TODAY’S S&P 500 SET-UP – November 27, 2013
As we look at today's setup for the S&P 500, the range is 14 points or 0.43% downside to 1795 and 0.35% upside to 1809.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.43 from 2.42
- VIX closed at 12.81 1 day percent change of 0.16%
MACRO DATA POINTS (Bloomberg Estimates):
- 7am: MBA Mortgage Applications, Nov. 22 (prior -2.3%)
- 8:30am: Init. Jobless Claims, Nov. 23, est. 330k (pr 323k)
- 8:30am: Durable Goods, Oct., est. -2% (pr 3.7%, rev 3.8%)
- 8:30am: Chicago Fed Natl Activity, Oct., est. 0.1% (pr 0.14)
- 9:45am: Chicago Purch Mgrs Index, Nov., est. 60 (pr 65.9)
- 9:45am: Bloomberg Consumer Comfort, Nov. 24 (prior -34.6)
- 9:55am: U of Mich Conf., Nov. final, est. 73.1 (prior 72)
- 10am: Freddie Mac mortgage rates
- 10am: Index of Leading Eco Ind., Oct., est. 0.0% (pr 0.7%)
- 10:30am: DOE Energy Inventories
- 12pm: EIA natural-gas storage change
- 1pm: Baker Hughes rig count
GOVERNMENT:
- House, Senate not in session
- 10am: Consumer Federation of America, Credit Union Natl Assn event on Holiday Consumer Spending Survey
WHAT TO WATCH:
- Hewlett-Packard sales top ests. on corporate demand
- HP, Whitman lose bid to dismiss investor suit over Autonomy
- Gensler gives Wall Street 2 mos. to meet cross-border policy
- JPMorgan pressured to reveal $13b accord complaint
- Crocs said to discuss investment w/funds including Blackstone
- Japan to issue icing risk warning to JAL on Boeing 787 engine
- Position for volatility on Mon. after Black Fri., Goldman says
- IMF may shift more bailout risk to bondholders, NYT says
- Microsoft’s Skype enters new China JV w/GMF, China Daily says
- Symantec to end struggling data-storage service amid overhaul
- Morgan Stanley hiring in China being probed by DOJ: Reuters
- KKR’s Bis Industries scraps plan for Australian share sale
- ANA, Japan Air fly through new China zone without notice
- German consumer confidence to rise to highest since Aug. 2007
- U.K. economic growth accelerates on investment, homebuilding
EARNINGS:
- Golar LNG (GLNG) Bef-mkt, $0.41
- Golar LNG Partners (GMLP) Bef-mkt, $0.60
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- WTI-Brent Spread Widens for Sixth Day as U.S. Stockpiles Climb
- Zeppelins Seen Hauling Caterpillars to Mine Siberia: Commodities
- China Gold Imports From Hong Kong Rise to 2nd Highest on Record
- Soybeans Reach Two-Month High as Demand Seen for U.S. Supplies
- Copper Rises as Premiums and Stockpiles Indicate Steady Demand
- Rebar Drops on Slowing Demand Ahead of Industrial Profit Data
- Rubber Falls to 2-Week Low as U.S. Confidence Data Weaken Demand
- Codelco Said to Raise Korea Copper Premium to Nine-Year High
- U.S. Oil Glut Seen in 2015 as Export Ban Tested: Energy Markets
- Energy Market at Mercy of Wars, Fed as Year Dawns: 2014 Outlook
- Gold Heading for 2013 Low as Haven Demand Ebbs: Chart of the Day
- Illegal Coal Mines Leave Hundreds Dead in Ukraine’s East: Energy
- China May Delay U.S. Corn Buying as Cargo Held, Shanghai JC Says
- Crude Traders Skeptical Iran Deal Will Bolster Oil Supplies
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team