• It's Coming...

    MARKET EDGES

    Identify global risks and opportunities with essential macro intel using Hedgeye’s Market Edges.

TODAY’S S&P 500 SET-UP – November 17, 2014


As we look at today's setup for the S&P 500, the range is 55 points or 2.20% downside to 1995 and 0.50% upside to 2050.                                        

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: 1.80 from 1.81
  • VIX closed at 13.31 1 day percent change of -3.48%

 

MACRO DATA POINTS (Bloomberg Estimates):

  • 8:30am: Empire Manufacturing, Nov., est. 12.0 (prior 6.17)          
  • 9:00am: ECB’s Draghi speaks in Brussels
  • 9:15am: Capacity, Oct., est. 79.3% (prior 79.3%)
  • 9:15am: Industrial Production, Oct., est. 0.2% (prior 1%)               
  • 10am: Fed’s Evans speaks in Chicago      
  • 11am: U.S. announces plans for auction of 4W bills          
  • 11:30am: U.S. to sell $24b 3M bills, $28b 6M bills               

GOVERNMENT:               

    • 1pm: Nuclear Regulatory Commission Chair Allison Macfarlane speaks at NPC on safe operation of nation’s more than 100 nuclear power plants

WHAT TO WATCH:

  • Japan Unexpectedly Enters Recession as Abe Weighs Tax            
  • *Pfizer to Buy Merck KGaA Cancer Drug Rights for $850m            
  • ** Pfizer Cuts 2014 Reported Diluted EPS Range to $1.40-$1.49 
  • Actavis Said Near Deal to Buy Allergan for Over $215/Share         
  • Halliburton Said to Resume Merger Talks With Baker Hughes     
  • JPMorgan Settles Oil Rights-Owner Suit Alleging Deals   
  • Zoetis Adds Poison Pill as Ackman Stake Raises Takeover Chance             
  • Ford Expands Ranger Pickup Recall for Flawed Takata Air Bags   
  • Facebook Tells Marketers to Stop Trying to Post Ads for Free     
  • Delta Seeks to Boost Asia Hub With Plan to Triple Seattle Gates
  • Carrey’s ‘Dumb & Dumber To’ Debuts as Top Box-Office Hit       
  • China’s Bad Loans Jump Most Since 2005 in Threat to Economy 
  • Putin Warns He Won’t Let Rebels Be Beaten by Ukraine Forces 
  • Citigroup, JPMorgan, others post monthly credit-card data         
  • 13-F WRAP: Alibaba Attracts Appaloosa, Paulson, Soros, Moore

EARNINGS:        

    • Agilent Technologies (A) 4:05pm, $0.89 
    • Jacobs Engineering (JEC) 9:30pm, $0.86 
    • Keysight Technologies (KEYS) 4pm, $0.77             
    • Tyson Foods (TSN) 7:30am, $0.77             
    • Urban Outfitters (URBN) 4pm, $0.41                      

                               

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Brent Crude Drops on Growth Concerns as Japan Enters Recession
  • Gold Trades Below Two-Week High Amid Signs of Physical Buying
  • China to Cut Agriculture Tariffs in ‘Game Changer’ for Australia
  • Hedge Funds Cut Gold Bets in Fastest Exit This Year: Commodities
  • Copper Falls Amid Demand Concern as Japan Sinks Into Recession
  • Australia-China Free Trade Deal to Remove Some Resources Tariffs
  • Mounting Pressure on OPEC Spurs More Wagers on Oil Rally: Energy
  • Osisko to Buy Virginia for $408 Million to Add Gold Royalties
  • Steel Rebar Falls as Weak Demand Weighs Against Production Cuts
  • China Copper, Zinc, Alumina Output Rise to Record Highs in Oct.
  • Wheat Climbs Toward 11-Week High on Australia, U.S. Crop Outlook
  • Arabica Trades Near 3-Week High on Brazil Dryness; Sugar Falls
  • OIL DAYBOOK: Crude Down; Iran Minister Visits UAE Ahead of OPEC
  • Australia Opens China’s Services Market With Free Trade Accord

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