• It's Coming...

    MARKET EDGES

    Identify global risks and opportunities with essential macro intel using Hedgeye’s Market Edges.

TODAY’S S&P 500 SET-UP – December 17, 2013


As we look at today's setup for the S&P 500, the range is 50 points or 1.21% downside to 1765 and 1.59% upside to 1815.                                                

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: 2.54 from 2.55
  • VIX  closed at 16.03 1 day percent change of 1.71%

MACRO DATA POINTS (Bloomberg Estimates):

  • 8:30am: Current Acct Balance, 3Q, est. -$100.4b (pr -$98.9b)
  • 8:30am: Consumer Price Index m/m, Nov., est. 0.1% (pr -0.1%)
  • 10am: NAHB Housing Market Index, Dec., est. 55 (prior 54)
  • 4:30pm: API weekly oil inventories
  • Two-day FOMC meeting starts

GOVERNMENT:

    • Senate in session, House not in session
    • Senate to consider bipartisan budget agreement reached Dec. 10
    • 8:50am TSA Administrator John Pistole delivers keynote remarks at Air Line Pilots Association
    • 9am, FOMC 2-day closed meeting on interest rates starts
    • 9:30am Sens. Amy Klobuchar, D-Minn., Christopher Coons, D-Del. hold news conf. on U.S. manufacturing sector
    • 10am Sen. Tom Coburn, R-Okla. holds news conf. on “Wastebook” annual report on federal spending
    • 10am ADBE, ANLY among witnesses set to testify at Senate Judiciary Cmte hearing on limiting so-called patent trolls
    • 10:30am Interior Sec. Sally Jewell and Gov. Martin O’Malley, D-Md., make offshore wind energy announcement
    • 10:30am Senate Homeland Security Cmte holds hearing on safety at federal facilities post  Washington Navy Yard massacre

WHAT TO WATCH:

  • FOMC begins 2-day meeting on interest rates
  • Charter said to tap Goldman Sachs for Time Warner Cable bid
  • Sherwin, NL, ConAgra must pay $1.1b in lead paint lawsuit
  • MetLife said in talks for stakes in AMMB’s insurance units
  • Goldman Sachs aluminum antitrust suits sent to New York
  • Nasdaq must face some investors’ claims over Facebook IPO
  • Facebook to start showing video ads this week, WSJ reports
  • U.S. Senate set to consider Dec. 10 budget agreement
  • Glaxo to end doctor payments amid marketing practices review
  • Herbalife clean audit a setback for Ackman’s pyramid case
  • SAC manager Steinberg’s jury to begin deliberations
  • Detroit seeks to pay UBS, BofA $230m to cancel swaps
  • U.K. inflation nears BOE’s 2% target w/unexpected slowdown
  • Europe car sales up 3rd month on new Volkswagen models
  • German ZEW investor confidence rises as economy gathers pace
  • Japan to add military hardware amid growing China tensions

EARNINGS:

    • FactSet Research Systems (FDS) 7am, $1.22
    • Heico (HEI) 5:14pm $ 0.40
    • Jabil Circuit (JBL) 4:02pm $0.54
    • Sanderson Farms (SAFM) 6:30am, $2.19
    • VeriFone Systems (PAY) 4:01pm $ 0.26

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Indonesia’s Cabinet to Discuss Ore Ban Amid Freeport Queries
  • Chocolate Eaters Drive Record Cocoa-Output Deficit: Commodities
  • Gold Declines in London Before Fed Meeting; Palladium Advances
  • Brent Falls From One-Week High; U.S. Fuel Supplies Seen Rising
  • Ivory Coast 2013-14 Cocoa-Bean Arrivals 43% Higher as of Dec. 15
  • Copper Swings Between Gains and Drops Before Fed Policy Meeting
  • China Finds More U.S. Corn Shipments With Unauthorized MIR162
  • Palm Oil Drops as Record Global Soybean Output May Hurt Demand
  • Commodity Investments Seen by Barclays Set for Record Outflow
  • Citigroup Divests Metalmark Holding to Comply With Volcker Rule
  • Buffett $1 Billion Order Shows Wind Power Rivals Coal
  • Ex-Mizuho Derivatives Trader Banned for Lying to U.K. Watchdog
  • Hong Kong Exchanges Bulls at Highest Since 2011 on LME: Options
  • China Said to Buy 87,200 Tons of Rubber for State Reserves

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