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.43 from 2.45
- VIX closed at 12.79 1 day percent change of 4.32%
MACRO DATA POINTS (Bloomberg Estimates):
- 7:45am/8:55am: ICSC/Redbook weekly retail sales
- 8:30am: Sept., Oct. building permits; Oct. est. 930k
- NOTE: Oct. housing starts delayed until Dec. 18
- 9am: S&P/Case-Shiller 20-City m/m, Sept., est. 0.9%
- 9am: S&P/CS Home Price Index, Sept., est. 165 (prior 164.53)
- 9am: FHFA House Price Index m/m, Sept., est. 0.4% (pr 0.3%)
- 10am: Conference Bd Consumer Conf Index, Nov., est. 72.5
- 10am: Richmond Fed Manuf. Index, Nov., est. 4 (prior 1)
- 10am FDIC announces 3Q bank, thrift industry earnings
- 4:30pm: API weekly oil inventories
GOVERNMENT:
- House, Senate aren’t in session
- Obama to discuss economy during California visit; to meet with film studio chiefs, says Hollywood Reporter
- Supreme Court to issue list of cases it plans to take up
- Washington State genetically modified food labeling vote count expected to be completed
- Obama seeks Iran deal support; Reid says Senate my act
WHAT TO WATCH:
- FDIC’s Hoenig to weigh easing bank leverage rule he championed
- Berkshire said to cut Energy Future bond stake by a third
- Bayer in talks to buy cancer partner Algeta for $2.4b
- Samsung bid to put Apple patent case on hold rejected by judge
- Einhorn’s Greenlight Capital has $402m stake in Micron
- Silver Lake technology unit said to plan new $1b fund
- Intel said to seek $500m in sale of web-based TV startup
- Bain said in talks to sell Applied Systems for $1b+: Reuters
- Citi loses bid to block Abu Dhabi investment arbitration
- Sony says entertainment target conservative amid cost cut push
- China said to plan crackdown on banks’ loan limit evasion
- Prologis to lift Japan rents, build warehouses on Abenomics
- SpaceX delays rocket launch as Musk cites being “careful”
- Online gambling begins today in NJ
AM EARNS:
- Alimentation Couche Tard (ATD/B CN) 8:37am, $1.23
- Barnes & Noble (BKS) 8:30am, ($0.03)
- Beacon Roofing Supply (BECN) 8am, $0.62
- Brown Shoe (BWS) 7am, $0.59
- Chico’s FAS (CHS) 7:15am, $0.25
- Children’s Place (PLCE) 6am, $1.85
- Cracker Barrel (CBRL) 7am, $1.15
- DSW (DSW US) 7am, $0.58
- Eaton Vance (EV) 8:35am, $0.60
- Hormel Foods (HRL) 6:30am, $0.54
- Laclede Group (LG) 8am, ($0.07)
- Movado Group (MOV) 7am, $0.87
- Pall (PLL) 7am, $0.68
- Signet Jewelers (SIG) 6:30am, $0.42
- Tiffany & Co. (TIF) 6:59am, $0.58
PM EARNS:
- Analog Devices (ADI) 4pm , $0.58
- Hewlett-Packard (HPQ) 4:04pm, $1.00 -- Preview
- Infoblox (BLOX) 4:05pm, $0.09
- TiVo (TIVO) 4:01pm, $0.06
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Gold Fix Drawing Scrutiny Amid Knowledge Tied to Daily Eruption
- Frozen-Turkey Pileup Signals Thanksgiving Discount: Commodities
- WTI-Brent Crude Oil Spread Narrows for First Time in Five Days
- Soybeans Drop From Two-Month High on South American Crop Outlook
- Japan Dismantles Rice Output Policy as Abe Targets Farming
- Gold Swings Above Four-Month Low as Investors Weigh Fed Stimulus
- Copper Swings as Investors Weigh Demand View Against Drop Bets
- Sugar Drops to 11-Week Low in New York on Ample Supply Outlook
- Iron Ore Seen Dropping From Westpac to Goldman as Supply Expands
- Canada Grain Exports From Vancouver Seen Rising to All-Time High
- Brazil Ethanol Losing Competitiveness to U.S.: Chart of the Day
- Marcellus Goliath Transforms Region to Gas Trade: Energy Markets
- Copper Market Tightens in 3Q on Demand Rise, Output Decline
- Tate & Lyle Urges EU to Abolish a Sugar Duty as Bloc Quotas End
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team