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TODAY’S S&P 500 SET-UP – December 11, 2014


As we look at today's setup for the S&P 500, the range is 24 points or 0.40% downside to 2018 and 0.78% upside to 2042.                                        

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: 1.58 from 1.60
  • VIX closed at 18.53 1 day percent change of 24.45%

 

MACRO DATA POINTS (Bloomberg Estimates):

  • 8:30am: Retail Sales Advance, Nov., est. 0.4% (prior 0.3%)
  • 8:30am: Import Price Index, m/m, Nov., est. -1.8% (pr -1.3%)
  • 8:30am: Initial Jobless Claims, Dec. 6, est. 297k (pr 297k)
  • 8:45am: Bloomberg U.S. Economic Survey, Dec.
  • 9:45am: Bloomberg Consumer Comfort, Dec. 7 (prior 39.8)
  • 10am: Business Inventories, Oct., est. 0.2% (prior 0.3%)
  • 10am: Freddie Mac mortgage rates
  • 10:30am: EIA natural-gas storage change
  • 12:pm: Household Change in Net Worth, 3Q (prior $1.390t)
  • 1pm: U.S. to sell $13b 30Y bonds in reopening

GOVERNMENT:

    • Deadline day for govt funding bill
    • 9:10am: SEC Chair Mary Jo White speaks at New York Times Dealbook conference
    • 9:30am: House Energy and Commerce subcmte holds hearing on crude oil export ban
    • 12:15pm: IRS Commissioner John Koskinen delivers luncheon keynote address at GWU, IRS International Tax Conf.

WHAT TO WATCH:

  • New York Regulator Said to Probe Barclays, Deutsche Bank Forex Algorithms
  • Oil Trades Near 5-Yr Low as Saudis Question Need to Cut Output
  • Cargill Weighs Stand-Alone Bid for Animal-Feed Supplier Nutreco
  • Wal-Mart Report Found Inflated Profit in China
  • KKR Is Looking at Mexico Investment Opportunities, Petraeus Says
  • House Passes Bill to Ease Dodd-Frank Capital Rules for Insurers
  • PBOC Said to Inject 400b Yuan as Targeted Move Preferred
  • Google Shutting Down Spain News Website After Copyright Ruling
  • Walgreen CEO Is Out as Top Shareholder Pessina Takes Over
  • United Technologies Fills CFO Post Ahead of Investor Day
  • Fiat Chrysler Sells Stock at 4% Discount After Slump on NYSE
  • Starboard Takes 6% Staples Stake, Boosts Office Depot Shrs: WSJ
  • Ebay Said to Mull Cutting Thousands of Jobs Next Year: WSJ
  • SNB Sees Higher Deflation Risk, Keeps Franc Limit at EU1.20
  • Hong Kong Police Tear Down Tents as Democracy Protesters Make Last Stand
  • Danone Said to Discuss Two Offers Topping $3.7b for Nutrition Unit
  • ECB Says Banks Take EU130b in 2nd Targeted Long-Term Loan Offer

EARNINGS:

    • Adobe Systems (ADBE) 4:02pm, $0.30
    • Ciena (CIEN) 7am, $0.13
    • Dominion Diamond (DDC CN) 5pm, $0.25
    • Esterline Technologies (ESL) 4:05pm, $1.84
    • Lululemon (LULU) 5:30am, $0.38 preview
    • Methode Electronices (MEI) 6:30am, $0.55
    • Nordson (NDSN) 4:30pm, $1.13
    • North West (NWC CN) 10:45am, C$0.38
    • Quiksilver (ZQK) 4:04pm, ($0.12)
    • RadioShack (RSH) 7am, ($1.04)

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Oil Trades Near 5-Year Low as Saudis Question Need to Cut Output
  • Roubini Global Predicts Sub-$60 Iron Ore Amid ‘Massive Surplus’
  • Milk Glut Spurs Slump in Win for U.S. Butter Eaters: Commodities
  • Gold Declines With Silver for Second Day as Dollar Strengthens
  • Robusta Coffee Falls for 6th Day on Vietnam Harvest; Cocoa Drops
  • HSBC Sees Silver Market Moving Into Supply Deficit Next Year
  • Copper Advances Amid Speculation China Will Move to Stoke Growth
  • Ore Ship-Charter Cost Has Longest Retreat in More Than a Year
  • Putin Pledges Oil, Weapons and Nuclear Power for Modi in India
  • Traders Hedge Oil ETF While Energy Stocks Lure Buyers: Options
  • Brent Crude May Fall to $60 a Barrel in Coming Weeks: Natixis
  • Wheat Extends Drop as Supply Outlook Improves; Soybeans Climb
  • ICE Gasoil Flips to Front-Month Contango for 1st Time Since Oct.
  • Iraq Says Its Oil Pricing Gives ‘No Basis’ for Price War Claims
  • Gold ETF Buyers Return as Investors Take Cover From Equities

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