TODAY’S S&P 500 SET-UP – January 13, 2014
As we look at today's setup for the S&P 500, the range is 25 points or 0.94% downside to 1825 and 0.41% upside to 1850.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.49 from 2.49
- VIX closed at 12.14 1 day percent change of -5.82%
MACRO DATA POINTS (Bloomberg Estimates):
- 11am: Fed to purchase $1b-$1.25b TIPS in 2018-2043 sector
- 11:30am: U.S. to sell $28b 3M bills, $26b 6M bills
- 12:40pm: Fed’s Lockhart speaks in Atlanta
- 2pm: Monthly Budget Statement, Dec. est. +$44b (pr -$135.2b)
GOVERNMENT:
- House, Senate in session
- Senate resumes consideration of unemployment insurance extension, 2pm
- Supreme Court hears arguments on whether President’s recess-appointment power may be exercised during recess that occurs within session of Senate, 10am
- Secretary of State John Kerry, Russian Foreign Minister Sergei Lavrov meet in Paris to discuss Iran’s participation in Syrian peace talks to take place Jan 22
WHAT TO WATCH:
- Fed said to probe banks over roles in forex fixing
- Amec agrees to buy Foster Wheeler for $3.2b in cash, stock
- Target’s delay in revealing breach was necessary, CEO tells CNBC
- Basel Committee makes concessions to banks on debt-limit rules
- Honeywell probed by U.S. on F-35 fighter part made in China
- UBS isn’t considering investment-bank spinoff
- Sanofi pays Alnylam $700m to add rare disease drugs
- Discovery Communications, Scripps end merger talks: WSJ
- U.S. automobile industry growth is leveling off, Toyota says
- BlackRock’s Bolton faces Italy proceeding over Saipem trade
- North American International Auto Show begins in Detroit
- JPMorgan health-care conference begins; THOR, THC present
- ICR XChange retail, consumer conference begins in Fla.
- Alcatel said to hold talks with Unify on enterprise unit sale
- Court in EnPro case sets liability obligation amt at $125m
EARNINGS:
- Limoneira (LMNR) 7am, $0.08
- Xyratex (XRTX) 8am, $0.12
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Indonesia Bans Ore Exports in Compromise Push for Metal Smelting
- China Said to Weigh Higher Food Imports in Security Shift
- Bullish Bets Fell Most in Seven Weeks Before Slump: Commodities
- Nickel Touches a Two-Week High as Indonesia Bars Ore Exports
- WTI Declines After Weekly Loss; Iran Nuclear Deal to Take Effect
- Sugar Extend Gains After Speculators Boost Bearish Bets by 19%
- Gold Trades Near One-Month High as Investors Weigh Fed Stimulus
- Corn Weekly Reversal Signals Rebound to Highest Since September
- Rebar Falls as Steelmaker Shagang Cuts Prices on Weaker Demand
- Philippines Sees Nickel Boon on Indonesia’s Ban: Southeast Asia
- Iran Oil-Export Capacity Falls 5.4% in Tanker-Tracking Signals
- American Cold Snap May Force EU Heating Oil Imports: Bear Case
- Hedge Fund Bullish Oil Wagers Drop as Fuel Supply Gains: Energy
- Wheat Rises as Egypt Purchase Indicates Demand for U.S. Supplies
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team