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