TODAY’S S&P 500 SET-UP – December 23, 2013
As we look at today's setup for the S&P 500, the range is 33 points or 1.39% downside to 1793 and 0.42% upside to 1826.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.52 from 2.51
- VIX closed at 13.79 1 day percent change of -2.54%
MACRO DATA POINTS (Bloomberg Estimates):
- 8:30am: Chicago Fed Natl Activity Index, Nov. (prior -0.18)
- 8:30am: Personal Income, Nov., est. 0.4% (prior -0.1%)
- 9:55am: UofMich. Conf., Dec. final, est. 82.7 (pr. 82.5)
GOVERNMENT:
- Deadline for Americans who want coverage effective Jan. 1 under ACA; hundreds of thousands whose health plans are being canceled as their coverage doesn’t meet rules are exempt next yr
WHAT TO WATCH:
- Apple strikes deal to sell iPhone through China Mobile
- U.S. eco growth to quicken next yr, IMF’s Lagarde says
- OPEC ministers see no ’14 glut amid signs of demand growth
- Tiffany ordered to pay Swatch $449m over venture dispute
- Shoppers get big discounts on last-minute holiday purchases
- Apple CEO Tim Cook sees “big plans” for 2014: 9to5Mac
- YRC said close to getting $250m in equity: WSJ
- Darden shrholder Starboard to push company reorganization: WSJ
- Elliott “irrevocably” rejects McKesson’s offer for Celesio
- “Hobbit” sequel leads N.A. weekend box office w/ $31.5m
- Goldman real-estate investment fund escapes Volcker rule: WSJ
- Paulson sells Washington Mutual debt amid FDIC lawsuit: WSJ
EARNINGS:
- No earnings expected from S&P 500
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Gas in New York Surges to Highest Intraday Price in Two Years
- Hedge Funds Cut Gold Bull Bets Amid Record Outflows: Commodities
- WTI Trades Near Two-Month High on U.S. Growth, Sudan Violence
- Nickel Reaches Seven-Week High as Indonesian Export Ban Nears
- Soybeans Advance as Dry Conditions in Argentina May Stress Crops
- Gold Resumes Decline in London on Less Haven Demand Speculation
- Rebar in Shanghai Falls to One-Month Low as Ore Price Declines
- Cocoa Climbs as Much as 0.5% to Highest Price Since Sept. 2011
- Gold Assets Post Biggest Weekly Drop Since July as Prices Slump
- Last U.S. Lead Smelter Closes Toxic History in Ore-Rich Missouri
- Speculators ‘Throwing Money’ at Natural Gas on Icy Blast: Energy
- Refiner EPS, Ebitda May Rebound on WTI-Brent: 2014 Outlook
- Qatar to Boost Europe LNG Sales as Gas Trades at 7-Year High
- Raw Sugar Falls as Traders Have First Net Short Since September
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team