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TODAY’S S&P 500 SET-UP – December 16, 2013

 

As we look at today's setup for the S&P 500, the range is 24 points or 0.47% downside to 1767 and 0.88% upside to 1791.                                         

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: 2.53 from 2.54
  • VIX  closed at 15.76 1 day percent change of 1.42

MACRO DATA POINTS (Bloomberg Estimates):

  • 8:30am: Empire Manufacturing, Dec., est. 5 (prior -2.21)
  • 8:30am: Nonfarm Productivity, 3Q final, est. 2.80% (pr 1.9%)
  • 8:58am: Markit U.S. PMI Prelim., Dec., est. 54.8, pr 54.3
  • 9am: ECB’s Draghi speaks in Brussels
  • 9am: Total Net TIC Flows, Oct. (prior -$106.8b)
  • 9:15am: Industrial Production, Nov., est. 0.6% (pr -0.1%)
  • 2pm: Bernanke makes commemorative remarks at Fed Centennial

 GOVERNMENT:

    • Senate in session, House not in session
    • U.S., EU negotiators hold 3rd round of negotiations on Transatlantic Trade and Investment Partnership

WHAT TO WATCH:

  • AIG said to near sale of plane unit to AerCap for cash, stk
  • J&J said to get 3 diagnostics bids of at least $4b each
  • Mitsubishi Heavy, GE settle wind patent infringement cases
  • China manufacturing index unexpectedly falls as output slows
  • Euro-area manufacturing expands more than forecast on Germany
  • Budget deal lauded by lawmakers belies fiscal rigors ahead
  • Credit-card Nov. charge-offs, delinquencies reports today
  • Yahoo CEO apologizes to users for e-mail service problems
  • Japan Tankan shows limits on spending as cos. get cautious
  • China to probe pricing in antitrust drive, regulator says
  • Merkel keeps Schaeuble at Finance; von der Leyen to Defense
  • Draghi ally Asmussen to leave ECB board for German govt
  • Ukraine demonstrations surge; fractures hurt opposition
  • Google buys robotics co. Boston Dynamics, NY Times reports
  • Berry Petroleum, Linn Energy holders vote on acquisition
  • Charter said to ready offer letter for Time Warner Cable
  • Facebook, Wal-Mart using face recognition help write U.S. code
  • Amazon German workers to take protest to Seattle HQ
  • Baidu made to add warnings as regulators focus on China stks
  • London 2014 house price growth to slow as property tax looms

EARNINGS:

    • ChinaEdu (CEDU) 4:30pm, $0.86
    • FuelCell Energy (FCEL) After-mkt, $(0.03)

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Gold Funds See Unprecedented 31% Slump With World Losing Faith
  • Brent Crude Rises as Rebels Refuse to Open Libya’s Eastern Ports
  • Speculators Most Bullish Since October Before Drop: Commodities
  • Copper Reaches Six-Week High as Premium Signals Limited Supply
  • Gold Declines as Fed May Start Taper, ETP Holdings Seen Dropping
  • Wheat Extends Slump to 18-Month Low as Frost-Damage Risks Wane
  • Robusta Coffee Declines as Vietnam May Boost Sales Before Tet
  • Indonesia Ore Export Ban Seen Spurring Thousands of Job Cuts
  • Copper Market to Stay Broadly in Balance Next Year for Trafigura
  • Olam Survives Muddy Waters in Bond Comeback: Corporate Finance
  • Libya’s Oil Sales Constrained as Eastern Ports Remain Shut
  • Hedge Funds’ Natural Gas Bets Jump as Thermometer Drops: Energy
  • Utilities May Want Coal for Christmas as Gas Prices Surge 27%
  • Indonesia Ministers to Meet on Ore Export Ban Tomorrow: Hidayat

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