TODAY’S S&P 500 SET-UP – December 31, 2013
As we look at today's setup for the S&P 500, the range is 38 points or 0.98% downside to 1823 and 1.08% upside to 1861.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.61 from 2.60
- VIX closed at 13.56 1 day percent change of 8.83%
MACRO DATA POINTS (Bloomberg Estimates):
- 7:45am/8:55am: Weekly retail sales from ICSC/Redbook
- 9am: S&P Case-Shiller 20 City M/m, Oct., est. 1% (pr 1.03%)
- 9:45am: Chicago Purchasing Mgr, Dec., est. 61.0 (pr 63.0)
- 10am: Consumer Confidence Index, Dec., est. 76.3 (pr 70.4)
GOVERNMENT:
- House, Senate not in session
WHAT TO WATCH:
- Last trading day of 2013; S&P 500 set for best yr since ’97
- Volcker rule court halt request withdrawn by bankers group
- BP asks court to block payments not directly linked to spill
- Netflix tests subscription fees based on no. of account users
- Apollo Tyres surges in Mumbai after Cooper drops merger plan
- Fisker creditors seek asset sale through bidding process
- UnitedHealth faces probe after dropping 2k doctors: N.Y. Post
- Berkshire to exchange $1.4b in Phillips 66 stock for unit
- Apple e-books monitor should be free to query Cook, U.S. argues
- Boeing to move 777x wing output on union rejection: Reuters
- China approves $353m of share sales as IPOs to resume
- Gold with silver heading for worst yr since ’81 on asset sales
- Corn set for worst drop since ’60 as crop prices slump
- Singapore economy grew 3.7% in 2013, Prime Minister Lee says
EARNINGS:
- No S&P 500 earnings reports scheduled for today
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Commodities Set for First Drop in 5 Years as Corn to Gold Tumble
- Corn Set for Worst Drop Since ’60 as Crop Prices Slump on Output
- Gold Bulls Retrench as Price Drops Most in 32 Years: Commodities
- WTI Set for Fourth Gain in Five Years as U.S. Stockpiles Decline
- Lead Falls as Some Investors Sell After Industrial-Metals Rally
- Gold With Silver Heading for Worst Year Since ’81 on Asset Sales
- Palm Oil Posts First Annual Gain Since 2010 as Demand Surges
- Rebar Posts Monthly Loss Amid Concern on Local Government Debt
- Sugar Futures Rebound, Narrowing Annual Decline; Cocoa Rises
- Europe Loses Out on 90% of Oil Use Growth Beyond OECD: Bear Case
- Hedge Fund Crude Wagers Climb to Highest Since September: Energy
- China Gold Imports From Hong Kong Slump as Price Declines
- Iron Ore Miners Seek to Restart Port, Rail as Cyclone Fades
- Gazprom’s Pipe Control May Hinder Independent Gas: Bear Case
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team