TODAY’S S&P 500 SET-UP – November 28, 2014
As we look at today's setup for the S&P 500, the range is 45 points or 1.87% downside to 2034 and 0.30% upside to 2079.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 1.70 from 1.73
- VIX closed at 12.07 1 day percent change of -1.47%
MACRO DATA POINTS (Bloomberg Estimates):
- No major economic reports scheduled
GOVERNMENT:
- House, Senate not in session
- No events of note expected
WHAT TO WATCH:
- OPEC Takes No Action to Ease Supply Glut as Crude Oil Slumps
- Crude Oil Heads for Biggest Weekly Tumble Since 2011
- Thanksgiving Deal Hunt Draws Millions Away From Dinner in U.S.
- Wal-Mart Says >22m Customers Visited Its Stores on Thanksgiving
- Tokyo Electron, Applied Materials Merger Date Delayed to March
- Enbridge to Buy 80% of E.On U.S. Wind Portfolio
- Pfizer, Astra Deal May Have Failed on Tax, Soriot Says: CNBC
- Euro Inflation Slows to 0.3% as ECB Poised to Discuss Stimulus
- U.S. Jobs, Services, ECB, BOE, NATO: Week Ahead Nov. 29-Dec. 6
- U.S. equity markets close at 1pm, bond markets close at 2pm
EARNINGS:
- No earnings expected from S&P 500
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Oil Seen in New Era as OPEC Won’t Yield to U.S. Shale: Energy
- Oil Steadies After OPEC Triggers Biggest Slump in Three Years
- Iron on ‘Fast Forward’ as Goldman Sees Risk of Price Outlook Cut
- Commodities Slump to Five-Year Low as Crude Oil Drops on OPEC
- OPEC Inaction Signals Pain for Refiners With Costly Oil in Tanks
- Iron Ore Climbs 1.9% to $71.32/Dry Ton, Highest Since Nov. 18
- Oil Price Drop After OPEC Decision Is ‘Terrible’: Iraq Minister
- Platinum, Palladium Price Fixings Make Way for Electronic System
- CARBON: EU Benchmark Allowances Head for Biggest Gain Since June
- Indonesia’s ‘Toothless’ Policy for Biofuel Seen Hurting Palm Oil
- Copper Traders Are Bullish on Expectation Stimulus to Aid Demand
- Wheat in France at Risk of Yellow Rust Outbreak in 2015: Arvalis
- Palm Drops to One-Month Low as Crude Slump Curbs Biofuel Demand
- China Said to Order Companies to Check Risks in Commodity Trades
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
