Wednesday July 8, 2015
Economic Calendar 7/8/2015
US futures are lower this lower morning on worries that the recent selloff in Chinese stocks will spread to the rest of the markets around the world. European stocks are trading higher by nearly 1% on positive news that the ECB is ready to utilize all means necessary to stave off a Greek fallout from the financial crisis. Asian stocks closed significantly lower.
The $SPY tested new relative lows in yesterday’s session and retraced with force back to the upside closing in the green at $208.02. New upper range support is at $207 and the first point of point of resistance, which is also a critical pivot point, is $208. If $208 holds, look for a move towards $209 with light resistance at $208.75.
OCLS: Oculus Innovative Sciences – The company announced the receipt of a new US patent for the use of the Microcyn Technology hypochlorous acid, to treat atopic dermatitis. Gapping up 8% with a 15M share float.
GBSN: Great Basin Scientific – announced today its Group B Streptococcus (GBS) test—which received U.S. Food and Drug Administration (FDA) clearance in April—is now available to hospitals and laboratories in the U.S. Gapping up 18% with a 2M share float.
10:30 Gasoline Inventories – Consensus (0.147M)
10:30 Crude Oil Inventories – Consensus (1.00M)
14:00 FOMC MEETING MINUTES
15:00 Consumer Credit [May] – Consensus $18.50B
Earnings Before Open
Earnings After Close
WDFC: WD-40 – EPS Est. $0.76, Rev Est. $99.40M
AA: Alcoa – EPS Est. $0.23, Rev Est. $5.89B