TODAY’S S&P 500 SET-UP – December 24, 2013
As we look at today's setup for the S&P 500, the range is 39 points or 1.75% downside to 1796 and 0.38% upside to 1835.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.56 from 2.54
- VIX closed at 13.04 1 day percent change of -5.44%
MACRO DATA POINTS (Bloomberg Estimates):
- 7am: MBA Mortgage Applications, Dec. 20 (prior -5.50%)
- 7:45am: ICSC weekly sales
- 8:30am: Durable Goods, Nov., est. 1.7% (pr -2%, rev -1.6%)
- 8:55am: Johnson/Redbook weekly sales
- 9am: FHFA House Price Index m/m, Oct., est. 0.4% (pr 0.3%)
- 10am: New Home Sales, Nov., est. 444k (prior 444k)
- 10am: Richmond Fed Manufacturing Index, Dec. (prior 13)
- 4:30pm: API weekly oil inventories
GOVERNMENT:
- Yday’s deadline extended to midnight today 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
- Federal govt. offices close early
WHAT TO WATCH:
- JPMorgan boosts banker pay as Morgan Stanley adds cash: WSJ
- U.S. store traffic sinks 21% as last-ditch deals flop
- KKR raises $1.5b for property in North America and Europe
- Blackstone-backed La Quinta files confidentially for U.S. IPO
- Hyundai, Kia paying as much as $395m to settle U.S. suits
- China money rate tumbles most since 2011 as PBOC injects cash
- JPMorgan boosts debit-card spending limits after Target breach
- Time Warner Cable deal unlikely to hit barriers with regulators
- Weinstein European bet said to spur 2nd losing yr for Saba
- Apple-backed Rockstar said to hold discussions to sell patents
- W.R. Grace bank settlement opens path to exit from bankruptcy
- Tesla Model S keeps NHTSA 5-star rating amid U.S. safety review
EARNINGS:
- No S&P 500 co. earnings scheduled today
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Brent Crude Futures Rise on Escalating Violence in South Sudan
- Rusal Claims LME Warehouse Rule Changes ‘Irrational’, HKEx Says
- Metals Seen Rallying With Crops After Record Tumble: Commodities
- Copper Rises a Third Day as China’s Central Bank Adds Liquidity
- Cotton Gains After Report of Damage at Warehouse; Sugar Falls
- Gold Swings as Investors Weigh Economy Against Physical Buying
- Wheat Trades Near 19-Month Low as Investors Weigh Price, Supply
- China Beef Imports Seen Doubling by Rabobank Over Five Years
- Rebar Rises From Four-Week Low as China Vows to Curb Pollution
- Rubber Surplus Seen Expanding as Production Outpaces Demand
- Paris Wheat May Gain 1.7% as 50-Day MA Holds: Technical Analysis
- Brazil’s BTG Pactual Said to Expand Commodities Hedging, Trading
- Iran Oil Exports Slow to Rise Amid Sanctions, Insurance Limits
- Brent Price Movements Partly Linked to Libyan Oil Supply Cuts
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team