Thursday January 7, 2016
Economic Calendar & Watch List 1/7/2016
US futures are broadly lower this morning by over -2% and European stocks are trading lower by over -3% after another selloff in China’s stocks within the first hour of trading triggered a trading halt for the second time this week. The PBOC(People’s Bank of China) cut their reference rate for the yuan in attempt to spark economic growth through a weakened currency. Commodities were crushed overnight dragging energy producers lower.
The SPY is gapping down sharply again this morning into large pockets of clear space. Support will first lie at $189.12, followed by $186.93 which was near the lows during the August sell off. Resistance will lie at $195.03, $196.33, $197, $197.48, and $ 197.60.
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**
8:30 Weekly initial unemployment claims expected -12,000 to 275,000, previous +20,000 to 287,000
8:30 USDA weekly Export Sales
8:45 Richmond Fed President Jeffrey Lacker speaks
2:15 Chicago Fed President Charles Evans speaks
Notable Earnings Before Open
WBA: Wallgreens Boots Alliance – EPS Est. $.97, Rev Est. $29.25B
STZ: Constellation Brands – EPS Est. $1.21, Rev Est. $1.69B
Notable Earnings After Close
BBBY: Bed Bath & Beyond – EPS Est. $1.09, Rev Est. $3.03B