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TODAY’S S&P 500 SET-UP – January 8, 2014


As we look at today's setup for the S&P 500, the range is 26 points or 0.76% downside to 1824 and 0.66% upside to 1850.                                 

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: 2.56 from 2.55
  • VIX closed at 12.92 1 day percent change of -4.65%

MACRO DATA POINTS (Bloomberg Estimates):

  • 7am: Mortgage Applications, Jan. 3 (prior -6.3%)
  • 8:15am: ADP Employment Change, Dec., est. 200k (prior 215K)
  • 10:30am: DOE Energy Inventories
  • 11am: Fed to purchase $1b-$1.5b in 2036-2043 sector
  • 1:00pm: U.S. to sell $21b in 10Y notes in reopening
  • 2pm: Fed releases minutes of Dec. FOMC meeting
  • 3pm: Consumer Credit, Nov., est. $14b (prior $18.186b)

GOVERNMENT:

    • House, Senate appropriators continue talks on final FY 2014 spending bill, aiming for passage by Jan. 15 deadline
    • Treasury Sec. Jack Lew in Berlin for talks with German Finance Minister Wolfgang Schaeuble on growth, stability
    • 10am: Senate Banking Cmte panel meets to discuss GAO report on govt support for bank holding cos.

WHAT TO WATCH:

  • Mulally bows out of Microsoft race to helm Ford this year
  • Sherwin-Williams among paint makers ordered to pay $1.15b
  • Twitter taking questions via Twitter for 1st results since IPO
  • Apple to open 10th store in mainland China after Cook’s pledge
  • Chinese businessman says NYT bid faces obstacles: Reuters
  • N.Y. Times rejects meeting with China’s Chen Guangbiao: WSJ
  • WellPoint to sell contact lens site to Thomas H. Lee Partners
  • Federal probe targets banks over bond pricing: WSJ
  • Yahoo’s Mayer unveils content, advertising tools in rev. push
  • Cisco CEO pegs Internet of Things as $19t opportunity
  • JPMorgan fails to throw out California debt collection case
  • Madoff trustee tops $10b recovery with JPMorgan deal
  • Hedge funds trail stocks for 5th year with 7.4% return in 2013
  • EU puts banking-union credibility on line in resolution talks
  • Buick sales of 1m tops 1984 record set before China entry
  • Sirius beats subscriber targets, holds steady on 2014 ests.
  • U.K. home prices to extend advance this yr, Halifax says
  • Arctic cold cuts fuel supplies as refineries to pipes freeze

EARNINGS:

    • Bed Bath & Beyond (BBBY) 4:15pm, $1.15 - Preview
    • Constellation Brands (STZ) 7:30am, $0.91 - Preview
    • Global Payments (GPN) 4:01pm, $1.02 - Preview
    • Monsanto (MON) 8am, $0.64 - Preview
    • MSC Industrial (MSM) 7:30am, $0.95 - Preview
    • RPM Intl (RPM) 7:30am, $0.45 - Preview
    • UniFirst (UNF) 8am, $1.62

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • WTI Rises for Second Day as U.S. Crude Stockpiles Seen Declining
  • Soybeans Drop a Second Day as USDA Report May Show Ample Supply
  • Gold Mine Deals Seen Rebounding on Fire-Sale Prices: Commodities
  • Gold Drops Before Fed Minutes as Job Data May Signal Recovery
  • Arabica Coffee Resumes Gains Amid Index Change; Robusta Declines
  • Copper Fluctuates Before Release of Fed Policy-Meeting Minutes
  • Chinese Copper Demand Seen Boosted by Grid Target, Barclays Says
  • Rebar Ends Near Seven-Month Low on China Record Credit Hole
  • Sake Boom Revives Vintage Rice Strains as Abe Eyes Farm Exports
  • Arctic Cold Cuts Fuel Supplies as Refineries to Pipelines Freeze
  • Japan Police Probe Pesticide in Croquettes That Sicken Hundreds
  • Calls to Drop 1970s-Era U.S. Oil Export Ban Stir Political Fight
  • Seaborne Coal Demand May Pick Up in 1Q on Inventory Building
  • Indonesia Proposes Allowing Concentrate Exports as Ore Ban Looms

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