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The Key Events to Start 2023

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What’s in Today’s Report:

  • The Key Events to Start 2023

Futures are slightly higher following a quiet night of news as markets bounce following Wednesday’s declines.

The economic calendar was mostly quiet overnight and the only notable economic report was Euro Zone Money Supply while was essentially in-line with expectations, rising 5.4% vs. (E) 5.5%.

In China, COVID cases continue to explode higher and there were reports of overwhelmed hospitals, but officials are proceeding with a full economic reopening.

Today the focus will be on Jobless Claims (E: 222K) and markets will want to see this number move higher towards 250k (and ultimately 300k).  If claims remain stubbornly low, that could weigh on stocks (like it did last week).

Technical View of Preferred Portfolio Allocations

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What’s in Today’s Report:

  • Technical Analysis of Sevens Report Preferred Portfolio Allocations and the Yield Curve
  • Philly Fed Takeaways and Jobless Claims Chart
  • Value (VTV) recovers to flat for 2022 (Chart)

Stock futures came for sale late yesterday following negative Russia-Ukraine headlines as traders continue to digest the sizeable post-Fed rally.

After the Wall Street close yesterday, the U.S. Defense Intelligence Agency released a report that Russia is increasingly likely to threaten nuclear options as the war with Ukraine drags on which weighed on risk assets broadly.

Today, there is one economic report: Existing Home Sales (E: 6.170M) but it shouldn’t move markets and two Fed officials are scheduled to speak: Barkin (10:00 a.m. ET) and Evans (2:00 p.m. ET) but neither are voting members of the FOMC.

Today is quadruple witching options expiration so expect big volumes and some technical trading in equity markets however geopolitical developments regarding Russia and Ukraine will still be able to influence price action as we close out another volatile trading week.