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TODAY’S S&P 500 SET-UP – December 26, 2013

As we look at today's setup for the S&P 500, the range is 43 points or 1.71% downside to 1802 and 0.64% upside to 1845.                                                                                                              

SECTOR PERFORMANCE

THE HEDGEYE DAILY OUTLOOK - 1

THE HEDGEYE DAILY OUTLOOK - 2

 

EQUITY SENTIMENT:

 

THE HEDGEYE DAILY OUTLOOK - 10                                                                                                                                                                  

 

CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 2.58 from 2.58
  • VIX closed at 12.48 1 day percent change of -4.29%

MACRO DATA POINTS (Bloomberg Estimates):

  • 8:30am: Jobless Claims, Dec. 21 (prior 379k), est. 345k
  • 9:45am: Bloomberg Consumer Comfort, Dec. 22 (prior -29.4)
  • 10am: Freddie Mac mortgage rate survey

GOVERNMENT:

    • Senate out of session until Jan. 6; House returns Jan. 7
    • President Obama, First Family on vacation in Hawaii

WHAT TO WATCH:

  • UPS misses some Christmas deliveries; AMZN offers refunds
  • Turkey’s Erdogan overhauls cabinet amid graft probe
  • Target seen losing customer loyalty after credit-card breach
  • BlackBerry founder Lazaridis walks away from possible deal
  • Volcker Rule challenged in U.S. court by bank industry group
  • U.S. Postal Service wins temporary 6% rate increase request
  • Apollo said to win approval to lift fund limit to $17.5b
  • Alibaba unit wins license to compete in China wireless mkt
  • Japan banking regulator seeks authority over Tibor rate
  • Softbank to raise funds for T-Mobile deal in U.S.: Nikkei
  • Abe draws China ire w/ visit to Japan’s Yasukuni war shrine
  • Batista cedes control of OGX oil co. in $5.8b debt deal
  • NOTE: Most European, Canada equities mkts closed today

EARNINGS:

    • No earnings expected

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Platinum Climbs to One-Week High as Gold Holds Above $1,200
  • Copper Gains as Economic Growth May Lift Industrial Metal Demand
  • Bug Bites Cut Florida Orange Crop to Two-Decade Low: Commodities
  • China’s Soybean Demand May Rise Amid Scrutiny of DDGS Imports
  • WTI Crude Little Changed Amid Low Volumes on U.K. Boxing Day
  • Palm Oil Climbs to Two-Week High as Output May Drop in Malaysia
  • Rebar in Shanghai Closes Near Five-Week Low as Inventory Climbs
  • WTI-Brent Squeezed in December, Though Above 2013 Lows: BI Chart
  • Red Kite Metals Fund Gains More Than 40%, Telegraph Reports
  • Iraq Seeks to Buy 30,000 Metric Tons of Rice: Ministry
  • BTG Grows in Commodities as Big Banks Retreat: Corporate Brazil
  • Russia Seeks Belarusian Gasoline to Cover Peak Demand in 2014
  • Batista Cedes Control of Oil Explorer in $5.8 Billion Debt Deal
  • China Said to Increase Scrutiny of U.S. Imports for GMO Corn

THE HEDGEYE DAILY OUTLOOK - 5

 

CURRENCIES

 

THE HEDGEYE DAILY OUTLOOK - 6

GLOBAL PERFORMANCE

 

THE HEDGEYE DAILY OUTLOOK - 3

THE HEDGEYE DAILY OUTLOOK - 4

EUROPEAN MARKETS

 

THE HEDGEYE DAILY OUTLOOK - 7

ASIAN MARKETS

 

THE HEDGEYE DAILY OUTLOOK - 8

MIDDLE EAST

 

THE HEDGEYE DAILY OUTLOOK - 9

The Hedgeye Macro Team