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TODAY’S S&P 500 SET-UP – December 10, 2014


As we look at today's setup for the S&P 500, the range is 32 points or 0.82% downside to 2043 and 0.74% 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: 1.60 from 1.60
  • VIX closed at 14.89 1 day percent change of 4.79%

 

MACRO DATA POINTS (Bloomberg Estimates):

  • 7am: MBA Mortgage Applications, Dec. 5 (prior -7.3%)
  • 10:30am: DOE Energy Inventories
  • 11:15am: Bank of Canada’s Poloz news conference in Ottawa
  • 1pm: U.S. to sell $21b 10Y bills in reopening
  • 2pm: Monthly Budget Stmt, Nov., est. -$65b (pr -$135.226b)

GOVERNMENT:

    • 9am: FDIC Systemic Resolution Advisory Cmte meeting on resolution of systemically important financial companies
    • 9:30am: House Oversight subcommittee on energy policy holds hearing on EPA’s management of Renewable Fuel Standard
    • 10am: Senate Banking Cmte hearing on cybersecurity for financial sector
    • 10am: Senate Agriculture Cmte hears from Commodity Futures Trading Commission Chairman Timothy Massad on derivatives regulation
    • 10am: House Foreign Affairs Cmte hears from Brett McGurk, U.S. representative to global coalition to counter Islamic State
    • 10am: House Transportation and Infrastructure subcommittee on aviation hearing on unmanned aircraft systems
    • 10:15am: House Energy and Commerce’s Health Subcmte hearing on FDA role in regulating genetically modified food ingredients
    • 2:30pm: Senate Judiciary Cmte hearing on President Obama’s orders on immigration

WHAT TO WATCH:

  • Global Airlines to Make Record Profit in 2015, IATA Says
  • JPMorgan Is Seen Needing >$20b for Fed’s New Capital Rules
  • Costco 1Q EPS Beats Estimates on Same-Store Sales Bounce
  • Santander Isn’t Weighing Buyout of U.S. Auto Unit
  • N.Y. Supervised Banks to Face Tougher Cyber Security Tests: FT
  • Honda Stops Sale of Acura Sedan in U.S. in Latest Quality Fault
  • Abercrombie Buyout No Longer Off Limits After CEO Exit
  • Woodside Preferred Bidder for Apache Assets, Australian Says
  • RBS Said to Exit Japan Fixed-Income Trading With 200 Jobs Cut
  • CIBC Said to Mull Offer for LSE’s Russell Asset-Management Unit
  • Hong Kong Protesters Dismantle Tents Before Police Clear Streets
  • Netflix CEO Says Broadcast TV To Last Another 16 Yrs
  • Crude Resumes Slump as Iran Sees $40 If OPEC Solidarity Breaks
  • Kepler Sees Early 2015 as Transition Period for Equities
  • Ferrari Said to Consider Moving Fiscal Residence Outside Italy

AM EARNS:

    • Ferrellgas Partners (FGP) 7am, ($0.25)
    • Francesca’s (FRAN) 7:30am, $0.17
    • Hovnanian Enterprises (HOV) 9:15am, $0.21 - Preview
    • Laurentian Bank of Canada (LB CN) 8:37am, C$1.41

PM EARNS:

    • Avanir Pharmaceuticals (AVNR) 4:01pm, ($0.06)
    • Casey’s General Stores (CASY) 4pm, $1.17
    • Men’s Wearhouse (MW) 5:30pm, $0.87
    • Oxford Industries (OXM) 4pm, $0.02
    • Peregrine Pharmaceuticals (PPHM) 4pm, ($0.07)
    • Restoration Hardware (RH) 4:05pm, $0.47
    • Wet Seal (WTSL) 4:05pm, ($0.28)

 

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • OPEC Says 2015 Demand for Its Crude Will Be Weakest in 12 Years
  • El Nino Conditions Seen Forming by Japan as Pacific Oceans Warms
  • Aluminum Leaving LME Seen by Jefferies Spurring More Volatility
  • Texas Is Now Home to Bargain-Hunting Japanese Oil Buyers: Energy
  • Gale Force Winds Batter Britain as Thousands of Homes Lose Power
  • Glencore Expects Long-Term Thermal Coal Demand Growth at 4.5%/Yr
  • Gold Trades Below Six-Week High as Dollar, Rates Outlook Weighed
  • Further Easing in India’s Gold Curbs to Be Measured: Minister
  • Glencore Sees Nickel Moving Into Substantial Deficits From 2018
  • China’s Copper Smelters Jump After Getting Higher Treatment Fees
  • Andy Hall Turns to Dollar for Commodity Fund Gain After Phibro
  • Soybeans Rise to Highest in Almost Four Weeks Before USDA Report
  • Iron Ore Miners Battling Price Slump Halt Exports From India
  • China’s SRB Copper Buying at 700,000T Overestimated: Glencore
  • Brent Crude Trades Near Five-Year Low With WTI Amid Surplus

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