THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – January 15, 2013


As we look at today's setup for the S&P 500, the range is 21 points or 1.13% downside to 1454 and 0.29% upside to 1475.            

SECTOR AND GLOBAL PERFORMANCE

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EQUITY SENTIMENT:


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CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 1.58 from 1.60
  • VIX closed at 13.52 1 day percent change of 1.20%

MACRO DATA POINTS (Bloomberg Estimates):

  • 7:45am: ICSC weekly sales
  • 8am: Fed’s Rosengren speaks in Providence, R.I.
  • 8:30am: Empire Manufacturing, Jan., est. 0 (prior -8.1)
  • 8:30am: Advance Retail Sales, Dec. est. 0.2% (prior 0.3%)
  • 8:30am: Retail Sales Ex Auto & Gas, Dec., est. 0.4%
  • 8:30am: PPI M/m, Dec., est. -0.1% (prior -0.8%)
  • 8:30am: PPI Ex Food & Energy M/m, Dec., est. 0.2% (prior 0.1%)
  • 8:50am: Fed’s Kocherlakota speaks in Golden Valley, Minn.
  • 8:55am: Johnson/Redbook weekly sales
  • 10am: Bus. Inventories, Nov., est. 0.3%
  • 11am: Fed to purchase $750m-$1b in 2023-2031 sector
  • 11:30am: Treasury to sell 4W bills
  • 12:30pm: Fed’s Plosser speaks in Rochester, N.Y.

GOVERNMENT:

    • Senate not in session
    • House may vote on $17b in aid to victims of Hurricane Sandy
    • Obama vows no negotiations on debt ceiling
    • World Bank releases Global Economic Prospects report
    • FDIC board meets to consider final rules on appraisal requirements for higher-risk mortgages, 10am
    • Washington Space Business Roundtable discussion with NASA Deputy Administrator Lori Graver on transforming agency to 21st century agency of innovation, 11:30am
    • DOT, FAA hold meeting of Commercial Space Transportation Advisory Committee on early development of regulations to protect occupants of commercial spacecraft, 1pm

WHAT TO WATCH

  • JPMorgan ordered to fix controls, pay after Whale bet
  • U.K. regulator starts JPMorgan London Whale probe
  • Citi, JPMorgan, others post monthly credit-card delinquencies
  • Facebook hosts user event later today
  • Dell buyout announcement said possible as early as this week
  • Pfizer said to weigh purchase of Strides Arcolab Agila unit
  • Morgan Stanley said to cut 15% of Asia investment bank jobs
  • Mizuho to hire senior bankers in U.S., Europe on M&A push
  • Rogers to buy Shaw’s spectrum, cable unit for C$700m
  • Warner Music sued by Gershwin heirs over royalties
  • RBS may face $800m Libor fine as soon as next week
  • Housing recovery rescuing 8m underwater borrowers in U.S.

EARNINGS:

    • Lennar (LEN) 6am, $0.45 - Preview
    • Canadian Satellite Radio (XSR CN) 7am, C$0.02
    • Commerce Bancshares (CBSH) 7am, $0.72
    • Ironwood Pharma (IRWD) 7am, $(0.49)
    • Forest Labs (FRX) 8am, $(0.08) - Preview
    • Interactive Brokers (IBKR) 4:01pm, $0.21
    • Fulton Financial (FULT) 4:29pm, $0.20
    • Linear Technology (LLTC) 5pm, $0.39

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Platinum Jumps to Three-Month High on Production Cuts, Tops Gold
  • Gold Forecasters Splitting on Peak for Bull Market: Commodities
  • Oil Trades Near Four-Month High on Colder Weather, U.S. Economy
  • Maturing North Sea Oil, Gas Production Needs More Drilling Rigs
  • Wheat Advances a Third Day as Cold Weather Threatens U.S. Supply
  • U.K. Natural Gas for Today Falls on Milder-Than-Forecast Weather
  • Cocoa Advances by 0.4% in New York, Reversing Earlier Decline
  • Palm Exports From Malaysia Slump in First 15 Days of Month
  • India May Export More Wheat From State Reserves to Cut Inventory
  • China Mills Reluctant to Restock Iron Ore as Prices Reach Highs
  • Red Kite Says Tin to Outperform Copper as Super Cycle Continues
  • Gas Exports From U.S. Surge as Sanctions Undermine Iran: Freight
  • Wheat Premium Over Corn Seen Widening on Feed: Chart of the Day
  • Copper Falls for Third Day on Concern Crisis Is Hitting Germany

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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