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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