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TODAY’S S&P 500 SET-UP – January 2, 2014


As we look at today's setup for the S&P 500, the range is 28 points or 0.99% downside to 1830 and 0.52% upside to 1858.                                          

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: 2.64 from 2.65
  • VIX closed at 13.72 1 day percent change of 1.18%

MACRO DATA POINTS (Bloomberg Estimates):

  • 8:30am: Init. Jobless Claims, Dec. 28, est. 342k (pr 338k)
  • 8:58am: Markit US PMI final, est. 54.7 (prior 54.7)
  • 9:45am: Bloomberg Consumer Comfort, Dec. 29 (prior -27.4)
  • 10am: Freddie Mac mortgage rates
  • 10am: ISM Manufacturing, Dec., est. 56.8 (prior 57.3)
  • 10am: Construction Spending M/m, Nov., est. 0.7% (pr 0.8%)

GOVERNMENT:

    • No major events scheduled

WHAT TO WATCH:

  • Fiat to buy full control of Chrysler in $4.35b deal
  • Ford adds SunPower solar cells to recharge electric concept car
  • Macau Dec. casino rev. rises 18.5%, beating est.
  • U.S. Northeast storm threatens travel disruptions
  • U.S., Canada box office set 2013 record
  • U.S. solar battery makers ask for probes into Chinese products
  • Samsung’s Lee urges shift beyond hardware in Apple battle
  • Berkshire seen failing Buffett’s 5-yr test for 1st time
  • Chinese manufacturing indexes fell in Dec.
  • AllThingsD editors unveil technology-news Site called Re/Code
  • Oil impurities, labeling being probed in rail explosions: WSJ
  • ICE said to seek EU1b-1.5b in Euronext IPO, Telegraaf reports
  • Motorola Moto X smartphone now starting at $399
  • Google to shut down Bump, Flock: TechCrunch
  • Snapchat account information of 4.6m said leaked: CNET

EARNINGS:

    • No earnings scheduled by S&P 500 companies

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Copper Touches Six-Month High as Inventories Continue to Shrink
  • Cheaper Hanoi Pork Shows Crops Ease World Food Cost: Commodities
  • Brent Trades Near One-Week Low as Libya Oilfield Seen Restarting
  • Gold Rebounds With Silver After Worst Annual Retreats Since 1981
  • U.S. Natural Gas Rebounds From Biggest Drop in Eight Months
  • Wheat Prices Steady in Paris Before Grain Trading Starts on CBOT
  • Rebar Rises First Time in Three Days as Property Prices Advance
  • Cocoa Drops Below 100-Day Moving Average as Robusta Catches Up
  • World’s Biggest Iron-Ore Port Opens as Australia Storm Fades
  • Perth Mint Gold Sales Jump 41% in 2013 on Worst Rout in 32 Years
  • LBMA Says Rene Hochreiter Most Accuarate Gold Forecaster in ’13
  • South African White Corn Rises to 17-Year High on Supply Concern
  • OPEC Oil Output Declines to Lowest Since July 2011: BI Chart
  • Palm Ends Near Three-Week High After First Annual Gain Since ’10

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