Thursday March 26, 2015
Good Morning Traders,
Morning Notes
US Futures are off by over .5% and European Markets are down over 1% as the unrest overseas heats up with the involvement of the Saudi Arabia and Yemen. Saudi Arabia led air strikes against Yemen rebels overnight. This activity could have a great effect on Crude supply globally.
Technicals
The $SPY closed below both active upper support and ascending support at $206.62 yesterday. New support lies at macro channel ascending support at $205.60 and then the bottom of the channel the $SPY has been trading in for the prior two months which is $204.
In Play
USO: Crude is spiking up over 5% this morning fueled by fears of Yemen and Saudi involvement in the overseas clash. Watch airlines to the downside if Crude holds this move.
CNAT: Conatus Pharma Phase 2 trial of emricasan in 38 patients with nonalcoholic fatty liver disease, including subset with NASH, met primary endpoint. Gapping up over 25% with a 9.8M share float.
Economic Calendar
08:30 Initial Jobless Claims – Consensus 290K
08:30 Jobless Claims 4-week Avg.
09:00 Lockhart Speaks
09:45 Markit Services Flash PMI – Consensus 55.75
11:00 Kansas Fed Manufacturing Index
16:30 Fed Balance Sheet
16:30 US Money Supply
Earnings After Close
RH: Restoration Hardware – EPS Est. $1.01, Prior $0.83. Rev Est. $582.49M
REED: Reeds – EPS Est. $(0.01), Prior $(0.12). Rev Est. $11.71M
GME: Gamestop – EPS Est. $2.16, Prior $1.89. Rev Est. $3.62B
Happy Trading!
