Wednesday December 23, 2015
Economic Calendar & Watch List 12/23/2015
Morning Notes
US futures are slightly higher this morning as Europe is trading higher by nearly +2% after commodity prices jumped including copper and crude. Crude prices rose over +1..4% after the American Petroleum Institute (API) released data that showed crude inventories falling by 3.6M barrels in the latest week. In addition, OPEC expects the price of crude to approach $70 in 2020 in its World Oil Outlook. Asian stocks closed mixed.
Technicals
The SPY surged higher again in yesterday’s session as it approaches heavy resistance between $204-$205. Support will lie at the low of yesterday’s range at $201.55, followed by the low of Monday at $200.09. Resistance will lie at the high of yesterday’s range at $203.85, followed by $204.80, $204.84, and the 200 day moving average at $206.25.
Small Cap Watch List
*Please refer to the momentum scanners displayed live in the chat room for potential plays at the market open.
**Others On Watch**
NKE
CELG
MU
Economic Calendar
8:30 Nov personal spending expected +0.3%, Oct +0.1%
8:30 Nov PCE deflator expected +0.1% m/m and +0.4% y/y
8:30 Nov durable goods orders expected -0.6% and unch ex transportation
10:00 Nov new home sales expected +2.0% to 505,000
10:00 Final-Dec University of Michigan U.S. consumer sentiment expected +0.2 to 92.0
10:30 EIA Weekly Petroleum Status Report
1:00 Baker Hughes Rig Count
Notable Earnings Before Open
NONE
Notable Earnings After Close
CALM: Cal-Maine Foods – EPS Est. $2.40 Rev Est. $552.31M
