Monday March 30, 2015
Good Morning Traders,
Morning Notes
US Futures are pointing higher this morning along with European Markets trading up over 1% as China mentioned expanding its stimulus measure after the Chinese Central Bank stated they could do more to support growth. Another positive this morning comes out of Europe as their economic confidence level is near a 4 year high.
Technicals
The $SPY held the $204 support level last week which will now act as pivot support. Resistance lies at the high of the pivot support at $206.37. The $SPY is currently gapping up over $206.50. If the market can hold above this level, a sustained and further move upward is a strong possibility.
In Play
ADMP: News on its Epinephrine Injection New Drug Application. Company received a response letter from FDA raising questions on Chemistry, Manufacturing, and Controls. Gapping down over 30% with a 8M share float.
ZIOP: Trading up on news that their oncology programs will be strengthened through a collaboration with Merck Serono, Merck’s biopharmaceutical division.
Economic Calendar
10:30 Personal Spending (MoM) – Consensus 0.20%
10:30 Personal Income (MoM) – Consensus 0.30%
10:30 Real Personal Consumption (MoM)
10:30 Pending Home Sales Index
10:30 Pending Home Sales Index (MoM)
10:30 Core PCE Price Index – Consensus 0.10%
10:30 Core PCE Price Index (YoY)
10:30 Dallas Fed Manufacturing Business Index
10:30 Dallas Fed PCE
Earnings After Close
CUB: Cubic – EPS Est. $0.52, Prior $0.31. Rev Est. $327.42M
Happy Trading!
