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