Friday January 29, 2016
Economic Calendar & Watch List 1/29/2016
Morning Notes
US futures are higher this morning and European markets are also trading higher as a global rally in equities ensues after the BOJ adopts a negative interest rate. Microsoft (MSFT) reported better than expected earnings and is trading higher by 3% in the pre market, lifting tech stocks. Asian stocks closed higher.
Technicals
The SPY traded on an inside day in yesterday’s session and consolidating at a new relative pivot zone near $187. Support will lie at the pivot of $187.16 and $187.06. Beyond the pivot, the next support lies at $184.64. Resistance will lie at the high of yesterday’s range at $190.20, followed by $191.56 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**
AAL
ABBV
MA
Economic Calendar
8:30 Q4 GDP expected +0.8%, Q3 +2.0%. Q4 personal consumption expected +1.8%
8:30 Q4 employment cost index expected +0.6%, Q3 +0.6%
8:30 USDA weekly Export Sales
9:00 Jan Milwaukee ISM expected +1.47 to 50.00
9:45 Jan Chicago PMI expected +2.4 to 45.3
10:00 University of Michigan final-Jan U.S. consumer sentiment index expected -0.3 to 93.0
3:30 San Francisco Fed President John Williams speaks
Notable Earnings Before Open
HON: Honeywell – EPS Est. $1.59, Rev Est. $9.98B
CVX: Chevron – EPS Est. $.47, Rev Est. $28.72B
AAL: American Airlines – EPS Est. $1.96, Rev Est. $9.65B
STX: Seagate technology – EPS Est. $.71, Rev Est. $2.94B
MA: Mastercard – EPS Est. $.68, Rev Est. $2.56B
ABBV: Abbvie – EPS Est. $1.13, Rev Est. $6.39B
BXLT: Baxalta – EPS Est. $.56, Rev Est. $NA
WHR: Whirlpool – EPS Est. $3.9, Rev Est. $5.74B
Notable Earnings After Close
NONE
January 29th Watch List
MTCH – Looking for a return to 13.50 before earnings. Long entry is over 12.61, possible add spot over 12.77. Stop will 12.25.
TNK – Looking for a sharp return and quick resolution back to the 20 EMA and 5.10+. Long entry here is over 4.71, add spot 4.85. Stop here is 4.60.
ZBH – On short watch for a return to 93.80. Short entry will be under 97, first target is 95, then 93.80 support. Stop will be 98.20.
OPHT – On short watch with this weak setup matching up with a weak IBB. Looking for a short entry under 52.50, room down to 50.20, then 48.00. Stop will be 54.50 initially. This has a large ATR, so trade with smaller size to better manage risk.