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
EQUITY SENTIMENT:
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
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team