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TODAY’S S&P 500 SET-UP – December 1, 2014


As we look at today's setup for the S&P 500, the range is 52 points or 1.43% downside to 2038 and 1.09% upside to 2090.                                                    

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: 1.69 from 1.70
  • VIX closed at 13.33 1 day percent change of 10.44%

 

MACRO DATA POINTS (Bloomberg Estimates):

  • 9:45am: Markit US Mfg PMI, Nov. final, est. 55 (prior 54.7)
  • 10am: ISM Manufacturing, Nov., est. 58.0 (prior 59)
  • 11:30am: U.S. to sell $24b 3M, $26b 6M bills
  • 12:15pm: Fed’s Dudley speaks in New York
  • 1pm: Fed’s Fischer speaks in New York

GOVERNMENT:

    • Takata deadline to respond to 36 questions from NHTSA as part of air-bag investigation
    • 9:30am: Supreme Court issues orders on pending cases
    • 11am: Supreme Court hears arguments in free-speech case over threats made on social media

WHAT TO WATCH:

  • China Factory Gauge Drops as Shutdowns Add to Slowdown
  • Moody’s Japan Credit Rating Cut Is Blow to Abe Before Vote
  • Black Friday Fizzles With Consumers as Sales Tumble 11%
  • Black Friday Online Sales Jump 22% as Jobs, Gas Spur Shopping
  • Gold Tumbles on Swiss ‘No’ Vote; Silver Sinks to 5-Year Low
  • Vodafone Said to Weigh Liberty Tie-Up as CEO Plots Next Move
  • Alibaba-Backed Momo Seeks Up to $232m in IPO of Chat App
  • Wanda in Talks to Acquire Lions Gate, MGM in Hollywood Push
  • U.S. Fast-Food Workers Fighting for Higher Wages Plan to Strike
  • Wells Fargo Accused of Chicagoland Predatory Loans in Suit
  • Daimler to Invest EU12b-EU14b in Electric Cars: Welt am Sonntag
  • Zell Confirms Bid for Grocery Stores to Be Shed by Albertsons
  • ‘Hunger Games’ Installment Collects $56.9m at Box Office
  • Brad Pitt Movie Is Piracy Hit After Sony Studio Cyberattack
  • Macau’s Nov. Casino Revenue Falls for Sixth Straight Month
  • German Manufacturing Slump Pulls Euro Area Near Stagnation

EARNINGS:

    • Fifth Street Finance (FSC) 7am, $0.26
    • Thor Industries (THO) 4:15pm, $0.82

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • OPEC Inaction Spurs Survival of Fittest as Oil Tumbles Below $65
  • Gold Advances With Silver as Traders Close Out Bearish Bets
  • Commodities Retreat to Five-Year Low as Oil Tumbles With Copper
  • Japan Dairies Losing Cost Battle as Abe Weakens Yen: Commodities
  • Swiss Gold Rejection Deals Blow to Investors Hurt by Slump
  • Surprise End to Indian Gold-Import Controls Seen Boosting Demand
  • Steel Rebar Declines on Weak Winter Demand, Higher Mill Output
  • Glencore, Merafe Sign Union Agreement to End Ferrochrome Strike
  • Iran Wary of Oil ‘Shock Therapy’ as OPEC Vies for Market
  • China Winning in OPEC Price War as Hoarding Accelerates: Energy
  • Miners ‘Covering Their Eyes’ as China Commodity Cliff Looms
  • Soybeans Extend Weekly Drop as Rains Boost South Amercian Crop
  • Amplats Sees 2014 Profit Down at Least 20% on Strike
  • Gold ETF Volatility Soars as Dollar, Oil Tame Inflation: Options

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