Friday April 17, 2015
Good Morning Traders,
Morning Notes
US Futures are sharply lower this morning on news out of China that their regulatory commission will ban margin financing for purchase of OTC stock. Chinese futures fell over 5% in after hours trading. US Markets closed mildly lower on Thursday on a weaker than expected jobless claims report and also a lackluster March housing starts report. European stocks are trading at a 3 week low and down by over 1.5%.
Technicals
The $SPY once again tested descending resistance yesterday of $210.30 and pulled back closing off the highs. In premarket, the $SPY is trading sharply lower testing critical support zones. Support lies at $209-$208.80. If this support level fails we can look for a sharp move lower around $207.
In Play
NVGN: Novogen – The Company signs an agreement with the Feinstein Institute for Medical Research to collaborate on developing treatments for brain cancers. Gapping up 13% with an 8.5M share float.
NOW: ServiceNow – The Company posted poor Q1 results. Many positive comments out on the street regarding the bright future ahead. Gapping down over 10% with a 139M share float.
Economic Calendar
08:30 Core CPI Index [Mar]
08:30 Core CPI (MoM) [Mar] – Consensus 0.10%
08:30 Core CPI (YoY) [Mar] – Consensus 1.70%
08:30 CPI Index NSA [Mar]
08:30 CPI (MoM) [Mar] – Consensus 0.20%
08:30 CPI (YoY) [Mar] – Consensus 0.10%
08:30 Real Earnings [Mar]
10:00 Michigan Consumer Expectations [Apr]
10:00 Michigan Inflation Expectations [Apr]
10:00 Michigan Consumer Sentiment [Apr] – Consensus 93.50
10:00 Michigan 5-Yr Inflation Expectations [Apr]
10:00 CB Leading Index (MoM) [Mar] – Consensus 0.30%t
10:00 Cleveland CPI (MoM) [Mar]
Earnings Before Open
CMA: Comerica – EPS Est. $0.73. Rev Est. $626.39M
GE: General Electric – EPS Est. $0.30. Rev Est. $34.29B
STX: Seagate Technology – EPS Est. $1.04. Rev Est. $3.41B
HON: Honeywell – EPS Est. $1.40 Rev Est. $9.55B
RAI: Reynolds American – EPS Est. $0.79. Rev Est. $1.98B
Earnings After Close
NONE
Happy Trading!
