Thursday January 7, 2016
Economic Calendar & Watch List 1/7/2016
Morning Notes
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.
Technicals
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**
BABA
DVAX
FB
Economic Calendar
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