THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – January 7, 2014


As we look at today's setup for the S&P 500, the range is 26 points or 0.26% downside to 1822 and 1.16% upside to 1848.                    

SECTOR PERFORMANCE

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EQUITY SENTIMENT:

 

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CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 2.57 from 2.56
  • VIX closed at 13.55 1 day percent change of -1.53%

MACRO DATA POINTS (Bloomberg Estimates):

  • 7:45am/8:55am: ICSC/Redbook weekly retail sales
  • 8:30am: Trade Deficit, Nov., est. -$40.0b (prior -$40.6b)
  • 8:30am: Fed’s Rosengren speaks in Hartford, Conn.
  • 11am: Fed to purchase $2.25b-$3b in 2021-2023 sector
  • 11:30am: U.S. to sell 4W bills, $23b 52W bills
  • Noon: DOE short-term energy outlook
  • 1pm: U.S. to sell $30b 3Y notes
  • 2:10pm: Fed’s Williams speaks in Phoenix
  • 4:30pm: API inventories

GOVERNMENT:

    • Senate in session; House returns from holiday recess
    • Senate poised for test vote on unemployment benefits
    • CFPB Director Richard Cordray takes questions on Ability-to-Repay rule; National Assn of Realtors, 10am
    • FTC Bureau of Consumer Protection Director Jessica Rich announces program against deceptive advertising of weight-loss products, 11am

WHAT TO WATCH:

  • Consumer Electronics Show officially begins in Las Vegas
  • China-linked DuPont spying trial begins today
  • China Telecom cuts iPhone price ahead of China Mobile release
  • Goodyear refuses French union talks as managers held hostage
  • Combined shipments of devices set to grow 7.6% in ’14: Gartner
  • Yellen wins Senate support to lead Fed w/ record-low backing
  • BlackBerry returns to physical-keyboard roots under new CEO
  • Samsung posts 1st profit decline since 2011 amid Apple battle
  • Plans to release bendable TVs this year
  • U.S. exchange-traded products garner record $191b in 2013
  • Sony, Nintendo mull China’s console market as ban lifted
  • FTC to hold press conf. on deceptive weight-loss advertising
  • Invesco said to pay $291m for San Francisco office tower
  • U.S. apartment rent gains to be tempered by more construction
  • Credit Suisse speeds non-strategic business leverage cutting
  • German unemployment falls as confidence in recovery struggles

EARNINGS:

    • Apollo Education (APOL) 4:01pm, $0.90
    • Commercial Metals (CMC) 7am, $0.24
    • Container Store Group (TCS) Aft-Mkt $0.08
    • IHS (IHS) 6am, $1.31
    • Micron Technology (MU) 4:04pm, $0.42

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Brent Crude Halts Longest Decline Since August Amid Iraq Clashes
  • Coldest Day in 20 Years Threatens U.S. After Transport Snarled
  • Hedge Funds Raise Gold Wagers as Yamada Sees $1,000: Commodities
  • Soybeans Decline as USDA May Lift Outlook for National Harvest
  • BofA Exits Power, Natural Gas in Europe as Trading Shrinks
  • Gold Holds Below Three-Week High as Investors Weigh Demand, Fed
  • Copper Fluctuates as China Banking Curbs Spark Demand Concern
  • Palm Oil Inventories Seen Dropping for First Time in Four Months
  • U.S. Exchange-Traded Products Garner Record $191 Billion in 2013
  • Shanghai Rubber Hits Four-Year Low Dragging Down Tokyo Benchmark
  • Rebar Retreats as China Imposes New Controls on Shadow Banking
  • Barrick Leads Multibillion Dollar Stock Sales: Corporate Canada
  • U.S. Crude Output Highest Since 1988 Yet Growth Is Flat
  • Iron Ore Exports to China From Port Hedland Increase in December

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CURRENCIES

 

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GLOBAL PERFORMANCE

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EUROPEAN MARKETS

 

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ASIAN MARKETS

 

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MIDDLE EAST

 

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The Hedgeye Macro Team