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TODAY’S S&P 500 SET-UP – December 13, 2013


As we look at today's setup for the S&P 500, the range is 23 points or 0.25% downside to 1771 and 1.04% upside to 1794.                            

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: 2.55 from 2.56
  • VIX  closed at 15.54 1 day percent change of 0.78%

MACRO DATA POINTS (Bloomberg Estimates):

  • 8:30am: PPI m/m, Nov., est. 0.0% (prior -0.2%)
  • 8:30am: PPI Ex-Food/Energy m/m, Nov., est. 0.1% (pr 0.2%)
  • 1pm: Baker Hughes rig count

GOVERNMENT:

    • 8am: Medicare Payment Advisory Commission holds mtg, with sessions on Medicare Advantage, hospice svcs, rehabilitation
    • 10am: CFTC holds closed mtg
    • 11am: Senate Finance Cmte votes on nominations: Sarah Bloom Raskin Deputy Treasury Sec.; John Andrew Koskinen IRS commissioner; Rhonda Schnare Schmidtlein ITC member
    • 1pm: Panel of President’s Export Council meets on encouraging trade, incl Export control reform update

WHAT TO WATCH:

  • Ford to hire 11,000 in U.S., Asia next year with new plants
  • SAC reconsidering relationship with Deutsche Bank: WSJ
  • Steinberg told by judge to decide whether he’ll testify
  • U.S. House passes $625.1m defense authorization bill
  • Microsoft said to consider Qualcomm’s Mollenkopf for CEO
  • Anadarko may be liable for up to $14b from Tronox spinoff
  • Boeing says it has evaluated 54 sites for newest 777 work
  • KKR, Goldman said to exit stakes in Dollar General: WSJ
  • Texas Indus. said to explore sale as construction rebounds
  • DirecTV said to be near deal to extend NFL Sunday Ticket
  • RRJ Capital buys Everbright Intl. stake for $350m
  • Hilton exploring new lifestyle hotel brand, WSJ says
  • Calpers criticizes Carl Icahn’s push for Apple cash return
  • Coke makes management changes to improve North America ops.
  • Wetjen said to face vote to become acting CFTC head
  • Mexico’s 2 legislative chambers pass energy reform bill
  • China to take deposits on some U.S., Japan, EU steel imports

EARNINGS:

    • No earnings scheduled for S&P 500 companies

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Gold Swings as Investors Weigh Demand Signs Against Fed Outlook
  • Crude Declines in Survey as Fuel Supply Grows on Weaker Demand
  • Copper Bulls Extend Run as Tight Supply Lifts Price: Commodities
  • Freeport Working With Indonesia to Clarify Planned Export Ban
  • Palm Oil Imports by China Climbing to Eight-Month High on Demand
  • Copper Drops on Record China Output, Fed Stimulus: LME Preview
  • Palm Oil Tumbles Most in Three Months as Demand Seen Weakening
  • Rebar Caps First Weekly Loss in Four as Production Costs Fall
  • Abe Breaks Micro-Farms to End Japan Agriculture Slide: Economy
  • Amplats Agrees to Wage Deal With National Union of Mineworkers
  • Eric Shi Said to Join Newedge in Commodities After Bank of China
  • Shale Boom Shakes U.K.’s $32 Billion Chemicals Industry: Energy
  • Rubber Set for Third Weekly Advance on Weak Yen, China Optimism
  • Brent Set for Weekly Loss Before Reopening of Libyan Oil Ports

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