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