TODAY’S S&P 500 SET-UP – January 10, 2014
As we look at today's setup for the S&P 500, the range is 25 points or 0.71% downside to 1825 and 0.65% upside to 1850.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.54 from 2.54
- VIX closed at 12.89 1 day percent change of 0.16%
MACRO DATA POINTS (Bloomberg Estimates):
- 8:30am: Nonfarm Payrolls, Dec., est. 196k (prior 203k)
- 8:30am: Unemployment Rate, Dec., est. 7% (prior 7%)
- 8:45am: Fed’s Lacker speaks in Raleigh, N.C.
- 10am: Wholesale Inventories m/m, Nov., est. 0.4% (pr 1.4%)
- 10am: IBD/TIPP Economic Optimism, Jan., est. 46 (pr 43.1)
- 11am: Fed to purchase $2.5b-$3.5b in 2019-2020 sector
- 1pm: Fed’s Bullard speaks in Indianapolis
- 1pm: Baker Hughes rig count
GOVERNMENT:
- 9:30am: Joint Economic Cmte holds hearing on Dec. employment, w/ testimony from BLS Commissioner Erica Groshen
- 9:30am: House Nat. Resources Cmte panel hearing on seismic exploration of Atlantic outer continental shelf
- 10am CFTC holds closed meeting on enforcement matters
- 12:30pm: Amtrak President Joseph Boardman delivers address on passenger rail issues; National Press Club
WHAT TO WATCH:
- Dec. job gain in U.S. probably capped best year since 2005
- Debt rule faces dilution as regulators heed bank warnings
- ICE said to hire Evercore to sell NYSE technology divisions
- Google X staff meet w/FDA pointing to possible medical device
- Apple cuts China iPhone online, store price for holiday sale
- Goldman Sachs denies Singapore stock dump, countersues Quah
- LightSquared awaits regulatory approval; funding deadline near
- YRC may drop after Teamsters reject accord tied to refinancing
- Aegerion gets U.S. subpoena on rare-disease drug marketing
- Chevron says 4Q net income fell as energy production declined
- Bazaarvoice PowerReviews deal can be blocked by U.S.: judge
- PCs mark steepest drop in 2013 with 10% decline in shipments
- U.K. industrial output unexpectedly stagnated in Nov.
- China’s imports rise to help nation claim trade crown
- NTT Docomo adds most Japan users for first time since 2011
- U.S. Funding Deadline, Retail Sales, GE: Wk Ahead Jan. 11-17
EARNINGS:
- No earnings expected from S&P 500
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- China’s Ore to Coal Imports Reach Records in ’13 as Demand Gains
- Amazon Soy Route Seen Extending Brazil Lead on U.S.: Commodities
- Nickel Surges After Report Indonesia Detained Chinese Vessels
- WTI Crude Rises From Eight-Month Low on Signs Losses Excessive
- Gold Moving-Average Oscillator Returns Most Through 2013 Plunge
- Gold, Silver Imports by India Tumble as Government Keeps Curbs
- Wheat Futures Head for Longest Weekly Losing Streak in Two Years
- Chalco Says Has Enough Bauxite Stored Ahead of Indonesia Ban
- Rubber Posts Biggest Weekly Drop Since April on China Demand
- Red Kite Says Copper Outlook Turns Positive With Glut Delayed
- LNG Export Surge Boosting Prices for Australian Buyers: Energy
- Sugar Traders Turn Most Bearish in Four Months on Indian Exports
- OPEC Outages Propping Up Oil Price Mask Weak Demand: Bear Case
- American Water Expands Military Business With $288 Million Deal
- Gold Rises Before Jobs Data as Investors Weigh Demand, Tapering
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team