Friday June 26, 2015
Economic Calendar 6/26/2015
Morning Notes
US Futures are being pulled higher this morning after Nike (NKE) beat the Q4 earnings estimates and is trading nearly 4% higher in the premarket. European markets are off slightly as the standstill continues in trying to reach an agreement between Greece and its creditors. Asian stocks closed predominantly lower.
Technicals
The $SPY closed lower again yesterday at $209.77, which was below the last level of midrange support. From here, we can expect a move lower down to $208 and then $207 thereafter if $208 does not hold. Resistance will be at the high of yesterday’s range at $211.25, then $211.70.
In Play
** There are NO low float gap stocks this morning that are worthy of making the watchlist. Please refer to our momentum scanners after the open to locate a potential trade.
NKE: Nike – The company posted a strong Q4 beat as well as their future orders topping estimates. Gapping over 3% with a strong trending daily chart at highs.
FINL: Finish Line – The company beat on Q1 earnings topping the analysts consensus for both revenue and forecasts. Gapping up over 3% with a daily long trigger level at $30.
MU: Micron Technology – Q4 revenue trails the lowest estimates and also downgraded at Mizuho securities. Gapping down 15%.
Economic Calendar
10:00 Michigan Consumer Sentiment – Consensus 94.60
Earnings Before Open
FINL: Finish Line – EPS Est. $0.24, Rev Est. $430.59M
Earnings After Close
NONE
Happy Trading!