THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – December 24, 2013


As we look at today's setup for the S&P 500, the range is 39 points or 1.75% downside to 1796 and 0.38% upside to 1835.                                           

SECTOR PERFORMANCE

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EQUITY SENTIMENT:

 

THE HEDGEYE DAILY OUTLOOK - 10A                                                                                                                                                                  

 

CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 2.56 from 2.54
  • VIX closed at 13.04 1 day percent change of -5.44%

MACRO DATA POINTS (Bloomberg Estimates):

  • 7am: MBA Mortgage Applications, Dec. 20 (prior -5.50%)
  • 7:45am: ICSC weekly sales
  • 8:30am: Durable Goods, Nov., est. 1.7% (pr -2%, rev -1.6%)
  • 8:55am: Johnson/Redbook weekly sales
  • 9am: FHFA House Price Index m/m, Oct., est. 0.4% (pr 0.3%)
  • 10am: New Home Sales, Nov., est. 444k (prior 444k)
  • 10am: Richmond Fed Manufacturing Index, Dec. (prior 13)
  • 4:30pm: API weekly oil inventories

GOVERNMENT:

    • Yday’s deadline extended to midnight today 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
    • Federal govt. offices close early

WHAT TO WATCH:

  • JPMorgan boosts banker pay as Morgan Stanley adds cash: WSJ
  • U.S. store traffic sinks 21% as last-ditch deals flop
  • KKR raises $1.5b for property in North America and Europe
  • Blackstone-backed La Quinta files confidentially for U.S. IPO
  • Hyundai, Kia paying as much as $395m to settle U.S. suits
  • China money rate tumbles most since 2011 as PBOC injects cash
  • JPMorgan boosts debit-card spending limits after Target breach
  • Time Warner Cable deal unlikely to hit barriers with regulators
  • Weinstein European bet said to spur 2nd losing yr for Saba
  • Apple-backed Rockstar said to hold discussions to sell patents
  • W.R. Grace bank settlement opens path to exit from bankruptcy
  • Tesla Model S keeps NHTSA 5-star rating amid U.S. safety review

EARNINGS:

    • No S&P 500 co. earnings scheduled today

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Brent Crude Futures Rise on Escalating Violence in South Sudan
  • Rusal Claims LME Warehouse Rule Changes ‘Irrational’, HKEx Says
  • Metals Seen Rallying With Crops After Record Tumble: Commodities
  • Copper Rises a Third Day as China’s Central Bank Adds Liquidity
  • Cotton Gains After Report of Damage at Warehouse; Sugar Falls
  • Gold Swings as Investors Weigh Economy Against Physical Buying
  • Wheat Trades Near 19-Month Low as Investors Weigh Price, Supply
  • China Beef Imports Seen Doubling by Rabobank Over Five Years
  • Rebar Rises From Four-Week Low as China Vows to Curb Pollution
  • Rubber Surplus Seen Expanding as Production Outpaces Demand
  • Paris Wheat May Gain 1.7% as 50-Day MA Holds: Technical Analysis
  • Brazil’s BTG Pactual Said to Expand Commodities Hedging, Trading
  • Iran Oil Exports Slow to Rise Amid Sanctions, Insurance Limits
  • Brent Price Movements Partly Linked to Libyan Oil Supply Cuts

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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

 

THE HEDGEYE DAILY OUTLOOK - 9A

The Hedgeye Macro Team