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TODAY’S S&P 500 SET-UP – November 19, 2014


As we look at today's setup for the S&P 500, the range is 53 points or 2.43% downside to 2002 and 0.16% upside to 2055.                                 

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: 1.82 from 1.81
  • VIX closed at 13.86 1 day percent change of -0.93%

 

MACRO DATA POINTS (Bloomberg Estimates):

  • 7am: MBA Mortgage Applications, Nov. 14 (prior -0.9%)
  • 8:30am: Housing Starts, Oct., est. 1.025m (prior 1.017m)
  • 10:30am: DOE Energy Inventories
  • 2pm: FOMC minutes released

GOVERNMENT:

    • 10am: Senate Banking Cmte hears from FHFA Director Mel Watt on balancing stability, growth, affordability in mortgage mkt
    • 10am: SEC open meeting on adopting Regulation SCI standards that would require exchanges to improve technology systems
    • 10am: Senate Homeland Security Cmte hears from CDC Director Tom Frieden on Ebola response
    • 10am: House Energy and Commerce Cmte hearing on development of medical products in wake of Ebola
    • 1pm: CFTC media briefing to unveil national consumer protection campaign
    • 5pm: Permanent Subcmte on Investigations releases information in advance of hearing on Wall St bank involvement with physical commodities               

WHAT TO WATCH:

  • Obama Said to Include Tech Visa Expansion in Immigration Plan
  • FOMC Minutes Guide: From Job Mkt Gains to ‘Considerable Time’
  • Ackman Said to See Need for Significant Cost Cuts at Zoetis
  • Paramount Raises $2.3b in Record IPO for U.S. REIT
  • KKR, CD&R Said Preparing PetSmart Bid of >$7.5b: Reuters
  • Wells Fargo, U.S. Said No Longer Hopeful About Mortgage Pact
  • Wells Fargo to Start Europe Infrastructure Fund: Reuters
  • Buffett Creates Company to Buy Homes in Spain: El Economista
  • FTC May Need Dollar General to Divest Over 4k Stores: NYP
  • New Takata Air-Bag Case Prompts U.S. Demand for Natl. Recall
  • Ford, GM Demand Seen Buoying Takata Amid Congress Probe
  • Apple Sticking With Arizona Jobs Plan After GT Advanced Falters
  • Amazon Warehouse Worker Forces Changes as Labor Board Settles
  • Darden Executives to Retire Amid Cost Savings and Job Cuts
  • Music Mogul Azoff Demands YouTube Drop Pharrell, Eagles Songs
  • Hilton Said to Seek A$400m From Sale of Sydney Hotel
  • Netflix to Expand in Australia, New Zealand From March 2015
  • Senate Rejection of Keystone XL Measure Sets Up 2015 Showdown
  • United, Orbitz Sue Travel Site Over ‘Hidden City’ Ticketing
  • CBS Says Dish May Black Out Network at Contract End Nov. 20
  • WhatsApp Encrypts User Messages, Following Google, Apple
  • Putin Said to Back War on Corruption as Sanctions Bite
  • India Quarantines Man Cured of Ebola as Semen Contains Virus

AM EARNS:

    • E-House China (EJ) 6:25am, $0.17
    • JM Smucker (SJM) 7am, $1.53
    • Lowe’s (LOW) 6am, $0.58 - Preview
    • Mallinckrodt (MNK) 7am, $1.41 - Preview
    • Metro (MRU CN) 7am, C$1.27
    • Stage Stores (SSI) 6am, ($0.21)
    • Staples (SPLS) 6am, $0.36 - Preview
    • Target (TGT) 8am, $0.47 - Preview

PM EARNS:

    • Copa (CPA) 4:43pm, $2.00
    • Hillenbrand (HI) 4:24pm, $0.61
    • Keurig Green Mountain (GMCR) 4pm, $0.77
    • L Brands (LB) 4:30pm, $0.40
    • Real Goods Solar (RGSE) 4:04pm, ($0.13)
    • Salesforce.com (CRM) 4:05pm, $0.13
    • Semtech (SMTC) 4:30pm, $0.44
    • Williams-Sonoma (WSM) 4:10pm, $0.63

                               

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Brent Oil Rises Most in Three Days on Car Bomb in Kurdish City
  • Iron Ore’s Rout Seen Relentless by SocGen as Miners’ Stocks Drop
  • Brace for Thanksgiving Traffic as Car-to-Plane Gap Grows: Energy
  • Gold Trades Below 2-Week High as Dollar Gains Before Fed Minutes
  • Nickel Advances as Indonesia Adheres to Ban on Exports of Ore
  • Cocoa Seen Extending Drop on Signs of Ebbing Chocolate Demand
  • Copper Prices Seen Rising as Mining Costs Increase: Codelco CEO
  • Europe-U.S. Oil-Product Cargo Flow Rises 67% in Broker Survey
  • Arabica Coffee Futures Rise for Second Day; Cocoa Also Gains
  • ICAP in Talks to Combine Shipbroking Unit With Howe Robinson
  • EUROPE OIL PRODUCTS: Gasoline Crack at 7-Week High; Gasoil Gains
  • Six Feet of Snow Buries Upstate New York a Month Before Winter
  • Senate Rejection of Keystone XL Measure Sets Up 2015 Showdown
  • Corn Drops to One-Week Low as U.S. Farmers Harvest Record Crop

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