THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – December 5, 2014


As we look at today's setup for the S&P 500, the range is 42 points or 1.69% downside to 2037 and 0.34% upside to 2079.                                                                                                                             

SECTOR PERFORMANCE

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EQUITY SENTIMENT:

 

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CREDIT/ECONOMIC MARKET LOOK:

 

  • YIELD CURVE: 1.71 from 1.70
  • VIX closed at 12.38 1 day percent change of -0.72%

 

MACRO DATA POINTS (Bloomberg Estimates):

  • 8:30am: Change in Nonfarm Payrolls, Nov., est. 230k (pr 214k)
  • Unemployment Rate, Nov., est. 5.8% (prior 5.8%)
  • 8:30am: Trade Balance, Oct., est. -$41.2b (prior -$43b)
  • 8:45am: Fed’s Mester speaks in Washington
  • 10am: Factory Orders, Oct., est. -0.0% (prior -0.6%)
  • 2:45pm: Fed’s Fischer speaks via video to IMF event
  • 3pm: Consumer Credit, Oct., est. $16.5b (prior $15.924b)

GOVERNMENT:

    • House, Senate out of session
    • Obama to nominate his pick for next Defense Secretary; Bloomberg, other news outlets report fmr Deputy Defense Secretary Ashton Carter as choice

WHAT TO WATCH:

  • JOBS-DAY GUIDE: Payrolls Seen Climbing Median 230k Workers
  • JPMorgan Said to Put Mortgage-Bond Trader on Leave
  • Starz Said to Consider New Options as No Buyer Found
  • CBS Stays on Dish Satellite TV While Parties Negotiate
  • Apple IPod Judge Says Trial Threatened by Lack of Plaintiff
  • Elliott Said to Bet on Caesars Default Amid Bankruptcy Talks
  • Hartford Unit Faces Racketeering Suit on Sandy Claim Denials
  • Bundesbank Sees Weaker German Eco as Euro Area Struggles
  • China Home Prices to Rebound Amid Strong Demand: Jones Lang
  • China Auto Sales Slow in Nov. as Dealer Inventories Rise
  • President Obama to announce defense sec. nominee Carter
  • Grammy nominations to be announced throughout day
  • Retail Sales, Congress Deadline, Japan GDP: Wk Ahead Dec. 6-13

EARNINGS:

    • Bank of Nova Scotia (BNS CN) 6am, C$1.40 - Preview
    • Big Lots (BIG) 6am, ($0.05)
    • National Bank of Canada (NA CN) 7:30am, C$1.15 - Preview

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG

  • Brent Heads for 5-Year Low as Saudi Discounts Spur Competition
  • Billionaire Widjaja Family to Cut Stake in Indonesia Bourse
  • Deepest Saudi Oil Discount Intensifies Fight for Asia Market
  • Ending U.S. Oil Export Ban Argument Bolstered by Price Collapse
  • Super Typhoon Bearing Down on Philippines as Gusts Hit 250 Kph
  • Nickel Trades Near 10-Week High as Copper Heads for Weekly Gain
  • Wheat Declines as Black Sea Concerns Ease, Canada Outlook Raised
  • Steel Rebar Declines on Sluggish Spot Demand to Trim Weekly Gain
  • Ethanol Joins U.S. Fuels Dominating Global Export Market: Energy
  • Gold Drops a Second Day as Dollar Strengthens Before Jobs Data
  • Soybean Traders Bearish for 17th Week on Ample World Supplies
  • EU Gas Traders Divided 2nd Week Amid Cooler Weather, Oil Drop
  • Kingsman Cuts Estimate for Sugar Deficit by 60% to 600K Tons
  • Era of Lower Oil Masks Challenges for Southeast Asian Titans
  • Winter Bomb Watch Begins From New York to Ireland as Storms Brew

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CURRENCIES

 

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GLOBAL PERFORMANCE

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EUROPEAN MARKETS

 

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ASIAN MARKETS

 

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MIDDLE EAST

 

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The Hedgeye Macro Team