TODAY’S S&P 500 SET-UP – November 11, 2014
As we look at today's setup for the S&P 500, the range is 87 points or 3.69% downside to 1963 and 0.58% upside to 2050.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 1.83 from 1.83
- VIX closed at 12.67 1 day percent change of -3.43%
MACRO DATA POINTS (Bloomberg Estimates):
- Bond markets closed for Veterans Day
- 7:30am: NFIB Small Business Optimism, Oct., est. 96 (pr 95.3)
- 7:45am: ICSC weekly sales
- 8:55am: Redbook weekly sales
GOVERNMENT:
- House, Senate not in session
- Govt. offices closed for Veterans Day
- Political directors from China, France, Germany, Russia, U.K., U.S. meet with Iran in Muscat, Oman
- Sec. of State John Kerry accompanies Obama in Beijing
WHAT TO WATCH:
- Banks Said Poised to Settle With CFTC in Currency-Rigging Cases
- Barclays, HSBC Sued by U.S. Soldiers Over Attacks in Iraq
- Takata Accused in Suit of Burying Results of Bad Air-Bag Tests
- Juniper CEO Resigns After Board Review Over Customer Negotiation
- Mondelez to Buy Stake in Kinh Do Snack Unit for $370 Million
- U.S. Says Breakthrough Reached With China on Trade Accord
- Alibaba Open to Working With PayPal to Expand Payments Business
- American Apparel Posts Biggest Quarterly Sales Drop Since 2010
- Hortonworks Planning Stock Sale Touts $50 Billion Hadoop Market
- Mersch Says ECB Ready to Expand Asset Purchases to ABS Next Week
- Shanghai Stock Trading Surges to Record Before Exchange Link
- Google to Lease NASA’s Moffett Field Airfield for $1.2 Billion
- Clear Channel Said to Consider Europe Outdoor Unit Ad Sale: Rtrs
- SpaceX to Make Micro-Satellites Announcement in 2-3 Mos: Musk
- GM Ignition Defect Tied to Death of Woman 11 Years Ago: NYT
EARNINGS:
- Aecom Technology (ACM) 7am, $0.82
- CST Brands (CST) 7am, $0.58
- DR Horton (DHI) 7am, $0.48 - Preview
- Fossil (FOSL) 4:01pm, $1.82 - Preview
- Insys Therapeutics (INSY) 7am, $0.26
- Sabre (SABR) 8am, $0.25
- Semafo (SMF CN) 8am, $0.06
- Tahoe Resources (THO CN) 4:02pm, $0.25
- YY (YY) 4:01pm, $0.74
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Get Ready for $60 Iron Ore as Citi Says Slump Has Long Way to Go
- Brent Crude Falls to Four-Year Low as WTI Slides on Stockpiles
- Gold Falls a 9th Time in 10 Days as Stronger Dollar Cuts Demand
- Aluminum to Copper Slide as Strengthening Dollar Erodes Demand
- Palm Imports by India Seen Rising for Fourth Month on Festivals
- Saudis Using Price Correction to Pressure OPEC Members: SocGen
- Corn Little Changed After Surprise Drop in U.S. Crop Outlook
- NLMK May Boost Dividend After Completing Spending, Cutting Debt
- Power Funds Post Losses as Nordic Weather Confounds Forecasters
- Rebar Declines First Time in Four Days on China Demand Concerns
- OIL DAYBOOK: Iraq Tracks Saudi Price Moves; Angola Dec. Exports
- OPEC’s Choice Is Pricing Power or Sales in New Oil Order: Energy
- Qatar Commits to 2022 World Cup Spending Even After Oil’s Plunge
- OPEC’s Kuwait Sees No Oil-Output Cut at November Meeting
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
