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