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