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