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TODAY’S S&P 500 SET-UP – November 26, 2014


As we look at today's setup for the S&P 500, the range is 54 points or 2.28% downside to 2020 and 0.34% upside to 2074.                                                          

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: 1.73 from 1.74
  • VIX closed at 12.25 1 day percent change of -2.93%

 

MACRO DATA POINTS (Bloomberg Estimates):

  • 7am: MBA Mortgage Applications, Nov. 21 (prior 4.9%)
  • 8:30am: Durable Goods, Oct., est. -0.6% (pr -1.3%, rev -1.1%)
  • 8:30am: Init Jobless Claims, Nov. 22, est. 288k (prior 291k)
  • Continuing Claims, Nov. 15, est. 2.348m (prior 2.330m)
  • 8:30am: Personal Income, Oct., est. 0.4% (prior 0.2%)
  • 9:45am: Chicago MNI, Nov., est. 63 (prior 66.2)
  • 9:45am: Bloomberg Consumer Comfort, Nov. 23 (prior 38.5)
  • 9:55am: UofMich Confidence, Nov. final, est. 90 (prior 89.4)
  • 10am: Pending Home Sales m/m, Oct., est. 0.5% (prior 0.3%)
  • 10am: New Home Sales, Oct., est. 471k (prior 467k)
  • 10am: Freddie Mac mortgage rates
  • 10:30am: DOE Energy Inventories
  • 11:30am: U.S. to sell $29b 7Y notes
  • 12pm: EIA natural-gas storage change
  • 1pm: Baker Hughes rig count

GOVERNMENT:

  • House, Senate out of session
  • 6am: Quinnipiac University Polling Institute releases poll of U.S. voters with their assessments of 2016 presidential race

WHAT TO WATCH:

  • Saudi Arabia Says No One Should Cut Output, Oil Will Stabilize
  • HP’s Fourth-Quarter Sales Miss Shows Challenges Ahead of Split
  • EU Privacy Rules Said to Be Extended to Google U.S. Site
  • Uber Said Poised to Raise Funds Showing $40b Value
  • Holiday Sales: Earlier Thanksgiving Hours, Deeper Deals
  • Black Friday Specials to Lure 140 Million U.S. Shoppers
  • East Coast Storm Brings Headaches for Travelers and Forecasters
  • Households Drive U.K. Economy as Exports, Investment Decline
  • Constancio Says ECB Sovereign-Debt Buying Would Use Capital Key
  • Caesars Creditor Group Sues for Receiver to Run Operating Unit
  • HSBC, Goldman Rigged Platinum Prices for Years, Jeweler Says
  • CBS Program Accord With Dish Extended as Contract Talks Continue
  • Samsung to Buy Back Shares After $1.7 Billion Sale of Chemicals
  • China Widens ‘Tax-Evasion’ Net as Microsoft to Pay $150m
  • HSBC Said to Be Probed by U.S. on Hedge-Fund Leak, WSJ Says

EARNINGS:

    • Deere (DE) 7am, $1.57 - Preview
    • Golar LNG (GLNG) Bef-mkt, ($0.02)
    • Golar LNG Partners (GLMP) Bef-mkt, $0.67

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Pre-OPEC Meeting Fails to Deliver Output Cut: OPEC Reality Check
  • HSBC, Goldman Rigged Metals’ Prices for Years, Suit Claims
  • Shorting Chickens Becomes Hot Trade in Stock Market: Commodities
  • WTI Crude Trades Near 4-Year Low as OPEC Sends Mixed Signals
  • Gold Slips as Dollar Strengthens Before U.S. Economic Data
  • Copper Falls to Three-Week Low Before U.S. Durable-Goods Report
  • Gold Bulls Should Buy With Euros, Not Dollars: Chart of the Day
  • Iron Ore Extends Rout Below $70 as Global Supply Seen Expanding
  • Oil Bust of 1986 Reminds U.S. Drillers of Price War Risk: Energy
  • German 2015 Power Gains to 8-Month High Ahead of Capacity Sale
  • Rebar Closes Near Record Low as Investors Weigh Output, Demand
  • Vitol Sees New LNG Supply Adding to Glut as Demand Declines
  • Oil Volatility Here to Stay Regardless of OPEC Decision: Options
  • U.K. Gas Advances in Longest Streak Since 2011 Amid Norway Cuts

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