Wednesday February 3, 2016
Economic Calendar & Watch List 2/3/2016
Morning Notes
US futures are slightly higher this morning as crude rebounds from yesterday and moves back above $30. European stocks are trading lower by nearly -1% and Asian stocks closed mostly lower.
Technicals
The SPY drifted lower in yesterday’s session after the lack of follow through action on Monday. Support will lie at the low of yesterday’s range at $189.54, followed by the critical pivot and reversal point at $187.16 – $187. Resistance will lie at the high of yesterday’s range at $191.97, followed by $194.58 and $194.86.
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**
XON
FB
Economic Calendar
7:00 Weekly MBA mortgage applications, previous +8.8%
8:15 Jan ADP employment change expected +193,000, Dec +257,000
9:45 Final-Jan Markit services PMI expected unrevised at 53.7
10:00 Jan ISM non-manufacturing index expected -0.7 to 55.1
10:30 EIA Weekly Petroleum Status Report
Notable Earnings Before Open
CMCSA: Comcast – EPS Est. $.82, Rev Est. $18.77B
MRK: Merck – EPS Est. $.91, Rev Est. $10.35B
GM: General Motors – EPS Est. $1.22, Rev Est. $39.03B
Notable Earnings After Close
YUM: Yum! Brands – EPS Est. $.66, Rev Est. $4.02B
MDLZ: Mondelez – EPS Est. $.48, Rev Est. $7.27B
MET: Metlife – EPS Est. $1.36, Rev Est. $17.61B
GPRO: GoPro – EPS Est. $(.12), Rev Est. $499.23M
February 3rd Watch List
NLNK – Announced that they are working on the Zika Virus and have a nice reversal pattern underway. Looking for a long entry over 26.20, stop 25.50. Room here is to 28.80 and then 32.
NMBL– On watch for a move back to range highs before earnings. Long entry is over 7.10, stop 6.75. Room here is to 7.80, then we could see 9.25.
CRAY – On short watch for the breakdown after failing resistance at 40. Short entry is under 37.40, stop 38.00. Room here is to 36, and then 34.50.
VEEV – On short watch for a potential breakdown of multi day lows. Looking for an entry below 23.00, stop 23.50. Room here is 22.50 and then 22. Then, 21-19.50 longer term.