THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – December 4, 2013

 

As we look at today's setup for the S&P 500, the range is 31 points or 0.62% downside to 1784 and 1.11% upside to 1815.                                     

                                                                              

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: 2.51 from 2.50
  • VIX  closed at 14.55 1 day percent change of 2.25%

MACRO DATA POINTS (Bloomberg Estimates):

  • 7am: MBA Mortgage Applications, Nov. 29 (prior -0.3%)
  • 8:15am: ADP Employment Change, Nov., est. 170k (prior 130k)
  • 8:30am: Trade Balance, Oct., est. -$40b (prior -$41.8b)
  • 10am: ISM Non-Manufacturing, Nov., est. 55 (prior 55.4)
  • 10am: Sept., Oct. new home sales; delayed by govt. shutdown
  • 10:30am: DOE Energy Inventories
  • 2pm: Federal Reserve releases Beige Book

GOVERNMENT:

    • Sec. of State John Kerry attends NATO mtg in Brussels
    • 9:30am: House Oversight and Govt Reform Cmte hears from Brookings, Mercatus, Cato experts on rollout of healthcare.gov
    • 9:50am: Education Sec. Arne Duncan at Federal Student Aid Training Conf., answers questions on Obama’s proposal to make college more affordable for middle-class Americans
    • 10am: House Energy and Commerce Cmte panel hears from policy institutes, think tanks on ACA, Medicare Advantage
    • 11am: Boeing CEO, Business Roundtable Chairman Jim McNerney holds conf. call to discuss CEO Economic Outlook Survey
    • 11:20am: President Obama speaks on economy at CAP event
    • 1pm: House Small Business Cmte hears from National Restaurant Assn on effects of Affordable Care Act

WHAT TO WATCH:

  • European Commission fines banks EU1.71b for rate rigging
  • JPMorgan said to snub Euribor deal
  • Deutsche Bank extends multi-party chatroom ban to fixed income
  • Merck, Lilly said to be interested in Novartis veterinary unit
  • Cyber Monday sales rise ~20%, Comscore says
  • China Mobile license paves way for world’s largest 4G network
  • Bats sees completing Direct Edge deal in 1Q
  • Ireland exits Bank of Ireland $2.4b preferred share stake
  • British probe to clear Huawei of allowing spying
  • Nokia/Microsoft: EU provisional deadline

EARNINGS:

    • Aeropostale (ARO) 4:01pm, $(0.25)
    • Avago Technologies (AVGO) 4:05pm, $0.81
    • Brown-Forman (BF/B) 7:45am, $0.91
    • Express (EXPR) 7am, $0.25
    • Guess? (GES) 4:03pm, $0.38
    • Korn/Ferry Intl (KFY) 4:01pm, $0.34
    • Mattress Firm (MFRM) 4:01pm, $0.54
    • National Bank of Canada (NA CN) 7:15am, C$2.09
    • Synopsys (SNPS) 4:05pm, $0.55
    • Verint Systems (VRNT) 4:05pm, $0.64
    • Wet Seal (WTSL) 4:05pm, $(0.12)

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Record Rice Inventories in Thailand Jumping 17% as Exports Climb
  • Brazil Corn-to-Soy Switch Foreshadows Record Glut: Commodities
  • OPEC Seen Keeping Output Cap; Naimi Says Market in Best Shape
  • LME Is Reviewing Future of London’s Last Open-Outcry Trade Pit
  • WTI Rises on U.S. Crude Supply Drop as Discount to Brent Shrinks
  • Gold Falls to Five-Month Low as Silver Drops on Fed Taper Bets
  • Wheat Climbs on Speculation Cold Snap May Hurt U.S. Winter Crop
  • Copper Climbs Before Reports Seen Showing More Hiring in U.S.
  • Robusta Extends Gains After Biggest Rally Since 2011; Sugar Adds
  • Rebar in Shanghai Advances to Seven-Week High as Iron Ore Jumps
  • Soybean Meal Seen Falling 8.3% on Reversal: Technical Analysis
  • Ethanol Mills Face Closures as Obama Cuts Target: Energy Markets
  • Natural Gas Near $4 Makes Costly Appalachia Coal Basins Viable
  • Iran Will Meet Intl Oil Companies in March in London: Minister

THE HEDGEYE DAILY OUTLOOK - 5

 

CURRENCIES

 

THE HEDGEYE DAILY OUTLOOK - 6

 

GLOBAL PERFORMANCE

 

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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

 

 

 

 

 

 

 

 

 

 

 

 

 


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