THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – December 2, 2014


As we look at today's setup for the S&P 500, the range is 48 points or 1.19% downside to 2029 and 1.15% upside to 2077.                                                         

                                                                      

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: 1.72 from 1.74
  • VIX closed at 14.29 1 day percent change of 7.20%

 

MACRO DATA POINTS (Bloomberg Estimates):

  • 7:45am: ICSC weekly sales
  • 8:10am: Fed’s Fischer speaks in Washington
  • 8:30am: Fed’s Yellen speaks in Washington
  • 8:55am: Redbook weekly sales
  • 9:45am: ISM New York, Nov. est. 55 (prior 54.8)
  • 10am: Construction Spending, Oct., est. 0.6% (prior -0.4%)
  • 11:30am: U.S. to sell 4W bills
  • 12pm: Fed’s Brainard speaks via video to conf. in Los Angeles
  • 4:30pm: API weekly oil inventories

 

GOVERNMENT:

    • 8:30am: Blood Products Advisory Cmte meets on whether ban preventing gay, bisexual men from donating blood should be partially ended
    • 9am: House Homeland Security Cmte hears from Homeland Security Sec. Jeh Johnson on immigration executive order
    • 9:30am: Health, Education, Labor and Pensions Cmte considers nomination of Lauren McGarity McFerran to serve as member of National Labor Relations Board
    • 2:15pm: Senate Environment and Public Works Cmte hearing on “Super Pollutants Act of 2014”
    • 2:30pm: Senate Commerce, Science and Transportation Cmte hearing on domestic violence in professional sports

 

WHAT TO WATCH:

  • Japan’s Otsuka Agrees to Buy Avanir Pharma for $3.5b, or $17/shr
  • GIC to Buy Blackstone’s IndCor Properties for $8.1b
  • Cypress Set to Acquire Chipmaker Spansion for $1.6b
  • Nov. U.S. auto sales: Chrysler ~8am; Ford ~9:30am; GM ~9:30am
  • Web Consumers Stretch Out Holiday Shopping Beyond Cyber Monday
  • Russia Scraps Proposed EU Gas Link in Favor of Turkish Delivery
  • Russia Sees First Recession Since 2009 With 0.8% Slump Next Year
  • Boeing’s Dreamliner Battery Fire Caused by Design, Probe Finds
  • EU Said to Face Basel Committee Rebuke on Bank Capital Standards
  • Ebola Crisis Will Cause Economies to Shrink, World Bank Says
  • Wanda Holds Talks to Acquire Lions Gate, MGM in Hollywood Push
  • Highland Seeks $250m From Credit Suisse Over Appraisals
  • New York Times Gets at Least 85 Buyout Applications by Deadline
  • Takata to Expand U.S. Air Bag Recall Nationwide, Nikkei Says
  • Apollo Global Mgmt Leads in Bidding for PetSmart, NY Post Says

 

AM EARNS:

    • Bank of Montreal (BMO CN) 7:30am, C$1.68 - Preview
    • Vince Holding (VNCE) 6am, $0.33

 

PM EARNS:

    • Ascena Retail (ASNA) 4:02pm, $0.26
    • Bazaarvoice (BV) 4:01pm, ($0.09)
    • Bob Evans (BOBE) 4:01pm, $0.33
    • Guidewire (GWRE) 4:08pm, $0.03
    • OmniVision (OVTI) 4:18pm, $0.51

 

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Saudi-Venezuelan Split Plays Out Behind Closed Doors in Vienna
  • Gold Retreats After Rally as Stronger Dollar Reduces Demand
  • Hedge Funds Add to Copper Bear Bets on Growth Risk: Commodities
  • Andurand Fund Sees Oil Slump to $50 in 2015 as OPEC Steps Back
  • What Will World Weather Do in ‘15? Forecasters Say El Nino Looms
  • Steel Rebar in Shanghai Rises as China Inventories Decline
  • Rubber Gains From 3-Week Low as Producers Seen Withholding Sales
  • Funds Cut Bullish U.S. Crude Wagers Before OPEC Price Rout
  • Palm Oil Rebounds From Biggest Drop in 16 Months as Crude Gains
  • Port Hedland Engineers Approve Agreement, Ending Strike Threat
  • Junk Backing Shale Boom Facing $8.5 Billion Loss: Credit Markets
  • Putin Scraps South Stream Gas Pipeline on European Pressure
  • Societe Generale Cuts 2015 and 2016 Brent Forecasts to $70/Bbl
  • Iraq-KRG Government Reach Accord on Oil Exports: Al Mada Press

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


Cartoon of the Day: Acrophobia

"Most people who are making a ton of money right now are focused on growth companies seeing accelerations," Hedgeye CEO Keith McCullough wrote in today's Early Look. "That’s what happens in Quad 1."

read more

People's Bank of China Spins China’s Bad-Loan Data

PBoC Deputy Governor Yi says China's non-performing loan problem has “pretty much stabilized." "Yi is spinning. China’s bad-debt problem remains serious," write Benn Steil and Emma Smith, Council on Foreign Relations.

read more

UnderArmour: 'I Am Much More Bearish Than I Was 3 Hours Ago'

“The consumer has a short memory.” Yes, Plank actually said this," writes Hedgeye Retail analyst Brian McGough. "Last time I heard such arrogance was Ron Johnson."

read more

Buffalo Wild Wings: Complacency & Lack of Leadership (by Howard Penney)

"Buffalo Wild Wings has been plagued by complacency and a continued lack of adequate leadership," writes Hedgeye Restaurants analyst Howard Penney.

read more

Todd Jordan on Las Vegas Sands Earnings

"The quarter actually beat lowered expectations. Overall, the mass segment performed well although base mass lagging is a concern," writes Hedgeye Gaming, Lodging & Leisure analyst Todd Jordan on Las Vegas Sands.

read more

An Update on Defense Spending by Lt. Gen Emo Gardner

"Congress' FY17 omnibus appropriation will fully fund the Pentagon's original budget request plus $15B of its $30B supplemental request," writes Hedgeye Potomac Defense Policy analyst Lt. Gen Emerson "Emo" Gardner USMC Ret.

read more

Got Process? Zero Hedge Sells Fear, Not Truth

Fear sells. Always has. Look no further than Zero Hedge.

read more

REPLAY: Review of $EXAS Earnings Call (A Hedgeye Best Idea Long)

Our Healthcare Team made a monster call to be long EXAS - hear their updated thoughts.

read more

Capital Brief: 5 Things to Watch Right Now In Washington

Here's a quick look at some key issues investors should keep an eye on from Hedgeye's JT Taylor and our team of Washington Policy analysts in D.C.

read more

Premium insight

[UNLOCKED] Today's Daily Trading Ranges

“If I could only have one thing of the many things we have it would be my daily ranges." Hedgeye CEO Keith McCullough said recently.

read more

We'll Say It Again: Leave Your Politics Out of Your Portfolio

If your politics dictates your portfolio positioning, the Democrats and #NeverTrump crowd out there have had a hell of a week.

read more

Cartoon of the Day: 'Biggest Tax Cut Ever'

President Donald Trump's economic team unveiled what he called last week, "the biggest tax cut we’ve ever had.” Before you get too excited about that hang on a sec. "Trump Tax Reform ain’t gettin’ done anytime soon," Hedgeye CEO Keith McCullough wrote in today's Early Look.

read more