THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – December 15, 2014


As we look at today's setup for the S&P 500, the range is 58 points or 1.12% downside to 1980 and 1.78% upside to 2038.                                                    

SECTOR PERFORMANCE

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EQUITY SENTIMENT:

 

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CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 1.55 from 1.54
  • VIX closed at 21.08 1 day percent change of 4.98%

 

MACRO DATA POINTS (Bloomberg Estimates):

  • 8:30am: Empire Manufacturing, Dec., est. 12 (prior 10.16)
  • 9:15am: Industrial Production m/m, Nov., est. 0.7% (pr -0.1%)
  • 10am: NAHB Housing Market Index, Dec., est. 59 (prior 58)
  • 11am: U.S. to announce plans for auction of 4W bills
  • 11:30am: U.S. to sell $24b 3M bills, $26b 6M bills
  • 4pm: Net Long-term TIC Flows, Oct. (prior $164.3b)

GOVERNMENT:

    • Acting Deputy Sec. of State Wendy Sherman and U.S. negotiating team to meet with Iranian officials ahead of talks with world powers on Iran’s nuclear program
    • 10am: Sen. Orrin Hatch, R-Utah, joins Financial Services Roundtable discussion on “Retiring Around the Globe";

WHAT TO WATCH:

  • PetSmart Agrees to Be Bought by BC Partners Group for $83-Share
  • Oil Trades Near 5-Year Low as OPEC Seen Resisting Cuts at $40
  • Senate Passes U.S. Funding Bill After Cruz Challenge Rejected
  • JPMorgan, Citigroup, Others to Report Nov. Credit Losses
  • Sony Asks Media to Destroy Data as Sharpton Meeting Looms
  • Scott’s ‘Exodus’ Ends ‘Mockingjay’ 3-Week Run Atop Box Office
  • Lockheed Faces Pension-Mismanagement Trial Over Fees, Returns
  • Unlocking Japan Growth Potential Looms as Task for Abenomics 2.0
  • American Air, EA, Lam Research to Be Added to Nasdaq 100
  • Hostages Flee Besieged Sydney Cafe as Police Seek Bloodless End
  • ‘Monsters’ Line Road to Paris Climate Deal With Rich-Poor Divide
  • McDonald’s Said to Seek Ad Agency Ideas to Boost Sales: WSJ

EARNINGS:

    • Verifone (PAY) 4:01pm, $0.41

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Oil Jumps Most in Two Weeks as Fighting, Strike Curb OPEC Output
  • Gold Declines to Lowest in Almost a Week on Fed Rate Outlook
  • Hedge Funds’ Bullish Gold Bets Defy Goldman Outlook: Commodities
  • Goldman Sees U.S. Oil Output Steady as Costs Sink With Price
  • Wheat Drops From 6-Month High as World Crop Eases Russia Concern
  • Nickel Leads Industrial-Metals Increase After Plant Shutdown
  • Oil Slump Blindsides Bulls That Wagered on Rout Ending: Energy
  • U.A.E. Says Oil Market to Stabilize If Shale Output Doesn’t Rise
  • Libya Imposes Force Majeure at Two Oil Ports Amid Clashes
  • Rebar Falls as Weaker China Property Sales Seen Hurting Demand
  • Rubber Surges Most in Nine Months on Optimism About Thai Buying
  • Bird Flu Threatens Vancouver Christmas Dinners as Turkeys Perish
  • U.A.E. Sees OPEC Output Unchanged Even If Oil Drops to $40
  • Brent Forecast to Cost 33% Less as Demand Slows: 2015 Outlook
  • Oyster Herpes Has Scientists Trying to Save $4 Billion Industry

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CURRENCIES

 

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GLOBAL PERFORMANCE

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EUROPEAN MARKETS

 

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ASIAN MARKETS

 

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MIDDLE EAST

 

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The Hedgeye Macro Team