TODAY’S S&P 500 SET-UP – November 21, 2014
As we look at today's setup for the S&P 500, the range is 48 points or 2.18% downside to 2008 and 0.16% upside to 2056.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 1.83 from 1.83
- VIX closed at 13.58 1 day percent change of -2.72%
MACRO DATA POINTS (Bloomberg Estimates):
• 11am: Kansas City Fed Mfg Activity, Nov., est. 6
• 1pm: Baker Hughes rig count
GOVERNMENT:
- Sec. of State John Kerry in Vienna for Iran nuclear talks
- Final day of Clearing House conf. in NYC.
- 12:45pm keynote Comptroller of the Currency Thomas Curry
- 9:45am: Nellie Liang, Director of Office of Financial Stability Policy and Research, Federal Board
- 10am: Senate Banking panel hears from William Dudley, president and CEO of Federal Reserve Bank of NY, at oversight hearing
- 10am: Senate Permanent Subcmte on Investigations holds 2nd day of hearings
WHAT TO WATCH:
- Dudley Testifies to Senate as Fed Starts Review of Supervision
- Draghi Says ECB Must Raise Inflation Rate as Fast as Possible
- PBOC Said to Inject Funds as IPOs Trigger Cash Squeeze
- U.S. Said to Seek Multibank Settlement in Criminal Forex Probes
- Bank of America Granted Penalty Relief in SEC Mortgage Case
- Janus Says Soros’s Quantum Invests $500m With Gross
- NewLink Said in Talks With Merck & Co. on Ebola Vaccine
- Hewlett-Packard Selects Team to Manage Split Into 2 Cos.
- Blackstone to Acquire GE Japan Apartments for $1.61b
- CBS Agrees to Extend Deal With Dish as Negotiations Continue
- Target Wants Bank Claims Thrown Out a Year After Data Breach
- Panasonic May Start Tesla Battery Production Early: Asahi
- Sysco/US Foods Merger Seen Approved on Disposals: NY Post
- Disney Adds Movie Co-Prod., TV to Shanghai Media Alliance
- Adelson Faces Repub. Rebellion on Online Gambling: W. Post
- Costolo’s Family Trusts Sell 50% of Twitter Stock This Month
- Google Testing Website Subscriptions for Ad-Free Browsing
- Chinese Insurer Buys Sydney Hyde Park Sheraton for $400m
EARNINGS:
- Ann (ANN) 7:31am, $0.68
- Berry Plastics (BERY) 8:45am, $0.37
- Foot Locker (FL) 7am, $0.79
- Hanwha SolarOne (HSOL) 6am, no est.
- Harbinger (HRG) 8:30am, no est.
- Hibbett Sports (HIBB) 6:30am, $0.61
- Sirona Dental (SIRO) 7am, $0.90
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Banks Had Unfair Advantage From Commodity Units, Senator Says
- Top Rubber Growers Agree to Reduce Exports to Boost Global Price
- Aluminum Fee to Japan Seen Climbing to Record on Global Deficit
- Oil at $75 Means Patches of Texas Lose Money for Shale Drillers
- Goldman Lowers 2015 Nickel Estimate on China Pig Iron Output
- Goldman, Glencore Found in ‘Merry-Go-Round’ Aluminum Trades
- Soybeans Rebound From Two-Week Low on U.S. Feed Supply Outlook
- Pigs Are Too Fat for Holiday Hams as Prices Surge: Commodities
- Ebola Stokes Liberian Food Shortage as Hungry Farmers Eat Seeds
- Goldman Sachs to Wind Down Uranium Unit After Failing to Sell
- Gold Futures Fall a Second Day as Dollar Gains After Fed Minutes
- Codelco Sees Copper Price Outlook ’Quite Stable’: Chairman
- JPMorgan Power Market Influence Targeted in U.S. Senate Report
- Saudi Arabia Tenders for 330,000 Tons of Hard Wheat
- Goldman, Morgan Stanley Commodity Heyday Gone as Units Faulted
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team