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TODAY’S S&P 500 SET-UP – November 25, 2014


As we look at today's setup for the S&P 500, the range is 54 points or 2.48% downside to 2018 and 0.13% upside to 2072.                                                                       

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: 1.81 from 1.81
  • VIX closed at 12.62 1 day percent change of -2.17%

 

MACRO DATA POINTS (Bloomberg Estimates):

  • 7:45am: ICSC weekly sales
  • 8:30am: GDP, 3Q, est. 3.3% (prior 3.5%)
  • 8:55am: Redbook weekly sales
  • 9am: FHFA House Price Index, Sept., est. 0.4% (prior 0.5%)
  • 9am: S&P/Case-Shiller 20 City Comp y/y Sept, est. 4.6% (prior 5.6%)
  • 10am: Consumer Confidence Index, Nov., est. 96.0 (prior 94.5)
  • 10am: Richmond Fed Mfg Index, Nov., est. 16 (prior 20)
  • 11:30am: U.S. to sell $13b 2Y FRN in reopening, $40b 4W bills
  • 1pm: U.S. to sell $35b 5Y notes
  • 4:30pm: API weekly oil inventories

GOVERNMENT:

    • House, Senate out of session
    • Obama travels to Chicago to talk with community leaders
    • 10am: FDIC Chairman Martin Gruenberg holds briefing on bank, thrift industry earnings for Q3 of 2014, followed by Q&A

WHAT TO WATCH:

  • Ferguson Explodes in Protests After Officer Avoids Charges
  • Honda May Face Record Fine for Underreporting U.S. Claims
  • Bayer Said to Weigh Diabetes Unit Sale for Up to $2.5 Billion
  • Lew Says Tax-Break Extension Plan in Congress Is Irresponsible
  • Caesars Lenders Said to Agree on Making Unit a Real Estate Firm
  • Glencore-Rio Merger Will Happen, Banker Hannam Tells Funds
  • FDA to Release More Labeling Rules on Calorie Counts
  • Universal Pictures Picks Up Steve Jobs Film Project From Sony
  • CME’s Market Surveillance Found Lacking by Its Chief Regulator
  • ‘Frozen’ Overtakes Barbie as Holiday Season’s Most Popular Toy
  • U.S. Prosecutors to Interview London FX Traders: Reuters
  • Wal-Mart Chief Merchandising Officer Set to Leave, WSJ Reports

AM EARNS:

    • Alimentation Couche-Tard (ATD/B CN) 8:42am, $0.56 - Preview
    • Beacon Roofing (BECN) 8am, $0.61
    • Brown Shoe (BWS) 7am, $0.68
    • Campbell Soup (CPB) 7:15am, $0.72 - Preview
    • Chico’s (CHS) 7:31am, $0.17
    • Cracker Barrel (CBRL) 7am, $1.29
    • DSW (DSW) 7am, $0.52
    • Eaton Vance (EV) 9am, $0.64
    • Hormel (HRL) 6:30am, $0.64
    • Movado (MOV) 7am, $0.86
    • Pall (PLL) 7am, $0.80
    • Signet Jewelers (SIG) 7am, $0.18
    • Tech Data (TECD) 6am, $1.02
    • Tiffany (TIF) 7am, $0.77 - Preview
    • Valspar (VAL) 7:30am, $1.15
    • Yingli Green Energy (YGE) 7am, ($0.14)

PM EARNS:

    • Analog Devices (ADI) 4pm, $0.68
    • Cubic (CUB) 4pm, $1.14
    • Hewlett-Packard (HPQ) 4:04pm, $1.06 - Preview
    • Infoblox (BLOX) 4:05pm, $0.02
    • Nimble Storage (NMBL) 4:01pm, ($0.16)
    • Perfect World (PWRD) 5pm, $2.77
    • TiVo (TIVO) 4:15pm, $0.07
    • Veeva Systems (VEEV) 4:02pm, $0.08

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Talk of Russian Oil Cuts to Help OPEC Likely to Stay Just That
  • Brent Crude Gains on Speculation of OPEC Output Cut; WTI Rises
  • Oil Boom Triggering Cowboy Shortage Across Canada: Commodities
  • China’s Gold Imports Rise for a Third Month on Jewelry Sales
  • Codelco Said to Trim 2015 Copper Premium to Japan Buyers by 2.5%
  • Iron Ore Drops Below $70 for First Time Since ’09 as Glut Widens
  • Palm Oil Exports From Indonesia Seen Dropping From Six-Year High
  • OPEC Said to Mull Sparing Iraq, Iran and Libya From Oil Cuts
  • Steel Rebar Rises From Record Low on Restocking Demand Optimism
  • Soybeans Rebound on Signs of Rising Demand for Record U.S. Crop
  • China Cotton Imports in 2014-15 Seen at 1.3M Tons, Butler Says
  • Venezuela Turmoil Signals End of Oil-for-Jeans Giveaway: Energy
  • EU Parliament Unlikely to Propose Early Carbon Reserve: Sikorski
  • Plunging Cotton Prices Spurring Farmers to Reduce Planting

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