Tuesday January 26, 2016
Economic Calendar & Watch List 1/26/2016
US futures are slightly higher this morning and European stocks are barely hanging on to positive territory as the price of Crude slides further and continued pressure from China’s market. After more Chinese economic concerns arose, China’s Shanghai fell nearly -6.5% to over 1 year lows. The remainder of Asian stocks settled lower.
The SPY traded in a choppy, low volume range the majority of yesterday’s session until the late afternoon where a selloff ensued. Support will lie at the low of yesterday’s range at $187.41, followed by $184.64 and $181.02. Resistance will lie at the high of yesterday’s range at $190.15, followed by $190.76 and $193.26.
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**
9:00 Nov FHFA house price index expected +0.5% m/m, Oct +0.5% m/m
9:00 Nov S&P/CaseShiller composite-20 home price index expected +0.80% m/m and +5.64% y/y
9:45 Jan Markit services PMI expected -0.3 to 54.0
10:00 Jan consumer confidence expected unch at 96.5
10:00 Jan Richmond Fed manufacturing index expected -4 to 2
11:30 FOMC begins 2-day policy meeting
1:00 Treasury auctions $26 billion 2-year T-notes
Notable Earnings Before Open
DD: DuPont – EPS Est. $.26, Rev Est. $5.53B
COH: Coach – EPS Est. $.65, Rev Est. $1.28B
JNJ: Johnson & Johnson – EPS Est. $1.42, Rev Est. $17.88B
GLW: Corning – EPS Est. $.32, Rev Est. $2.33B
JNS: Janus – EPS Est. $.24, Rev Est. $269.78M
LMT: Lockheed Martin – EPS Est. $2.93, Rev Est. $12.36B
MMM: 3M – EPS Est. $1.62, Rev Est. $7.21B
Notable Earnings After Close
AAPL: Apple – EPS Est. $3.23, Rev Est. $76.61B
T: ATT – EPS Est. $.64, Rev Est. $42.75B
VMW: VMware – EPS Est. $1.25, Rev Est. $1.85B
January 26th Watch List
WLB – A super clean setup here, even though it is a bit of a chase. I still like this for a move back toward 6.70. Long entry is over 5.20, stop 5.00. Room to 5.60, 6.15, 6.55, 6.70.
BKE – On short watch for a break down and move toward 25. Looking for entry under 26.50, stop 27.25. Look at all the taps of the 20 EMA and then fails to new lows, looking for the same here.
SSTK – On short watch for a move back to IPO resistance at 25.00. Really clear long term chart here with obvious levels. Short entry will be under 27.50, stop 28.25.
KORS – On short watch as it firmly rejected the 20 EMA following a nice market bounce, a race back to the 52 week lows in a weak market will move this quickly. Short entry is under 36.50, stop 35.25. First target 34.83 and then lower.
CSRA – On short watch as this recent IPO is testing its lows in a weak market and can sell off quickly with no signs of support to slow it down. Short entry here will be under the lows 26.26, stop 27.00. Room will be at least 1.5 points from entry.