TODAY’S S&P 500 SET-UP – November 12, 2014
As we look at today's setup for the S&P 500, the range is 84 points or 3.66% downside to 1965 and 0.46% upside to 2049.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 1.81 from 1.83
- VIX closed at 12.92 1 day percent change of 1.97%
MACRO DATA POINTS (Bloomberg Estimates):
- 7am: MBA Mortgage Applications, Nov. 7 (prior -2.6%)
- 10am: Wholesale Inventories, Sept., est. 0.2% (prior 0.7%)
- 11:30am: U.S. to sell $25b 52W bills, TBA 4W bills
- 12pm: Fed’s Kocherlakota speaks in Eau Claire, Wis.
- 1pm: U.S. to sell $24b 10Y notes
- 4:30pm: API weekly oil inventories
- 4:30pm: Treasury Sec. Lew at World Affairs Council in Seattle
GOVERNMENT:
- 10am: Supreme Court hears arguments in Alabama Legislative Black Caucus vs. Alabama case
- 10am: Attorney General Eric Holder delivers remarks at 20th anniversary of Community Oriented Policing Services Office
- 2pm: Senate Appropriations Cmte hearing on White House anti-Ebola funding request
WHAT TO WATCH:
- Five Banks to Pay $3.3b in First FX-Rigging Settlements
- Barclays Says Not Ready to Settle Global FX-Rigging Probe
- OCC seen announcing more fines later today
- Yahoo to Acquire Video-Ad Service BrightRoll for $640m
- Wal-Mart to Stretch Black Friday Over 5 Days to Lure Shoppers
- Ackman’s Pershing Square Takes Stake in Drugmaker Zoetis
- Fossil Rises After 3Q Results Top Analysts’ Estimates
- U.S., China Agree on New Carbon Cuts to Fight Climate Change
- China to Overtake U.S. as World’s Biggest Oil Consumer, IEA Says
- Republican Sullivan Finally Wins Alaska Sen. Race Vs Begich
- Comcast Deal Disclosure Spurs Bid to Keep Contract Terms Secret
- Apax Joins Bain to Bid $8.8 Billion for Oi Portugal Assets
- U.K. Unemployment Stays at 6% as Wage Growth Accelerates
- Chinese Buyer of Waldorf Astoria Said to Plan $2b IPO
- Two Yahoo Shareholders Said to Ask AOL to Mull Merger: Reuters
- FCC May Move Away From Obama on Future of the Internet: WPT
AM EARNS:
- ADT (ADT) 7am, $0.48
- CAE (CAE CN) 8:30am, C$0.16
- Canadian Solar (CSIQ) 7:20am, $1.16
- Encana (ECA CN) 6am, $0.43 - Preview
- Energizer (ENR) 7am, $1.61
- EZchip Semiconductor (EZCH) 8am, $0.25
- First Majestic Silver (FR CN) 7am, ($0.02)
- Loblaw Cos (L CN) 6:30am, C$0.86
- Macy’s (M) 8am, $0.50 - Preview
- Meritor (MTOR) 7:30am, $0.15
- Pinnacle Foods (PF) 8:30am, $0.41
- Plug Power (PLUG) 7am, ($0.03)
- Rice Energy (RICE) Bef-mkt, ($0.04) - Preview
- Rockwell Automation (ROK) 7am, $1.83
- SeaWorld Entertainment (SEAS) 7:30am, $1.13
PM EARNS
- Aimia (AIM CN) 6:15pm, C$0.20
- AmeriGas Partners (APU) 7pm, ($0.54)
- Cisco Systems (CSCO) 4:05pm, $0.53 - Preview
- Iamgold (IMG CN) 5pm, $0.04
- J.C. Penney (JCP) 4pm, ($0.80) - Preview
- NetApp (NTAP) 4:01pm, $0.69
- NetEase (NTES) 7pm, $1.49
- Silver Wheaton (SLW CN) 5pm, $0.20
- Tetra Tech (TTEK) 4:41pm, $0.35
- WGL (WGL) 5pm, ($0.26)
- WuXi PharmaTech Cayman (WX) 4:30pm, $0.50
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- UBS Precious Metals Misconduct Found by Finma in FX Probe
- Gold Stable as Investors Weigh Falling Oil, Dollar’s Strength
- Brent Oil Near 4-Year Low on Signs OPEC Will Resist Output Cuts
- Palm Oil Output in Indonesia to Rise Over Next 5-10 Yrs: Wilmar
- Oil Slide Echoes ’08 Peg Pressure for Nigeria, Saudi: Currencies
- Abu Dhabi’s Taqa Cuts Spending for 2014 After Oil Prices Decline
- CRU Group Says Bearish Copper Trend Will Extend Through 2016
- Nickel’s Waning Price Boom Leaves BHP With Unwanted Mines
- Standard Chartered Global Agriculture Sales Head Pepper Leaves
- Gold to Find Solace From Negative Lending Rate: Chart of the Day
- Shanghai Steel Rebar Swings Amid Post-APEC Production Restarts
- S. Africa Nat. Resources Bill Examination May End Soon: Minister
- Corn Price Seen Rebounding Next Year by Hightower on Less Acres
- Singapore Ship-Fuel Sellers Tighten Credit After OW’s Bankruptcy
- China to Overtake U.S. as World’s Biggest Oil Consumer, IEA Says
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
