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TODAY’S S&P 500 SET-UP – January 10, 2013

As we look at today's setup for the S&P 500, the range is 45 points or 1.03% downside to 1446 and 2.05% upside to 1491.                                                                                                                               

SECTOR AND GLOBAL PERFORMANCE

THE HEDGEYE DAILY OUTLOOK - 1

THE HEDGEYE DAILY OUTLOOK - 2

THE HEDGEYE DAILY OUTLOOK - 3

THE HEDGEYE DAILY OUTLOOK - 4

 

EQUITY SENTIMENT:


THE HEDGEYE DAILY OUTLOOK - 10


CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 1.64 from 1.62
  • VIX closed at 13.81 1 day percent change of 1.40%

MACRO DATA POINTS (Bloomberg Estimates):

  • 8:30am: Init jobless claims, Jan. 5, est. 365k (prior 372k)
  • 8:45am: Bloomberg Jan. U.S. economic survey
  • 9:45am: Bloomberg consumer comfort, Jan. 6 (prior -31.8)
  • 10am: Freddie Mac 30-yr mortgage rates
  • 10am: Wholesale inventories, Nov., est. 0.3% (prior 0.6%)
  • 10am: JOLTs job openings, Nov., est. 3.683m (prior 3.675m)
  • 10:30am: EIA natural-gas storage change
  • 11am: Fed to buy $2.75b-$3.50b in 02/15/2020–11/15/2022 sector
  • 1pm: U.S. to sell $13b 30Y bonds reopening
  • 1:10 pm: Fed’s George speaks in Kansas City
  • 2pm: Fed’s Bullard speaks in Madison, Wisconsin
  • 8pm: Fed’s Kocherlakota speaks in Minneapolis

GOVERNMENT:

    • House, Senate not in session
    • CFPB field hearing in Baltimore on mortgage policy, 10am
    • Organic farmers to ask appeals court to reinstate suit filed against Monsanto over gene-modified seeds, 10am
    • Dow, other companies discuss natural gas exports, 12pm

WHAT TO WATCH

  • Blackrock to buy $17.6b ETF business from Credit Suisse
  • Herbalife to defend itself against Ackman in analyst mtg
  • China exports rise more than estimated as credit expands
  • Bats says system errors caused pricing problems over 4yrs
  • Spain sells EU5.8b of bonds vs maximum target of EU5b
  • BOE seen refraining from further stimulus as officials access credit plan
  • Chrysler says UAW retiree trust demands step to possible IPO
  • Volkswagen offers to buy out MAN owners to push truck intergration
  • Buffett guarantees banks pose no U.S. threat after cutting excessive risk
  • Deutsche Bank denies Libor manipulation after report of $654m gain
  • Liberty Media awarded EU765m in case against Vivendi
  • Verizon said to face backup power requirement on emergency calls
  • Tiffany, Aeropostale, American Eagle release holiday sales

EARNINGS:

    • Jean Coutu Group (PJC/A CN) 7am, $0.26
    • MSC Industrial (MSM) 7:30am, $1.01
    • Astral Media (ACM/A CN) 7:55am, $1.03
    • Supervalu (SVU) 8am, $0.07
    • Synnex (SNX) 4pm, $1.04

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Brent Oil Rises to Three-Month High on Chinese Growth, Saudi Cut
  • Corn Supply Dropping Most Since 1995 Signals Rally: Commodities
  • Saudi Arabia Said to Cut December Oil Output to 19-Month Low
  • European Copper Premium Seen Steady by Traders Amid Weak Demand
  • Palm Oil Reserves in Malaysia Gain to Record as Exports Drop
  • Goldman Names Quek Asia-Pacific Commodities Trading Head
  • Copper Rises on Chinese Exports as Aluminum Gains for Fourth Day
  • Wheat Advances as Slump to Six-Month Low May Attract Importers
  • Sugar, Cocoa, Coffee Gain as Commodities Advance on China’s Data
  • Hall Sets Up Commodities Hedge Fund Five Months After Duet Split
  • Bakken Oil on Trains to East Boosts Independence: Energy Markets
  • Molycorp Misses Rare-Earth Output Target, Reduces Sales Forecast
  • China Steam Coal Prices Fall 26% From Peak in December: BI Chart
  • Shanghai to More Than Double Bonded Warehouses as LME Eyes Port

CURRENCIES

THE HEDGEYE DAILY OUTLOOK - 6

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