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TODAY’S S&P 500 SET-UP – December 11, 2013


As we look at today's setup for the S&P 500, the range is 30 points or 0.98% downside to 1785 and 0.69% 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 13.91 1 day percent change of 3.11%

MACRO DATA POINTS (Bloomberg Estimates):

  • 7am: MBA Mortgage Applications, Dec. 6 (prior -12.8%)
  • 10:30am: DOE Energy Inventories
  • 11am: Fed to purchase $1.25b-$1.75b in 2036-2043 sector
  • 1pm: U.S. to sell $21b 10Y notes in reopening
  • 2pm: Monthly Budget Statement, Nov., est. -$140b

GOVERNMENT:

    • 8:30am: NTSB holds investigative hearing on crash landing of Asiana Airlines flight 214 at San Francisco Intl Airport
    • 9:15am: Senate Finance Cmte reconvenes confirmation hearing on John Koskinen to take over as chief of IRS
    • 10am: House Energy and Commerce Cmte panel hears from HHS Secretary Kathleen Sebelius on Affordable Care Act
    • 10am: Senate Environment Cmte hears from EPA, Energy, Dupont on renewable fuels standard and ethanol
    • 10am: Michael Gibson, director of Fed bank supervision, speaks at panel discussion on insurance industry in Washington
    • 1pm: House Ways and Means panel holds hearing on identity theft, with acting IRS Commissioner Daniel Werfel
    • 3pm: House Armed Services Cmte panel hears from Congressional Research Service on People’s Liberation Army

WHAT TO WATCH:

  • U.S. budget negotiators reach deal easing spending cuts
  • EU finance chiefs set creditor-writedown rule parameters
  • FCC set to approve in-flight calls as Congress resists
  • NSA using Google cookies to pick hacking targets: Wash. Post
  • Costco net misses ests. as warehouse chain boosts discounts
  • MasterCard to buy back $3.5b in shrs, boosts qtrly div 83%
  • Foxconn may start funding startups for wearable technologies
  • Chinese drugmakers may see increased FDA scrutiny
  • IEA raises 2014 global oil demand forecast on U.S. recovery

EARNINGS:

    • Hudson’s Bay (HBC CN) 7am, $0.10
    • Joy Global (JOY) 6am, $1.12 - Preview
    • Laurentian Bank of Canada (LB CN) 8:40am, $1.31
    • Men’s Wearhouse (MW) 5:30pm, $0.86
    • Nordson (NDSN) 4:30pm, $0.94
    • Oxford Industries (OXM) 4pm, $0.11
    • Vera Bradley (VRA) 4:03pm, $0.33

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • IEA Boosts 2014 Global Oil Demand Forecast on U.S. Recovery
  • Gold Retreats From Three-Week High as Investors Weigh Rally, Fed
  • Colombian Rebels Seen Blocking Farmland Overhaul: Commodities
  • Coffee Spread Falls From Record on Vietnam Sales; Cocoa Retreats
  • Nickel Leads Metals as Investors Add to Bets on Higher Prices
  • WTI Trades Near Six-Week High; IEA Boosts 2014 Demand Estimate
  • Wheat Rebounds From 18-Month Low as Demand to Gain After Drop
  • Thailand to Reinstate Natural Rubber Exports Fee From January
  • Chinalco Copper Output Cuts Set To Help Trim Global Surplus
  • U.S. Sees Least Volatile Oil Prices in 17 Years: Energy Markets
  • Solar Boom Boosts South Africa Salaries With 25% Jobless: Energy
  • Wall Street Exhales as Volcker Rule Seen Sparing Market-Making
  • Sugar Rout Deepening on Weaker Real, Thai Baht: Chart of the Day
  • Robusta Coffee Seen Dropping as Vietnam Sales Set to Accelerate

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