TODAY’S S&P 500 SET-UP – January 22, 2014
As we look at today's setup for the S&P 500, the range is 29 points or 0.97% downside to 1826 and 0.61% upside to 1855.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.46 from 2.45
- VIX closed at 12.87 1 day percent change of 3.46%
MACRO DATA POINTS (Bloomberg Estimates):
- 7am: MBA Mortgage Applications, Jan. 17 (prior 11.9%)
- 7:45am/8:55am: ICSC/Redbook weekly sales
- 4:30pm: API weekly oil inventories
GOVERNMENT:
- House, Senate not in session
- FCC begins first major airwaves auction since 2008, selling licenses nationwide for frequencies suited for use by smartphones, tablets; Dish Network has pledged to bid at least $1.56b to ensure sale’s success
- 12:30pm: NASA teleconference on agency’s Earth science activities planned for 2014
WHAT TO WATCH:
- BlackBerry to sell most of Canadian real estate to raise cash
- ABB says profit reduced by $260m in power systems charges
- Discovery seeks sports rights with control of Eurosport
- Amazon said to seek content rights to start Internet TV service
- Floating notes debut in US as more cash chases fewer securities
- Banks seen taking on European debt amid lingering problems: NYT
- Gross heir-apparent El-Erian quits as Pimco fights redemptions
- Bitcoin no bargain for investors with 47% bearish in poll
- Nokia investors call for rewards as Microsoft proceeds loom
- Dow Jones said to dismiss CEO Fenwick amid slow demand for DJX
- BHP quarterly iron ore production narrowly misses forecast
- Bank of Japan sticks to record easing as inflation picks up
- China money rate drops as PBOC cash injections spur stocks gain
- World Economic Forum meeting in Davos coverage
AM EARNS:
- Abbott Laboratories (ABT) 7:44am, $0.58 - Preview
- Allegheny Technologies (ATI) 7am, $(0.21)
- Amphenol (APH) 8am, $0.98
- Brinker Intl (EAT) 7:45am, $0.58 - Preview
- Coach (COH) 7am, $1.11 - Preview
- Freeport-McMoRan (FCX) 8am, $0.80 - Preview
- General Dynamics (GD) 7am, $1.75 - Preview
- Motorola Solutions (MSI) 7am, $1.62
- Northern Trust (NTRS) 7:30am, $0.75 - Preview
- Parker Hannifin (PH) 7:30am, $1.25 - Preview
- St Jude Medical (STJ) 7:30am, $0.99 - Preview
- TE Connectivity (TEL) 6am, $0.77
- Textron (TXT) 6:30am, $0.59
- United Technologies (UTX) 6:59am, $1.53 - Preview
- US Bancorp (USB) 7am, $0.75 - Preview
- Norfolk Southern (NSC) 8am, $1.51 - Preview
PM EARNS:
- BancorpSouth (BXS) 4:01pm, $0.28
- Crown Castle Intl (CCI) 4:01pm, $0.16
- East West Bancorp (EWBC) 5:02pm, $0.55
- eBay (EBAY) 4:15pm, $0.80 - Preview
- Jacobs Engineering (JEC) 8:28pm, $0.74
- Netflix (NFLX) 4:05pm, $0.66 - Preview
- Noble (NE) 5pm, $0.81
- Polycom (PLCM) 4:05pm, $0.15
- PTC (PTC) 5:02pm, $0.44
- Raymond James Financial (RJF) 4:16pm, $0.73
- SanDisk (SNDK) 4:05pm, $1.57
- Stryker (SYK) 4pm, $1.22 - Preview
- Susquehanna Bancshares (SUSQ) 4:30pm, $0.21
- Teradyne (TER) 5:01pm, $0.04
- Umpqua Holdings (UMPQ) 4:05pm, $0.24
- United Rentals (URI) 4:15pm, $1.48
- Varian Medical Systems (VAR) 4:02pm, $0.91
- Western Digital (WDC) 4:15pm, $2.08
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Uranium Poised for Bull Market as Japan Reviews Reactors: Energy
- Nickel Seen Stalling by Morgan Stanley as Goldman Eyes Rally
- Whistle-Blower in Coal Rally Heralds Colombia Shift: Commodities
- WTI Crude Rises a Third Day on Forecast Distillate Supplies Fell
- Copper Declines on Speculation Chinese Holidays to Curb Demand
- Wheat Gains on Speculation Cold Temperatures May Hurt U.S. Crop
- Rubber Futures Drop to Five-Month Low on China Demand Concerns
- Abenomics Accelerates Gold Sales in Japan as Inflation Hedge
- Rebar Rebounds From 16-Week Low Amid Improved China Money Supply
- India Seen Failing to Meet Sugar Export Plans: Chart of the Day
- Australian Cattle Prices Extend Decline to Lowest Since 2009
- Coal India Faces $4 Billion Rent Claim for State’s Mine Land
- Gazprom, Statoil Gas May Replace Shell-Exxon Supplies in Europe
- Gold Target Cut by Morgan Stanley Seeing ‘More Pain to Come’
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team