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