Market Happenings For Wednesday, December 26, 2012

Premarket, futures are up. Gainers this morning include CCL (+1.94%), PAYX, CMI, TDC and CLF while losers include CME (-3.40%), F, RSG and JNPR. Note: Nike (NKE) is not down -49.48%, but has undergone a 2 for 1 stock split on12/24/12.

The Market

President Barack Obama is ending his Holiday, Hawaiian vacation early. Returning Wednesday to make a late bid to reach a deal before the year ends. He should be back in Washington Thursday, when House and Senate members are expected to reconvene.

I think any kind of deal will be good for the market. Either a full deal or a kick the can down the road deal, will get the market rolling higher.

Alcoa (AA) reports earnings first for any Dow stocks. It is set to report earnings on 1/8/13 after the market closes.

The S&P/Case-Shiller Home Price Indices showed home prices rose +4.3% in the 12 months ending in October in the 20-City Composite, beating analysts’ forecasts. Anticipated seasonal weakness appeared as twelve of the 20 cities and both Composites posted monthly declines in home prices in October.

European markets are closed Wednesday for Boxing Day and Asian markets closed higher.

Earnings Reports

Earnings reports (estimates): None.

Financial Calendar

0700 ET Weekly MBA mortgage applications, previous -12.3% with purchase sub-index -4.8% and refi index -13.8%.

0900 ET Oct Case-Shiller Composite 20 home price index expected +0.5% m/m and +4.0% y/y, Sep +0.4% m/m and +3.0% y/y.

1000 ET Dec Richmond Fed manufacturing index expected -2 to 7, Nov +16 to 9.

1630 ET API weekly U.S. oil statistics.

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