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TODAY’S S&P 500 SET-UP – November 13, 2014


As we look at today's setup for the S&P 500, the range is 59 points or 2.47% downside to 1988 and 0.43% upside to 2047.                                                 

SECTOR PERFORMANCE

THE HEDGEYE DAILY OUTLOOK - 1

THE HEDGEYE DAILY OUTLOOK - 2

EQUITY SENTIMENT:

 

THE HEDGEYE DAILY OUTLOOK - 10

 

CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 1.83 from 1.83
  • VIX closed at 13.02 1 day percent change of 0.77%

 

MACRO DATA POINTS (Bloomberg Estimates):

  • 8:30am: Initial Jobless Claims, Nov. 8, est. 280k (pr 278k)
  • Continuing Claims, Nov. 1, est. 2.346m (prior 2.348m)
  • 8:45am: Bloomberg U.S. Economic Survey, Nov.
  • 9:45am: Bloomberg Consumer Comfort, Nov. 9 (prior 38.1)
  • 10am: JOLTS Job Openings, Sept., est. 4.8m (prior 4.835m)
  • 10am: Freddie Mac mortgage rates
  • 11am: DOE Energy Inventories
  • 11am: U.S. to announce auctions of 3M/6M bills, 10Y TIPS
  • 1pm: U.S. to sell $16b 30Y bonds
  • 12:30pm: Fed’s Plosser speaks in Philadelphia
  • 12:45pm: Fed’s Yellen speaks in Washington
  • 2pm: Monthly Budget Stmt, Oct., est. $117b (pr -$90.584b)
  • 3:30pm: Fed’s Kocherlakota speaks in Stanford, Calif.

GOVERNMENT:

    • President Obama in Myanmar, attending East Asia Summit meeting, holding meetings with Vietnamese Prime Minister Nguyen Tan Dung, President Thein Sein of Myanmar
    • Senate Republicans, Democrats; House Republicans hold leadership elections
    • House votes on bill to approve Keystone XL pipeline
    • 10am: House Armed Services Cmte hears from Defense Sec. Chuck Hagel, Joint Chiefs Chairman Martin Dempsey on administration’s strategy on Islamic State
    • 10am: House Financial Services Cmte hearing on terrorist financing and Islamic State
    • 10am: House Foreign Affairs Cmte hearing on combating Ebola in West Africa

WHAT TO WATCH:

  • Takata Subpoenaed by Federal Grand Jury as Chairman Apologizes
  • Barclays Pressed by New York’s Bank Regulator in Currency Probe
  • Hasbro Said in Talks to Buy ‘Shrek’ Studio DreamWorks Animation
  • Five Ways the U.S. Airwaves Auction May Change Mobile Service
  • Cisco Sales Forecast Misses Estimates as Carriers Cut Spending
  • Verizon Said to Plan to Cut About 1,000 Jobs Through Buyouts
  • China Industrial Output, Investment Growth Weakens Amid Eco. Slowdown
  • Dow Says Corning Is Seeking to Exit 71-Yr-Old Silicone Venture
  • J.C. Penney’s Sales Unexpectedly Drop Amid Warmer Fall Weather
  • SABMiller Says Conditions to Remain Challenging as Growth Misses
  • Gorman Says Morgan Stanley Pays ‘Competitively’ After Turnaround
  • Salesforce to Buy San Francisco Office Tower for $640 Million
  • Microsoft Said to Have Agreed to Buy Israeli Aorato, WSJ Reports
  • Motorola Mobility Flat-Panel Cartel Case Tests Antitrust Reach
  • ING to Cut Voya Stake to 19% in $1.38 Billion Stock Offering

AM EARNS:

    • CDK Global (CDK) Bef-Mkt, No est.
    • CGI (GIB/A CN) 6:30am, C$0.73 - Preview
    • Finning Intl (FTT CN) 9am, C$0.55
    • Helmerich & Payne (HP) 6am, $1.67
    • Kohl’s (KSS) 7am, $0.74 - Preview
    • Manulife Financial (MFC CN) 5:55am, C$0.40 - Preview
    • Maximus (MMS) 6:30am, $0.52
    • Sally Beauty (SBH) 7:30am, $0.40
    • TransDigm (TDG) 7:15am, $2.02
    • Tyco Intl (TYC) 6am, $0.56 - Preview
    • Viacom (VIAB) 6:55am, $1.68 - Preview
    • Wal-Mart Stores (WMT) 7am, $1.12 - Preview

PM EARNS:

    • Applied Materials (AMAT) 4:02pm, $0.27 - Preview
    • Element Finl (EFN CN) 5:30pm, C$0.15
    • Intrexon (XON) 4:30pm, ($0.21)
    • Nordstrom (JWN) 4:05pm, $0.71 - Preview
    • Sina (SINA) 5pm, $0.19
    • Western Forest (WEF CN) 5:30pm, C$0.03
    • Youku Tudou (YOKU) 6pm, ($0.45)

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Gold Demand Falls to 5-Year Low on Less Coin, Jewelry Buying
  • Brent Oil Extends Drop to 4-Year Low as OPEC Seen Resisting Cuts
  • Why Fewer U.S. Cows Means Higher Leather Bag Costs: Commodities
  • Copper Advances Amid Speculation China Will Move to Aid Growth
  • Gold Falls a Second Day as Oil Declines While Equities Advance
  • Saudis Reject Talk of OPEC Market Share War as Crude Tumbles
  • Cash-Burning Bets on Oil Rebound Keep Surging in U.S. ETF Market
  • Sugar Harvest Seen Rising in India to Help Extend Global Surplus
  • Tin Prices Seen Climbing 14% in 1Q as Indonesia Tightens Sales
  • Iraq Kurds Form Oil Company Separate From Central Government
  • Iron Ore Mine Closures May Lead to $70 Floor Price, ANZ Says
  • Corn Rises for Fourth Day as Arctic Blast Heads for U.S. Plains
  • Palm Oil Drops a Second Day as Brent Slump Cuts Biofuel Demand
  • Gold Imports by India Double as Price Drop Fuels Festival Demand

THE HEDGEYE DAILY OUTLOOK - 5

 

CURRENCIES

 

THE HEDGEYE DAILY OUTLOOK - 6

GLOBAL PERFORMANCE

THE HEDGEYE DAILY OUTLOOK - 3

THE HEDGEYE DAILY OUTLOOK - 4

EUROPEAN MARKETS

 

THE HEDGEYE DAILY OUTLOOK - 7

ASIAN MARKETS

 

THE HEDGEYE DAILY OUTLOOK - 8

MIDDLE EAST

 

THE HEDGEYE DAILY OUTLOOK - 9

The Hedgeye Macro Team