Friday January 15, 2016
Economic Calendar & Watch List 1/15/2016
US futures are sharply lower this morning currently indicating a -1.5% drop and European stocks are also trading lower by over -1% as crude slides nearly -5% at 12 year lows. Intel (INTC) is trading lower by over -5% after Q1 forecasts fell far short of expectations. Asian stocks closed predominantly lower.
The SPY tested a critical support zone in yesterday’s session, bounced and moved higher into the close. Support will lie at the low of yesterday’s range at $187.66, followed by $186.93. Resistance will lie at the high of yesterday’s range at $193.26, followed by $194.86 and $195.85.
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 Dec retail sales expected -0.1% and +0.2% ex autos
8:30 Dec PPI final demand expected -0.2% m/m and -1.0% y/y
8:30 Jan Empire manufacturing survey of general business conditions expected +0.59 to -4.00
9:00 New York Fed President William Dudley speaks on the economy and monetary policy
9:15 Dec industrial production expected -0.2%, Nov -0.6%
10:00 Nov business inventories expected -0.1% m/m
10:00 Preliminary-Jan University of Michigan U.S. consumer sentiment expected +0.3 to 92.9
11:10 San Francisco Fed President John Williams speaks
Notable Earnings Before Open
USB: US Bancorp – EPS Est. $.79, Rev Est. $5.12B
BLK: Blackrock Financial – EPS Est. $4.82, Rev Est. $2.84B
FAST: Fastenal – EPS Est. $.40, Rev Est. $922.03M
WFC: Wells Fargo – EPS Est. $1.02, Rev Est. $21.83B
C: Citigroup – EPS Est. $1.04, Rev Est. $17.87B
Notable Earnings After Close
PNC: PNC Financial Services – EPS Est. $1.80, Rev Est. $3.79B
January 15th Swing Watch List
JOY – A clean looking reversal setup with plenty of liquidity and room. Looking for a long entry over 9.42, stop 9.20. Room here is to 10.42 short term.
BX – Great room up off the bottom for yet another reversal look. Long entry over 25.86, stop 25.50. Room here is to 26.80 and then 28.50. Great risk reward setup here, but we will need market cooperation.
WRLD – A great looking short candidate trading just above multiple suppor taps at the 34 area. If that area falls, easy move back down. Looking for a short entry under 34, add spot 33.30. Room here is clear down to 29.20 and 27.