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
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
CURRENCIES
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team