THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – January 13, 2012

As we look at today’s set up for the S&P 500, the range is 21 points or -1.12% downside to 1281 and 0.50% upside to 1302. 

 

SECTOR AND GLOBAL PERFORMANCE

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EQUITY SENTIMENT:

  • ADVANCE/DECLINE LINE: 699 (+410) 
  • VOLUME: NYSE 770.06 (1.44%)
  • VIX:  20.47 -2.76% YTD PERFORMANCE: -12.52%
  • SPX PUT/CALL RATIO: 1.55 from 2.18 (-28.90%)

 

CREDIT/ECONOMIC MARKET LOOK:

  • TED SPREAD: 55.12
  • 3-MONTH T-BILL YIELD: 0.02%
  • 10-Year: 1.90 from 1.92
  • YIELD CURVE: 1.68 from 1.69

 

MACRO DATA POINTS (Bloomberg Estimates):

  • 8:30am: Import Price Index, M/m, Dec., est. -0.1% (prior 0.7%)
  • 8:30am: Trade Balance, Nov., est. -$45.0b (prior -$43.5b)
  • 9:55am: UMich Confidence, Jan. P, est. 71.5 (prior 69.9)
  • 11:10am: Fed’s Duke speaks on regulation in Santa Barbara, Calif.
  • 12:45pm: Fed’s Lacker speaks on economy in Richmond
  • 1pm: Fed’s Evans speaks in Indianapolis
  • 1pm: Baker Hughes Rig Count
  • 1:15pm: Fed’s Bullard Speaks on Monetary Policy in St. Louis

 

WHAT TO WATCH: 

  • Trade deficit may have widened in Nov. to $45b as oil imports rose, economists est.
  • J.P. Morgan is first of the large banks to release earnings; watch commentary on capital/regulatory outlook
  • Google, LG said to be in talks to collaborate on new TV service
  • Nestle, Danone said to make first-round bids for Pfizer’s baby-formula unit
  • Eastman Kodak said to be in advanced discussions with Citigroup to provide bankruptcy financing
  • Dow Chemical CEO Andrew Liveris, Alcoa CEO Klaus Kleinfeld speak on job creation, innovation at Brookings, 8:30am
  • Lufthansa, Boeing officials to speak at National Press Club on how use of biofuels will impact transportation industry, 9am
  • No IPOs scheduled: Bloomberg data

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • China Gold Hoarding Turns More Traders Into Bulls: Commodities
  • Oil Heads for Weekly Decline on Plans to Delay Iranian Embargo
  • Cocoa Falls After European Bean Processing Report; Coffee Climbs
  • Gold Drops as Some Investors Sell After Rally to One-Month High
  • Copper Advances on Optimism Euro-Area Economy Is Stabilizing
  • Copper, Oil, Gold May Drive Commodities Rally, Goldman Says
  • Gold May Gain to $1,670 as Average Breached: Technical Analysis
  • Soybeans Gain First Time in Four Days as USDA Trims Forecast
  • China’s Wen to Juggle Iran Oil Need With Saudi Ties on Gulf Trip
  • Evraz Debt Costs Diverge on Lowest U.S. Loan Rate: Russia Credit
  • Copper Tax Pushing KGHM to Debt to Keep Growing: Poland Credit
  • Rubber Drops, Paring Weekly Gain, as Oil Under $100 Cuts Appeal
  • Palm Oil Drops as USDA Forecasts Bigger U.S. Soybean Supplies
  • COMMODITIES DAYBOOK: Oil Trims Weekly Drop on Europe Optimism
  • Corn Drops After USDA Unexpectedly Lifts Global Supply Outlook
  • Uranium Returning From Brink on China Demand: Energy Markets
  • EU’s Iran Oil Embargo Said Likely to Be Delayed for Six Months

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CURRENCIES

 

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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