Tuesday August 25, 2015
Economic Calendar & Watch List 8/25/2015
Morning Notes
US futures are pointing higher by roughly + 3.5% after yesterday’s sharp decline. In addition, the People’s Bank Of China cut its interest rate. Strong comments out of JP Morgan which noted that a correction is unlikely and now is the time to buy stocks. European stocks are trading higher and Asian stocks has a mixed close across the board.
Technicals
The SPY put in an extreme range in yesterday’s session and established new levels which are significantly far apart. New support will lie at $182.40 and resistance overhead lies at $197.48, followed by $203.90.
In Play
ESI: ITT Technical Institute – The state of California has abandoned its attempt to suspend ITT Technical Institute. Gapping up 22% with a 18.8M share float.
**Others On Watch**
ACOR
BBY
Economic Calendar
9:00 Housing Price Index M/M May Est. +0.4%
9:00 Case Shiller Index
9:45 Markit Services PMI
10:00 July New Home Sales Est +5.8% to 510k, June -6.8% to 482k
10:00 August Consumer Confidence Est. +2.5 to 93.4, Jul -8.9 to 90.9
10:00 August Richmond Fed Manufacturing Index Est. -3 to 10, Jul +7 to 13
10:00 US Congress releases budget & economic outlook
1:00 Treasury Auctions
Earnings Before Open
TOL: Toll Brothers – Est. $.50, Rev Est. $1.04B
BBY: Best Buy – Est. $.34, Rev Est. $8.3B
DSW: DSW Inc – Est. $.42, Rev Est. $635M
Earnings After Close
NONE
