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