TODAY’S S&P 500 SET-UP – January 9, 2014
As we look at today's setup for the S&P 500, the range is 25 points or 0.68% downside to 1825 and 0.68% upside to 1850.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.57 from 2.56
- VIX closed at 12.87 1 day percent change of -0.39%
MACRO DATA POINTS (Bloomberg Estimates):
- 7am: BoE seen maintaining benchmark interest rate at 0.5%
- 7:30am: Challenger Job Cuts y/y, Dec. (prior -20.6%)
- 7:30am: RBC Consumer Outlook Index, Jan. (prior 49.7)
- 7:45am: ECB seen maintaining benchmark rate at 0.25%
- 8:30am: ECB’s Draghi holds news conference
- 8:30am: Init. Jobless Claims, Jan. 4, est. 335k (pr 339k)
- 9:45am: Bloomberg Consumer Comfort, Jan. 5 (prior -28.7)
- 10am: Freddie Mac mortgage rates
- 10:30am: EIA natural-gas storage change
- 11am: Fed to purchase $600m-$900m in 2024-2031 sector
- 1pm: U.S. to sell $13b 30Y bonds in reopening
- 1:30pm: Fed’s George speaks in Madison, Wis.
- 8pm: Fed’s Kocherlakota speaks in Minneapolis
GOVERNMENT:
- 10am: House Financial Services panel holds hearing on Federal Reserve’s quantitative easing program
- 10am: House Natural Resources Cmte meets on administration’s coal policies
- 11:30am: House Speaker John Boehner holds media briefing
- 2pm: President Obama delivers remarks on anti-poverty proposals
WHAT TO WATCH:
- U.S. regulators said to weigh Volcker exemption for TruPS CDOs
- Dec. U.S. comp. sales hurt by weak holidays, traffic
- McKesson said to offer raised Celesio bid of EU23.50/share
- JPMorgan’s Madoff prosecution case deferred by U.S. judge
- CFTC ready to push interest-rate swaps to trading platforms
- Samsung plans Galaxy S5 by April w/possible eye-scan security
- Murdoch’s 21st Century Fox abandons Australia stock listing
- Apple agrees w/Samsung to mediator in attempt to settle suit
- American Express to appeal $5.7b settlement on swipe fees
- J&J to appeal China ruling to revoke diabetes-strip trademark
- BlackRock traded using nonpublic data, investigation shows
- Disney-Fox bid to end Aereo TV threat nears top court action
- IBM carves out $1b new unit for ‘Jeopardy’ champ Watson
- Euro-area economic confidence increases more than forecast
- UBS weighing spinoff of investment banking unit: Mediobanca
- China’s Pangang paid for stolen DuPont secrets: prosecutors
- Novartis accused of paying kickbacks to boost Exjade sales
- Currency chiefs tell N.Y. Fed probes may change practices
- China vehicle sales surpass 20m as smog chokes cities
- Kraft helps lead 6.4t calorie cut in Obama health pledge
EARNINGS:
- Acuity Brands (AYI) 8:52am, $0.85 - Preview
- Alcoa (AA) 4:03pm, $0.06 - Preview
- Barracuda Networks (CUDA) Aft-Mkt, $0.00
- Family Dollar (FDO) 7am, $0.69 - Preview
- Jean Coutu (PJC/A CN) 7am, C$0.28
- PriceSmart (PSMT) 4:10pm, $0.73
- Progress Software (PRGS) 4:15pm, $0.41
- Supervalu (SVU) 7am, $0.14 - Preview
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- WTI Crude Rebounds From Six-Week Low Before ECB Rate Decision
- Copper Touches Two-Week Low on Speculation Fed to Cut Stimulus
- Corn Pile Biggest Since 1994 as Crop Overwhelms Use: Commodities
- Wheat Harvest in India Reaching 100 Million Tons Widens Surplus
- Natural Gas Drops Third Day on Forecasts for Warmer U.S. Weather
- Raw Sugar Spread Trades at Record Discount as Surplus Weighs
- Corn Trades Near Three-Year Low as World Supplies Seen Building
- Gold Holds After Biggest Drop in a Week as Traders Weigh Demand
- Rebar Falls to Seven-Month Low as China Producer Prices Decline
- World Food Prices Rose in December on Dairy Surge, UN Data Show
- Oil-Tanker Recovery Trails Market With U.S. Export Ban: Freight
- Colombia Bans Coal Loading by 2nd-Biggest Producer Drummond
- Warm Weather Reduces Risk to Eastern Europe Winter Gas Supplies
- Palm Imports by India Climbing as Farmers Retain Bean Supply
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
