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