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