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TODAY’S S&P 500 SET-UP – December 4, 2014


As we look at today's setup for the S&P 500, the range is 45 points or 1.90% downside to 2035 and 0.27% upside to 2080.                                                                                                                          

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: 1.73 from 1.73
  • VIX closed at 12.47 1 day percent change of -2.96%

MACRO DATA POINTS (Bloomberg Estimates):

  • 7am: Bank of England seen maintaining 0.5% bank rate
  • 7:30am: Challenger Job Cuts y/y, Nov. (prior 11.9%)
  • 7:30am: RBC Consumer Outlook Index, Dec. (prior 51.7)
  • 7:45am: ECB seen maintaining 0.05% main refinancing rate
  • 8:30am: Init Jobless Claims, Nov. 29 est. 295k (prior 313k)
  • 8:30am: ECB’s Draghi holds news conference
  • 8:30am: Fed’s Mester speaks in Washington
  • 9:45am: Bloomberg Consumer Comfort, Nov. 30 (prior 40.7)
  • 10am: Freddie Mac mortgage rates
  • 10:30am: EIA natural-gas storage change
  • 11am: U.S. to announce plans for auction of 3M/6M/1Y bills, 1Y bills, 3Y/10Y/30Y debt
  • 12:30pm: Fed’s Brainard speaks in Washington

GOVERNMENT:

    • Sec. of State John Kerry meets with Russian Foreign Minister Sergei Lavrov in Basel, Switzerland; delivers remarks at London Conference on Afghanistan, holds meetings with officials including Pakistani Prime Minister Nawaz Sharif
    • Financial Industry Regulatory Authority board meets to consider items including proposed amendments to TRACE rules
    • 11:50am: President Obama delivers remarks at summit on college opportunity
    • 2:30pm: SEC Commissioner Kara Stein speaks at the Consumer Federation of America’s Financial Services Conference

WHAT TO WATCH:

  • Draghi Nudges Policy Bounds as ECB Awaits Stimulus Evidence
  • Fisher Says Slow Roll Off of Fed Assets Would Do No Harm
  • CBS to Pull Network From Dish Today Without New Agreement
  • Chrysler Expands Air-Bag Recall; Not Enough for Regulators
  • Toyota Widens Air-Bag Recalls on Japan Scrapyard Rupture
  • November U.S. Comps. Seen Benefiting From Early Holiday Sales
  • Unilever to Split Spreads Business Into Standalone Unit
  • *Blackstone Pres. James Considers Role Outside Co.: Reuters
  • Best Buy Sells Five Star Business in China to Jiayuan Group
  • Google Seeks to Avoid Paying Authors to Scan Their Books
  • Nextera Agrees to Buy Hawaiian Electric for $2.63b
  • Sanofi Whistle-Blower Says in Suit Drugmaker Paid Kickbacks
  • EU’s Privacy Law Backtracking Seen Thwarting Google, Facebook
  • Amgen Wins Early U.S. Approval for Rare Leukemia Treatment
  • Take-Two’s Grand Theft Auto Pulled From Australian Shelves
  • Buffett’s NetJets Sued by Pilots’ Union Over Privacy Breach
  • UTi Worldwide, DSV Said to Halt Talks After UTi Shares Spike
  • Putin Calls for Harsh Measures on Speculators as Ruble Drops

AM EARNS:

    • Barnes & Noble (BKS) 8:30am, $0.31
    • CIBC (CM CN) 5:56am, C$2.25 - Preview
    • Descartes Systems (DSG CN) 6am, $0.15
    • Dollar General (DG) 7am, $0.80 - Preview
    • Dollarama (DOL CN) 7:30am, C$0.54
    • Express (EXPR) 7am, $0.16
    • Gildan Activewear (GIL CN) 8:30am, $1.08
    • Kroger (KR) 8:30am, $0.61 - Preview
    • Sears (SHLD) 6am, ($3.31)
    • Toro (TTC) 8:30am, $0.15
    • Toronto-Dominion Bank (TD CN) 6:30am, C$1.06 - Preview
    • United Natural Foods (UNFI) Bef-mkt, $0.63

PM EARNS:

    • Ambarella (AMBA) 4:05pm, $0.54
    • American Eagle Outfitters (AEO) Aft-Mkt, $0.22
    • Cooper Cos (COO) 4pm, $2.03
    • Finisar (FNSR) 4pm, $0.25
    • Five Below (FIVE) 4:01pm, $0.06
    • Smith & Wesson (SWHC) 4:05pm, $0.07
    • Ulta Salon (ULTA) 4:03pm, $0.84 - Preview
    • Zumiez (ZUMZ) 4:01pm, $0.53

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • WTI Crude Steady After U.S. Stockpiles Drop From Five-Month High
  • Gold Retreats as Dollar Holds Advance Before ECB Policy Meeting
  • Blame Italian Olive Bugs for Dearth of Virgin Oil: Commodities
  • Sub-$50 Oil Surfaces in North Dakota as Regional Discounts Swell
  • Philippines Starts Evacuations Before Super Typhoon Lands
  • Copper in London Rises on U.S. Jobs Data, Mine Fire: LME Preview
  • Vietnam Plans to Replant 120,000 Hectares Coffee by 2020: Duc
  • World Food Prices Stabilize as Costs Diverge for Grain, Sugar
  • Purple Cocoa Pods Help Women Farmers Crack Ban on Land Ownership
  • Zambia to Resist ‘Stampede’ Against New Mines-Tax Proposals
  • Norway Seeks to Temper Oil Addiction After OPEC Price Shock
  • Wheat Extends Slide From Five-Month High Amid Ample Supplies
  • Ebola Traps Drug Shipment as West African Economies Unravel
  • Saudi Arabia Seen Widening Asia Oil Discount on Shale Surge

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