Wednesday December 9, 2015
Economic Calendar & Watch List 12/9/2015
US futures are relatively flat this morning and European stocks are trading slightly lower after early losses were paired when Volkswagen said that the emissions issue only affected approximately 36,000 cars, far fewer than original expectations of over 800,000. Asian stocks closed mostly lower.
The SPY Initially surged higher in yesterday’s session to then pull in and trade range bound for the remainder of the day which made for some very difficult price action on the tape. Support will lie at the low of yesterday’s range at $205.78, followed by the 50 day moving average at $204.99, and then $204.75. Beyond $204.75 opens up to a large pocket down to $202.18. Resistance will lie at the 200 day moving average at $206.55, followed by the high of yesterday’s range of $208.29. Above $208.29 is $209.73, $209.97, and $211.
Small Cap Watch List
CARA: CR845 Tied to Less Joint Pain in Osteoarthritis. Gapping up 23% with a 21M share float.
OGXI: OncoGenex’s Apatorsen Study Passes Futility Analysis. Gapping up 8% with a 29.5M share float.
**Others On Watch**
LULU – Lowers Yr EPS Forecast, 4Q EPS View Below Ests
WYNN – Stephen A Wynn, CEO, Buys 1m Shares
10:00 Oct wholesale inventories expected +0.2% m/m
10:30 EIA Weekly Petroleum Status Report
12:00 USDA Dec WASDE crop production
1:00 Treasury auctions $21 billion 10-year T-notes
Notable Earnings Before Open
LULU: Lululemon – EPS Est. $.37, Rev Est. $482.13M
Notable Earnings After Close
MW: Mens Warehouse – EPS Est. $.50, Rev Est. $876.81M