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