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TODAY’S S&P 500 SET-UP – December 12, 2013


As we look at today's setup for the S&P 500, the range is 36 points or 0.18% downside to 1779 and 1.84% upside to 1815.                                                   

SECTOR PERFORMANCE

THE HEDGEYE DAILY OUTLOOK - 1C

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 15.42 1 day percent change of 10.86%

MACRO DATA POINTS (Bloomberg Estimates):

  • 8:30am: Retail Sales Advance, Nov., est. 0.6% (prior 0.4%)
  • 8:30am: Init. Jobless Claims, Dec. 7, est. 320k (pr 298k)
  • 8:30am: Import Price Index m/m, Nov., est. -0.7% (pr -0.7%)
  • 9:45am: Bloomberg Consumer Comfort, Dec. 8 (prior -31.3)
  • 10am: Business Inventories, Oct., est. 0.3% (prior 0.6%)
  • 10am: Freddie Mac mortgage rates
  • 10:30am: EIA natural-gas storage change

GOVERNMENT:

    • 10am: Senate Finance Cmte votes on freezing Medicare physician-reimbursement rates, repealing growth-rate mechanism originally set up to control costs
    • 10am: House Financial Services Cmte holds hearing on Fed’s mandates
    • 10:30am: Senate Commerce panel hearing on weather forecasting
    • 11am: Sen. Kirsten Gillibrand, D-N.Y., and Rep. Rosa DeLauro, D-Conn., to introduce Family and Medical Insurance Leave Act
    • 1:30pm: House Oversight and Government Reform Cmte hearing on pharmaceutical development
    • 2:30pm: FCC meets, will hear updates on wireless device unlocking, rules on passengers mobile-phone use on airplanes, improving 911 networks
    • 5pm: ITC to announce next steps in Nokia’s patent-infringement case against HTC

WHAT TO WATCH:

  • GM, Peugeot cut synergies forecast to $1.2b by 2018; saw $2b
  • JPMorgan said near $2b settlement from Madoff case: NYTimes
  • Facebook to join S&P 500 next week with ADS, Mohawk
  • Samsung said to near antitrust settlement with EU regulators
  • Apple says no link between Pegatron deaths, work conditions
  • Korea court rules Apple didn’t violate Samsung patents
  • Yahoo apologizes for prolonged e-mail outage
  • Hellman & Friedman, JMI may sell Kronos HR software: Reuters
  • Air Canada picks Boeing 737 MAX in $6.5b narrow-body order
  • Fortis’s $2.5b deal for UNS continues co.’s U.S. expansion
  • Loehmann’s said to fire staff, cancel orders: NYPost
  • Japan passes U.S. as top spender on mobile apps: App Annie
  • Computer Sciences Corp. receives Wells notice from SEC
  • Harbinger says Philip Falcone to sell majority stake
  • Budget deal moves to passage by limiting cope to easing cuts
  • Farm bill delay risks milk price jump already at 4-yr high
  • NTSB probe of Asiana crash finds pilot error on throttle

EARNINGS:

    • Adobe Systems (ADBE) 4:05pm, $0.32
    • BRP (DOO CN) 6am, C$0.42
    • Ciena (CIEN) 7am, $0.24
    • Empire (EMP/A CN) 6:59am, C$1.09
    • Hovnanian Enterprises (HOV) 9:15am, $0.17
    • Lululemon Athletica (LULU) 7:15am, $0.41 - Preview
    • Quiksilver (ZQK) 4:01pm, $0.04
    • Restoration Hardware (RH) 4:02pm, $0.28

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • China Seen by FCStone to Hermes Canceling U.S. Soybean Purchases
  • Record U.S. Bacon Prices Poised to Drop on Fat Pigs: Commodities
  • U.S. Farmers Seen Switching From Corn on Price: Morgan Stanley
  • Gold Declines on Fed Stimulus Outlook Before U.S. Retail Sales
  • Nickel Reaches a Five-Week High on Indonesia Export-Ban Concern
  • WTI Swings After Biggest Drop in Two Weeks on U.S. Fuel Supplies
  • Indonesian Ore Ban Seen by Macquarie Hitting Nickel With a Delay
  • Cocoa Rebounds in London Before Futures Delivery; Robusta Gains
  • Chavez’s 6-Cent-a-Gallon Gasoline Binge Threatened: Andes Credit
  • Rebar Falls From 11-Week High on Slower China Investment Growth
  • Where Will All the Natural Gas Go? Expected Glut May Sap Price
  • Cocoa Seen Falling on 40-Day Moving Average: Technical Analysis
  • Corn Retreats Amid Concerns China May Reject More U.S. Cargoes

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