THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – December 20, 2013


As we look at today's setup for the S&P 500, the range is 29 points or 0.97% downside to 1792 and 0.63% upside to 1821.                                    

SECTOR PERFORMANCE

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EQUITY SENTIMENT:

 

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CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 2.56 from 2.57
  • VIX  closed at 14.15 1 day percent change of 2.54%

MACRO DATA POINTS (Bloomberg Estimates):

  • 8:30am: GDP Annualized q/q, 3Q rev, est. 3.6% (pr. 3.6%)
  • Pers. Consumption, 3Q revision, est. 1.4% (prior 1.4%)
  • 11am: Kansas City Fed Manuf Activity, Dec., est. 6 (pr 7)
  • 1pm: Baker Hughes rig count

GOVERNMENT

    • 9:30am: U.S. Chief Negotiator Dan Mullaney, EU Chief Negotiator Ignacio Garcia-Bercero hold press conference
    • 10am: U.S. Treasurer Rosie Rios signs currency
    • Senate adjournment will follow confirmation of nominations including John Koskinen to lead IRS
    • President Barack Obama, family scheduled to depart for Hawaii for Christmas
    • China’s Vice Premier Wang Yang, U.S. Commerce Secretary Penny Pritzker, U.S. Trade Representative Michael Froman chair mtg of U.S. and China Joint Commission on Commerce and Trade; Beijing,

WHAT TO WATCH:

  • Senate pushes Yellen confirmatione to Jan. in nominee deal
  • Passes defense authorization totaling $625.1b
  • Obama kills health insurance mandate for canceled policies
  • Bankers say agencies’ answer on Volcker CDO rule inadequate
  • SEC internal clashes said to flare over CMBS cases, NYT says
  • Banks said to snitch on FX competitors to avoid EU fines
  • Sycamore to buy Jones Group fashion co. for $1.2b
  • Jazz Pharma. buys rare disease drugmaker Gentium for $1b
  • Banks said preparing for Sprint bid for T-Mobile: WSJ
  • Axiall to tap cheap gas with $3b Louisiana ethylene plant
  • Apple’s Oracle dispute split from patent-infringement suit
  • Apple says demand for Mac Pro outstripping supply: Forbes
  • AmEx merchant settlement allows different debit surcharges
  • Cathay Pacific orders 21 Boeing planes valued at $7.5b
  • Fisker won’t make cars at Delaware GM plant, Carper says
  • TD Bank not focusing on large U.S. retail expansion: CEO
  • Chinese accused of plotting to steal DuPont’s GMO corn

EARNINGS:

    • BlackBerry (BB CN) 7am $(0.46) - Preview
    • CarMax (KMX) 7:35am $0.48
    • Finish Line (FINL) 7:05am $0.02
    • Navistar International (NAV) 7am  $(1.56)  - Preview
    • Walgreen (WAG) 7:30am $0.72 - Preview

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Wheat Reaches 19-Month Low as Argentine Crop Adds to Supplie
  • Gold Climbs From Lowest Close Since 2010 as Goldman Sees Los
  • Barrick Omen for Gold Miners With $44 Billion Debt: Commoditie
  • Brent Heads for Weekly Gain on Growth Prospects After Fed Mov
  • Copper Rises as Growth Outlook Fuels Closing of Bets on Declin
  • Raw Sugar Rallies for 2nd Day as Robusta to Arabica Coffee Dro
  • WTI-Brent Spread Narrowing as U.S. Exports Record Fuels: Energ
  • Indonesia Must Consider Economic Impact From Ore Ban: Wacik
  • Shanghai Gold Exchange Contract Volume Surges on Price Slump
  • Commodity Funds Post First Outflow Since 2000: Chart of the Da
  • Aluminum Surplus May Widen Through 2015 on Output, Marubeni
  • Refiners Turn to Exports, With 4% Growth Expected: 2014 Outloo
  • Wheat Traders Turn Bullish After Two Weeks of Betting on Decli
  • Rebar Posts Worst Week in a Month on China Cash Crunch Concerns

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CURRENCIES

 

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GLOBAL PERFORMANCE

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EUROPEAN MARKETS

 

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ASIAN MARKETS

 

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MIDDLE EAST

 

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The Hedgeye Macro Team