Crazy Week On Deck And Record Complacency: $10 Trillion Between 5 Companies, FOMC, Treasury Refunding, Payrolls And... No Worries At All

Hold on tight cause next week will be crazy on both the macro and micro front, especially if the market hopes to continue pressing higher (5 New S&P all-time highs in the last 6 Sessions). Here is a brief snapshot of what to expect: GOOG, MSFT, AMZN, AAPL, META are all set to report next week, while we have JOLTs (Tues), FOMC (Wed) and NFP (Fri), and also the all-important Quarterly Refunding Announcement (QRA) from the Treasury  which will signal how much debt is coming down the pipeline.

While we will have discrete previews of all other key events this week (the QRA can be found here) Looking at earnings, so far 123 S&P 500 companies have reported 4Q results (30% of total market cap). 54% of companies reporting have beat street wide earnings estimates by >1SD (significantly higher than historical avg of 48%); and only 10% of companies have missed estimates by >1SD (less than historical avg of 13%).