THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – December 23, 2013


As we look at today's setup for the S&P 500, the range is 33 points or 1.39% downside to 1793 and 0.42% upside to 1826.           

SECTOR PERFORMANCE

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EQUITY SENTIMENT:

 

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CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 2.52 from 2.51
  • VIX  closed at 13.79 1 day percent change of -2.54%

MACRO DATA POINTS (Bloomberg Estimates):

  • 8:30am: Chicago Fed Natl Activity Index, Nov. (prior -0.18)
  • 8:30am: Personal Income, Nov., est. 0.4% (prior -0.1%)
  • 9:55am: UofMich. Conf., Dec. final, est. 82.7 (pr. 82.5)

GOVERNMENT:

    • Deadline for Americans who want coverage effective Jan. 1 under ACA; hundreds of thousands whose health plans are being canceled as their coverage doesn’t meet rules are exempt next yr

WHAT TO WATCH:

  • Apple strikes deal to sell iPhone through China Mobile
  • U.S. eco growth to quicken next yr, IMF’s Lagarde says
  • OPEC ministers see no ’14 glut amid signs of demand growth
  • Tiffany ordered to pay Swatch $449m over venture dispute
  • Shoppers get big discounts on last-minute holiday purchases
  • Apple CEO Tim Cook sees “big plans” for 2014: 9to5Mac
  • YRC said close to getting $250m in equity: WSJ
  • Darden shrholder Starboard to push company reorganization: WSJ
  • Elliott “irrevocably” rejects McKesson’s offer for Celesio
  • “Hobbit” sequel leads N.A. weekend box office w/ $31.5m
  • Goldman real-estate investment fund escapes Volcker rule: WSJ
  • Paulson sells Washington Mutual debt amid FDIC lawsuit: WSJ

EARNINGS:

    • No earnings expected from S&P 500

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Gas in New York Surges to Highest Intraday Price in Two Years
  • Hedge Funds Cut Gold Bull Bets Amid Record Outflows: Commodities
  • WTI Trades Near Two-Month High on U.S. Growth, Sudan Violence
  • Nickel Reaches Seven-Week High as Indonesian Export Ban Nears
  • Soybeans Advance as Dry Conditions in Argentina May Stress Crops
  • Gold Resumes Decline in London on Less Haven Demand Speculation
  • Rebar in Shanghai Falls to One-Month Low as Ore Price Declines
  • Cocoa Climbs as Much as 0.5% to Highest Price Since Sept. 2011
  • Gold Assets Post Biggest Weekly Drop Since July as Prices Slump
  • Last U.S. Lead Smelter Closes Toxic History in Ore-Rich Missouri
  • Speculators ‘Throwing Money’ at Natural Gas on Icy Blast: Energy
  • Refiner EPS, Ebitda May Rebound on WTI-Brent: 2014 Outlook
  • Qatar to Boost Europe LNG Sales as Gas Trades at 7-Year High
  • Raw Sugar Falls as Traders Have First Net Short Since September

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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