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
EQUITY SENTIMENT:
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
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team