THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – December 5, 2013


As we look at today's setup for the S&P 500, the range is 23 points or 0.27% downside to 1788 and 1.01% upside to 1811.                      

                                                                                                         

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: 2.53 from 2.55
  • VIX  closed at 14.7 1 day percent change of 1.03%

MACRO DATA POINTS (Bloomberg Estimates):

  • 7am: BOE seen maintaining benchmark lending rate of 0.5%
  • 7:30am: Challenger Job Cuts y/y, Nov. (prior -4.2%)
  • 7:30am: RBC Consumer Outlook Index, Dec. (prior 47)
  • 7:45am: ECB seen holding benchmark interest rates at 0.25%
  • 8:15am: Fed’s Lockhart speaks in Fort Lauderdale, Fla.
  • 8:30am: ECB’s Draghi holds news conference on interest rates
  • 8:30am: Init. Jobless Claims, Nov. 30 est. 321k, (pr 316k)
  • 8:30am: Revised 3Q GDP q/q, est. 3.1% (prior 2.8%)
  • 9:45am: Bloomberg Consumer Comfort, Dec. 1 (prior -33.7)
  • 10am: Factory Orders, Oct., est. -1.0% (prior 1.7%)
  • 10am: Freddie Mac mortgage rates
  • 10:30am: EIA natural-gas storage change
  • 11am: U.S. to announce plans for sale of 3Y notes, 10Y notes and 30Y bonds
  • 11am: Fed to buy $1.25b-$1.75b in 2036-2043 sector
  • 12:15pm: Fed’s Fisher speaks in College Station, Texas

GOVERNMENT:

    • 8:30am: Treasury Sec. Jack Lew to speak on financial reform at Pew Charitable Trusts
    • 9am: EPA hearing on 2014 standards for Renewable Fuel Standard
    • 9:30am: SEC roundtable on proxy firms used by investment advisers

WHAT TO WATCH:

  • China Mobile moves closer to iPhone with 4G network license
  • GM to pull Chevrolet from Europe to focus on expanding Opel
  • Nov. comp. sales may gain on Y/y comparisons, holiday deals
  • Goldman Sachs sued by Singapore client Oei over trading loss
  • Volcker rule won’t allow portfolio hedging for banks: WSJ
  • China bans financial companies from Bitcoin transactions
  • Alibaba will probably prefer London listing over Nasdaq: Times
  • Microsoft to expand encryption to protect against spying
  • Icahn plans shareholder vote pushing Apple to boost buyback
  • Merck KGaA to acquire AZ Electronic Materials for $2.6b
  • BNP agrees to buy Rabobank’s Polish unit BGZ for $1.4b

AM EARNINGS:

    • Canadian Imp. Bank of Comm (CM CN) 5:30am, C$2.15 - Preview
    • Cantel Medical (CMN) 8am, $0.24
    • Conn’s (CONN) 7am, $0.64
    • Dollar General (DG) 7am, $0.70 - Preview
    • Dollarama (DOL CN) 7:30am, C$0.88
    • Francesca’s Holdings (FRAN) 7am, $0.20
    • Jos A Bank Clothiers (JOSB) 6am, $0.50
    • Kroger (KR) 8:30am, $0.53 - Preview
    • Methode Electronics (MEI) 6:30am, $0.35
    • Royal Bank of Canada (RY CN) 6am, C$1.40 - Preview
    • Toro (TTC) 8:30am, $0.03
    • Toronto-Dominion Bank (TD CN) 6:30am, C$1.99 - Preview
    • Transcontinental (TCL/A CN) After open, C$0.74
    • UTi Worldwide (UTIW) 8am, $0.08

PM EARNINGS:

    • Cooper (COO) 4:01pm, $1.80
    • Esterline Technologies (ESL) 4pm, $1.78
    • Finisar (FNSR) 4pm, $0.39
    • Five Below (FIVE) 4:01pm, $0.05
    • Ulta Salon (ULTA) 4pm, $0.74
    • Veeva Systems (VEEV) Aft-mkt, $0.05
    • Zumiez (ZUMZ) 4pm, $0.46

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Brent Seen Over $100 for Fourth Year as OPEC Bets on Demand
  • Banks Cut Raw-Materials Staff to Fewest Since ’09: Commodities
  • Indonesia to Press Ahead With Ore-Export Ban in ’14, Wacik Says
  • Gold Drops in London on Speculation of Federal Reserve Tapering
  • Cocoa Drops as Ivorian Arrivals Signal More Supply; Coffee Rises
  • Eni’s Scaroni Says Had Long, Warm Meeting With Iranian Minister
  • Rebar Falls From 7-Week High on Ore Inventory, Freezing Weather
  • OPEC Maintains Output Quota; Will Member Countries Toe Line?
  • Coffee Cost Surge in Vietnam Seen Curbing Plantation Investment
  • Goldman Sachs Antitrust Suits Over Aluminum Set for Venue Debate
  • World Food Prices Little Changed in November, Oils Jump, UN Says
  • Glasenberg Raises Glencore’s Bet on Coal as BHP Pauses: Energy
  • Iran, Libya Have Capacity to Raise Oil Output If Tensions Ease
  • WTI-Brent Spread Shrinks to 10-Day Low as U.S. Supply Declines

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

 

 

 

 

 

 

 

 

 

 

 

 

 


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