TODAY’S S&P 500 SET-UP – January 3, 2014
As we look at today's setup for the S&P 500, the range is 47 points or 1.25% downside to 1809 and 1.31% upside to 1856.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.61 from 2.61
- VIX closed at 14.23 1 day percent change of 3.72%
MACRO DATA POINTS (Bloomberg Estimates):
- 9:45am: ISM New York, Dec., prior 69.5
- 10:30am: EIA natural-gas storage change
- 11am: DOE Energy Inventories
- 12:45pm: Fed’s Plosser speaks in Philadelphia
- 1pm: Baker Hughes rig count
- 1:15pm: Fed’s Stein speaks in Philadelphia
- 1:30pm: Fed’s Lacker speaks in Baltimore
- 2:30pm: Fed’s Bernanke speaks in Philadelphia
GOVERNMENT:
- House, Senate not in session
WHAT TO WATCH:
- Dec. Auto Sales: SAAR May Be 15.8m vs 16.4m rate in Nov.
- U.S. East Coast facing blizzard as snow, wind ground flights
- Cox agrees to buy back AutoTrader stake at $7b valuation: WSJ
- Rupert Murdoch’s Fox sells Star China stake to management group
- Goldman raised 2012 pay for top U.K. bankers as rivals cut
- BP bid to stop Gulf oil spill payments to get fast court review
- Manhattan home sales rise to yr-end record in buyer deal rush
- Cisco’s video chief De Beer takes leave to tend ailing relative
- USDA pares rules targeting healthier school meals: Reuters
EARNINGS:
- Lindsay (LNN) 7am, $0.92 - Preview
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Copper Falls Most in Two Weeks as China Services Measure Slumps
- Brent Crude Rises Most in Two Weeks as Libyan Ports Remain Shut
- Gold Extends Rally From Biggest Loss Since ’81; Platinum Gains
- Wheat Recovers From 19-Month Low as Arctic Freeze May Hurt Crops
- Rebar Declines in Shanghai After Biggest Producers Lower Prices
- Robusta Coffee Declines to One-Month Low as Cocoa Rebounds
- Natural Gas Set for Second Weekly Decline Before Inventory Data
- Rubber Output From Key Producers Rises 4.7% in 2013, Group Says
- WTI Oil May Decline Next Week on Fed Outlook, Survey Shows
- U.S. East Coast Facing Blizzard as Snow, Wind Ground Flights
- German Power Costs Seen Dropping for Fourth Year on Glut: Energy
- U.K.’s Warmest December in 10 Years Hinders Gas Demand in Europe
- China Thermal Coal Prices May Climb on Japan Demand: Bear Case
- India 2013-14 Coffee Output Estimate Cut to 311,500 Tons
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team