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TODAY’S S&P 500 SET-UP – December 9, 2014


As we look at today's setup for the S&P 500, the range is 24 points or 0.45% downside to 2051 and 0.71% upside to 2075.                                             

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: 1.63 from 1.63
  • VIX closed at 14.21 1 day percent change of 20.22%

 

MACRO DATA POINTS (Bloomberg Estimates):

  • 7:30am: NFIB Sm Business Optimism, Nov., est. 96.5 (pr 96.1)
  • 10am: JOLTs Job Openings, Oct. est. 4.795m (prior 4.735m)
  • 10am: Wholesale Inventories, Oct. y/y, est. 0.2% (pr 0.3%)
  • 10am: IBD/TIPP Economic Optimism, Dec., est. 47 (prior 46.4)
  • 11:30am: U.S. to sell $25b 1Y bills, 4W bills
  • 1pm: U.S. to sell $25b 3Y notes
  • 4:30pm: API weekly oil inventories

GOVERNMENT:

    • Senate Republicans hold closed-door discussion on whether to return to 60-vote threshold for advancing presidential nominees
    • 8am: Politico, Google, Tory Burch Foundation hold second annual “Women Rule Summit: Upping the Game,” w/ VP Joe Biden, Sens. Susan Collins, R-Maine, Cory Booker, D-N.J., House Minority Leader Nancy Pelosi, D-Calif.
    • 9:30am: Senate Finance Cmte hearing on whether Social Security adequately addresses challenges women face
    • 10am: Supreme Court may issue opinions
    • 10:30am: Senate Judiciary panel hearing on sexual assaults on college campuses
    • 11am: Senate Banking subcmte hearing on inequality, opportunity in housing market
    • 2pm: Sec. of State John Kerry testifies at Senate Foreign Relations Cmte hearing on use of military force against ISIL

WHAT TO WATCH:

  • Repsol Is Said to Revive Talks With Talisman Energy Over Possible Deal
  • SEC Said to Seek Standard & Poor’s Suspension of CMBS Rating
  • Fed ‘Considerable Time’ Rate Pledge Under Scrutiny Ahead of FOMC
  • Sumitomo Mitsui Said to Buy Citigroup Japan Retail Bank
  • Cubist Barred From Blocking Generic Cubicin Beyond 2016
  • JPMorgan Said Among Banks Telling Clients to Take Cash Elsewhere
  • China Spurs Bond Rout as Riskier Debt Removed From Repo Market
  • Big Banks Face U.S. Capital Rule Tougher Than Global Agreement
  • Deutsche Bank Sued by U.S. for Alleged Scheme to Evade Taxes
  • U.S. Spending Plan to be Unveiled Today as Funding Deadline Nears
  • CIA Torture Report Set for Senate Release
  • Valeant to Stop Acquisitions in Near Term: Reuters
  • Lone Star Said to Compete With Springleaf in Bid for Citigroup’s OneMain
  • Obama Proposes Expanding China Solar-Cell Levy to New Suppliers
  • Greek Government Bonds Drop as Presidency Vote Brought Forward

EARNINGS:

    • Analogic (ALOG) 4:15pm, $0.41
    • AutoZone (AZO) 7am, $7.16
    • Conn’s (CONN) 7am, $0.68
    • HD Supply (HDS) 6am, $0.53
    • Hudson’s Bay (HBC CN) 7am, C$0.06
    • John Wiley (JW/A) 8am, $0.84
    • Krispy Kreme Doughnuts (KKD) 4:05pm, $0.19
    • NCI Building Systems (NCS) 4:05pm, $0.17
    • Transcontinental (TCL/A CN) 8:05am, C$0.74
    • UTi Worldwide (UTIW) 8am, $0.05

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Crude Rebounds From Five-Year Low Amid Shale-Oil Spending Curbs
  • Iron Ore Outlook Cut by JPMorgan as BHP, Rio Shares Extend Slump
  • Kuwait Sees Oil Stuck at $65 for Six Months Until OPEC Moves
  • Cheap Oil Also Means Cheap Copper, Corn and Sugar: Commodities
  • El Nino-Like Weather Seen by Morgan Stanley in South America
  • Gold Rises a Second Day as Lower Dollar and Equities Spur Demand
  • Iraq Follows Saudis Discounting Oil for Asia to 11-Year Low
  • Nickel Leads Industrial-Metals Declines on China Demand Concern
  • OPEC Early Meeting Seen More Likely by Analysts Amid Price Fall
  • Anglo American Cuts Capex, Sees 2016 Div. Funded From Cashflow
  • New York’s Snow Lovers to Get Stuck With Rain in Storm Pinwheel
  • Wheat Drops on Warmer Black Sea Weather, Slow U.S. Export Demand
  • Bullion Board Seen by Council as Way to Manage India Gold Demand
  • Putin Plan to Ship Gas to Europe Via Turkey Seen as Unrealistic
  • More Beef From Down Under Heading for U.S. Tables as Herd Drops

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