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
EQUITY SENTIMENT:
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
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team