THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – December 18, 2013


As we look at today's setup for the S&P 500, the range is 51 points or 0.95% downside to 1764 and 1.91% 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: 2.51 from 2.52
  • VIX  closed at 16.21 1 day percent change of 1.12%

MACRO DATA POINTS (Bloomberg Estimates):

  • 7am: MBA Mortgage Applications, Dec. 13 (prior 1%)
  • 8:30am: Housing Starts, Nov., est. 954K
  • 10:30am: DOE Energy Inventories
  • 2pm: FOMC seen maintaining federal funds target of 0% to 0.25%; releases summary of economic projection
  • 2:30pm: Fed’s Bernanke holds news conference

GOVERNMENT:

    • Senate in session, House not in session
    • 10am: Senate Foreign Relations panel meets on “Economic Engagement in the Asia-Pacific”
    • 2:30pm: Senate Commerce Cmte holds hearing on data brokers’ use of personal information about consumers

WHAT TO WATCH:

  • FOMC to issue policy statement, new forecasts at 2pm today
  • JPMorgan sues FDIC over >$1b Washington Mutual liabilities
  • JPM sued by Mississippi on credit card conduct: Reuters
  • Silver Lake said in $2.4b deal for Forstmann Little’s IMG
  • GE seen raising margins on demand for industrial goods
  • Facebook acquires startup SportStream, AllThingsD says
  • Wal-Mart to open 2 Sam’s Clubs in China in 2014
  • Nintendo experimenting with smartphones, tablets: KING-TV
  • Blackstone buys 3 Texas power plants from Centrica for $685m
  • China Mobile plans smartphone sales of 220m in 2014
  • Chipotle testing pizza as next possible fast food: WSJ
  • ResCap sues UBS, SunTrust, Capital One over CMBS buybacks
  • EU set to fine Goldman PE unit over cable maker price fixing
  • Novartis’s cancer therapy faces question of logistics
  • Pentagon says dependence on China rare earths has lessened
  • Cantor to get $135m from American Airlines over 9/11 attacks
  • Israel wants Google royalties for local content, Globes says

EARNINGS:

    • Apogee Enterprises (APOG) 4:30pm, $0.35
    • FedEx (FDX) 7:30am, $1.64 - Preview
    • General Mills (GIS) 6:58am, $0.87 - Preview
    • Herman Miller (MLHR) 4pm, $0.40
    • Lennar (LEN) 6am, $0.62 - Preview
    • Oracle (ORCL) 4:01pm, $0.67
    • Paychex (PAYX) 4:01pm, $0.42
    • Quanex Building Products (NX) 7am, $0.14
    • Steelcase (SCS) 4:01pm, $0.26

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • EU Proposes Ban on Cloning Farm Animals and Sale of Clone Meat
  • Goldman Sachs Said to Name New Global Commodities, Metals Heads
  • Rio Tinto CEO Sees Iron-Ore Price Decline Next Year: Commodities
  • Brent Trades Near One-Month Low Before Federal Reserve Decision
  • Copper Falls a Second Day Before Fed Policy Meeting’s Outcome
  • Gold Climbs in London Before Fed’s Decision: Palladium Advances
  • Wheat Reaches 18-Month Low on Outlook for Rising Global Supply
  • White Sugar Extends Drop to 2010-Low on Supply; Coffee Advances
  • Australia Seen Boosting Bauxite Exports on Indonesia Ore Ban
  • U.S. Pump Prices Seen Setting 2013 Low as Supply Swells: Energy
  • U.S. Refiners Have Steep, Sustainable Advantage: 2014 Outlook
  • Silver Proving No Store of Stability in Flight: Riskless Return
  • U.S. Auto Revival Boosts Shipping as Jeeps Go to China: Freight
  • Australia to Boost Iron Ore Exports as Rio to BHP Expand Output

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

 

 

 

 

 

 

 

 

 

 

 

 

 


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