TODAY’S S&P 500 SET-UP – January 21, 2014
As we look at today's setup for the S&P 500, the range is 29 points or 0.75% downside to 1825 and 0.83% upside to 1854.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.47 from 2.45
- VIX closed at 12.44 1 day percent change of -0.72%
MACRO DATA POINTS (Bloomberg Estimates):
- No economic data expected
- Bank of Japan sets 2014 monetary base target
- 11am: Fed to purchase $1b-$1.5b in 2036-2043 sector
- 11:30am: U.S. to sell $28b 3M bills, $25b 6M bills
GOVERNMENT:
- 9:30am: IMF updates World Economic Outlook
- 10am: CFTC advisory panel holds public mtg on swap data reporting, automated trading environments, SEFs
- 1:30pm: NASA announces new data on global temperatures
WHAT TO WATCH:
- Lenovo said to be in talks to buy IBM server business
- Snow storm threatens commuter disruption on East Coast
- Washington D.C. federal offices closed today on weather
- AB InBev to pay $5.8b for Korea’s Oriental Brewery
- JPMorgan said to quit Tianhe Chemicals IPO amid hiring probe
- Expro sale said to draw Schlumberger, Halliburton, GE interest
- China money rate slides most in 4 wks as PBOC injects cash
- China’s economy grew 7.7% in 4Q, est. 7.6%
- China workforce slide takes growth engine away from Xi
- India’s Jet Air may buy 50 Boeing 737s for $2.5b: BTVI
- Wells Fargo bars employees from P2P lending: FT
- EU wants lawsuit safeguard in U.S. trade deal: Sueddeutsche
- Comet-chasing Rosetta sends first signal after 31-month sleep
- Shell exits Wheatstone LNG after $1.1b sale to Kuwait
- GE to buy Cameron’s reciprocating compression unit for $550m
- Talisman gains after GDF takeover approach rebuffed: Reuters
- Deutsche Bank sees challenging 2014 after surprise 4Q loss
- German ZEW investor confidence unexpectedly fell in Jan.
- Bernanke may join Brookings Institution after leaving Fed: WSJ
- Investors most upbeat in 5 yrs with record 59% bullish in poll
- Cnooc sets 2014 output growth estimate lower than 5-yr goal
- World Economic Forum gets under way in Davos, Switzerland
AM EARNS:
- Baker Hughes (BHI) 6am, $0.61 - Preview
- Delta Air Lines (DAL) 7:30am, $0.63 - Preview
- Forest Laboratories (FRX) 7am, $0.03
- Halliburton (HAL) 7am, $0.89 - Preview
- Ironwood Pharmaceuticals (IRWD) 7:05am, $(0.50)
- Johnson & Johnson (JNJ) 7:45am, $1.20 - Preview
- Regions Financial (RF) 7am, $0.20
- Rockwell Collins (COL) 7:21am, $0.94 - Preview
- Synovus Financial (SNV) 7am, $0.05
- TD Ameritrade (AMTD) 7:30am, $0.33
- Travelers (TRV) 6:57am, $2.16
- Verizon Communications (VZ) 7:30am, $0.65 - Preview
PM EARNS:
- Advanced Micro Devices (AMD) 4:15pm, $0.06
- CA (CA) 4:05pm, $0.71
- Cree (CREE) 4:01pm, $0.39
- FNB (FNB) 4:15pm, $0.21
- Fulton Financial (FULT) 4:30pm, $0.20
- Interactive Brokers (IBKR) 4:01pm, $0.25
- Intl Business Machines (IBM) 4:05pm, $6 - Preview
- Pinnacle Financial Partners (PNFP) 5:18pm, $0.43
- Texas Instruments (TXN) 4:30pm, $0.46
- Wintrust Financial (WTFC) 4:01pm, $0.70
- Woodward (WWD) 4pm, $0.40
- Xilinx (XLNX) 4:20pm, $0.54
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Century-Old London Gold Fix Said to Face Overhaul Amid Scrutiny
- Brent Crude Rises for First Time in Four Days on Stronger Demand
- Gold Drops From Six-Week High as Investors Weigh Demand Outlook
- Africa Corn Buyers Miss Out on Cheaper World Grain: Commodities
- Copper Falls a Second Day as Chinese Imports Cloud Demand View
- China Rebar Drops to 16-Month Low as Iron Ore, Coke Prices Slump
- Soybeans and Corn Drop as Rain in Argentina Seen Aiding Harvest
- Chocolate Has New Latin America King as Ecuador Outstrips Brazil
- China Billionaire’s Steel Bond Fall Flags Industry Smog Woes
- Rubber Declines to Five-Month Low as Chinese Demand May Slow
- Snow Closes Washington Offices as East Coast Flights Disrupted
- Gold Seen Averaging $1,219 in LBMA Survey After 2013’s Decline
- Greenland Explorers Abstain From Drilling on High Risks and Cost
- Nickel Seen Extending Rally by Goldman on Indonesia Exports Ban
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team