TODAY’S S&P 500 SET-UP – November 7, 2014
As we look at today's setup for the S&P 500, the range is 79 points or 3.16% downside to 1967 and 0.73% upside to 2046.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 1.84 from 1.84
- VIX closed at 13.67 1 day percent change of -3.53%
MACRO DATA POINTS (Bloomberg Estimates):
- 8:30am: Chg in Nonfarm Payrolls, Oct., est. 235K (pr 248k)
- Unemployment Rate, Oct., est. 5.9% (prior 5.9%)
- 9:15am: Chicago Fed President Charles Evans delivers remarks at community bankers forum held by Fed, FDIC, OCC in Chicago
- Also speaking: Comptroller of the Currency Thomas Curry, Fed’s Daniel Tarullo
- 10:15am: Fed’s Janet Yellen speaks in Paris
- 1pm: Baker Hughes rig count
- 3pm: Consumer Credit, Sept., est. $16b (prior $13.525b)
GOVERNMENT:
- Obama holds Cabinet meeting, meets with congressional leaders at White House
- Senate, House out of session
- Sec. of State John Kerry travels to Beijing
- 8:30am: Federal Trade Commission Chair Edith Ramirez remarks at 100th anniversary celebration
- 9am: Andrew Ceresney, head of SEC’s enforcement division particpates in panel discussion in NYC
- 1pm: VA Sec. Robert McDonald speaks at Natl Press Club
- 1pm: U.S. Ambassador to the UN Samantha Power at American Enterprise Institute
WHAT TO WATCH:
- Fed Said to Seek More Time to Mull Actions Against FX Traders
- Libor Banks Ask U.S. Judge to Dismiss 17 Rate-Swap Suits
- Home Depot Says 53m E-Mail Addresses Were Taken in Breach
- Allianz to Lift Payouts, Affirms Goals Amid Pimco Outflows
- Singapore Returns Up to $9b to Banks After Rate Probe
- Kutxabank in Talks on Bad Bank With GS, Lone Star: Expansion
- Takata Said to Have Tested Air Bags in 2004: NYT
- Citigroup Said to Await Final Bids for Japan Retail Bank
- Mitel CEO Won’t Rule Out Higher, Hostile Bid for ShoreTel
- Twitter Says Recent Debt Deal Makes Co. Harder to Acquire
- Co. to Open Greater China Office in HK Amid Developer Push
- PetSmart Said to Invite PE Firms for Final Bid Round: WSJ
- Retailers Ponder Whether Opening Worth Ruined Thanksgiving
- China Auto Sales Hasten First Time Since June on Discounts
- Lenovo Says ‘Hypergrowth’ in China Smartphone Market Ending
- Retail Sales, Obama in Asia, G-20, Paschi: Week Ahead Nov. 8-15
EARNINGS:
- Athabasca Oil (ATH CN) 6am, (C$0.05)
- Bankers Petroleum (BNK CN) 7am, $0.08
- Berkshire Hathaway (BRK/A US) $2,593.00, Aft-Mkt (tentative)
- Brookfield Asset Mgmt (BAM/A CN) 8am, $0.61
- Cogent Communications (CCOI) 7am, $0.03
- Cooper Tire & Rubber (CTB) 7:30am, $0.73
- Dresser-Rand (DRC) After-mkt, $0.64
- Enerplus (ERF CN) 8:47am, C$0.21
- EW Scripps (SSP) 7:30am, $0.05
- Fortis (FTS CN) 6am, C$0.26
- Humana (HUM) 6am, $2.01
- Isis Pharmaceuticals (ISIS) 8:30am, ($0.20)
- Magnum Hunter Resources (MHR) 7am, ($0.16)
- ViaSat (VSAT) 9am, $0.15
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Brent Heads for Longest Weekly Drop Since 2001 on OPEC Outlook
- ICE to Run Replacement for Century-Old London Gold Fixing
- Jiangxi Copper Seeks Record Treatment Fees on Higher Ore Supply
- Gold Trading Near Four-Year Low Heads for Weekly Drop on Dollar
- Iron Ore Completes Biggest Weekly Loss Since May on Global Glut
- Tin Set for Biggest Weekly Gain Since February Before Jobs Data
- China Gold Buyers Signal Slumping Price Nears Nadir: Commodities
- Gold Speculation Points to Lasting Bear Market: Chart of the Day
- Banks Face Lawmaker Scrutiny Over Physical Commodities Units
- Port Worker Slowdown Seen Spreading to Nation’s Biggest Hub
- California Oil-by-Rail Volumes Drop as Canada Faces Competition
- China Oil Producers Face Cuts After Period of ‘Runaway’ Spending
- Four Takes on OPEC’s Vienna Decision as Selloff Deepens: Energy
- Corn Traders Bearish 13th Week on Ample Supply From U.S. Harvest
- Gold Seen Extending Decline 12% by Second-Best Forecaster Gan
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team