THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – December 19, 2013


As we look at today's setup for the S&P 500, the range is 29 points or 1.09% downside to 1791 and 0.52% upside to 1820.                         

SECTOR PERFORMANCE

THE HEDGEYE DAILY OUTLOOK - 1b

THE HEDGEYE DAILY OUTLOOK - 2

 

EQUITY SENTIMENT:

 

THE HEDGEYE DAILY OUTLOOK - 10                                                                                                                                                                  

 

CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 2.56 from 2.56
  • VIX  closed at 13.8 1 day percent change of -14.87%

MACRO DATA POINTS (Bloomberg Estimates):

  • 8:30am: Init. Jobless Claims, Dec. 14, est. 335k (pr 368k)
  • 8:30am: Continuing Claims, Dec. 7, est. 2.77m (prior 2.79m)
  • 8:30am: Fed’s Fisher speaks on economy in Dallas
  • 9:45am: Bloomberg Consumer Comfort, Dec. 15 (prior -30.9)
  • 10am: Philly Fed Business Outlook, Dec., est. 10 (pr 6.5)
  • 10am: Existing Home Sales, Nov., est. 5.02m (prior 5.12m)
  • 10am: Leading Index, Nov., est. 0.7% (prior 0.2%)
  • 10am: Freddie Mac mortgage rates
  • 10:30am: EIA natural-gas storage change

GOVERNMENT:

    • Senate in session, expected to vote on defense authorization; House meets in pro forma session
    • Agriculture Sec. Tom Vilsack, Commerce Sec. Penny Pritzker, US Trade Representative Michael Froman travel to U.S. Joint Commission on Commerce and Trade
    • 10:30am: Senate Homeland Security panel holds hearing on alleged misconduct by office of DHS IG

WHAT TO WATCH:

  • AstraZeneca to buy Bristol-Myers stake in diabetes JV
  • Bayer to buy cancer-drug partner Algeta for $2.9b
  • Tesla charger may have caused fire in garage, Reuters says
  • Co. denies that car, charger, battery at fault
  • NYSE passed as biggest market owner by merging upstarts
  • Secret Service investigating data theft from Target
  • Facebook, bookrunners must face class action, judge says
  • NSA panel recommends meeting Yahoo, Facebook demands
  • Some U.S. cities considering bans on e-cigarettes: WSJ
  • Microsoft pulls Surface Pro 2 update on problems: Engadget
  • Citi chooses AIA to sell insurance in Asia-Pacific branches
  • Small shipping cos. expanding in threat to FedEx, UPS: WSJ
  • Obama may sign first budget by split Congress since 1986
  • CFTC glitch leads to misreporting size of swaps market: WSJ
  • McDonald’s has chicken wing surplus after weak sales: WSJ
  • Washington Post servers broken into by hackers: Wash. Post

AM EARNS:

    • Actuant (ATU) 8am, $0.46
    • Bio-Reference Labs (BRLI) 8:31am, $0.40
    • Carnival (CCL) 9:15am, $0.00
    • ConAgra Foods (CAG) 7:30am, $0.55
    • Darden Restaurants (DRI) 7am, $0.20 - Preview
    • KB Home (KBH) 8:32am, $0.48 - Preview
    • Neogen (NEOG) 8:45am, $0.21
    • Pier 1 Imports (PIR) 6am, $0.28
    • Rite Aid (RAD) 7am, $0.05
    • Scholastic (SCHL) 7am, $2.20
    • Winnebago Industries (WGO) 7am, $0.37
    • Worthington Industries (WOR) 8:30am, $0.55

PM EARNS:

    • AAR (AIR) 4:05pm, $0.48
    • Accenture (ACN) 4:01pm, $1.09
    • Cintas (CTAS) 4:15pm, $0.68
    • Nike (NKE) 4:15pm, $0.58
    • Red Hat (RHT) 4:04pm, $0.35
    • Tibco Software (TIBX) 4:05pm, $0.39

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Gold Falls Below $1,200 First Time Since June on Fed Tapering
  • WTI Trades Near One-Week High as Stockpiles Decline, Fed Tapers
  • Brazil Crushing Sugar to Ethanol With Gasoline Caps: Commodities
  • Copper Falls for Third Day on Dollar Rally, China Funding Costs
  • Robusta Coffee Falls as Vietnam Sales May Advance; Cocoa Rises
  • Indonesia Studying Rule for Miners With Smelters, Rajasa Says
  • Rebar Falls to 3-Week Low After China’s Money Market Rate Jump
  • EU Emission Slump Tests Broker Survival Skills: Carbon & Climate
  • Rubber Nears 3-Month High as Yen Drops After Fed Tapers Stimulus
  • Wheat Rebounds as Price Slump Seen Excessive Amid Import Demand
  • Mars Blend Climbs to Six-Month High After Gulf Coast Stocks Drop
  • Cocoa’s Cup & Handle Signals Extended Rally: Technical Analysis
  • Vale Seeks Two U.S. Pellets Supply Contracts as Shale Gas Booms
  • Billionaire Fredriksen’s Marine Harvest Seen Driving Fish Deals
  • Ethanol’s Discount to Gasoline Widens on Increase in Stockpiles

THE HEDGEYE DAILY OUTLOOK - 5

 

CURRENCIES

 

THE HEDGEYE DAILY OUTLOOK - 6

GLOBAL PERFORMANCE

 

THE HEDGEYE DAILY OUTLOOK - 3

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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