Thursday February 4, 2016
Economic Calendar & Watch List 2/4/2016
Morning Notes
US futures are slightly higher and European stocks are trading lower by -.6% led by a sharp decline in Daimler AG after they commented on a slowdown in growth during 2016. Asian stocks closed predominantly higher.
Technicals
The SPY initially sold off in early trading yesterday and then tested the critical pivot zone of $187, reversed and rallied into the close. Support will remain at the critical pivot zone of $187. Resistance will lie at the high of yesterday’s range at $191.78, followed by $191.97 and $194.58.
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**
SEDG
COP
Economic Calendar
8:30 Weekly initial unemployment claims expected -1,000 to 277,000
8:30 Q4 non-farm productivity expected -2.0%, Q3 +2.2%
8:30 USDA weekly Export Sales
8:30 Dallas Fed President Robert Kaplan speaks
10:00 Dec factory orders expected -2.8%, Nov -0.2% and -0.3% ex transportation
5:00 Cleveland Fed President Loretta Mester speaks
Notable Earnings Before Open
COP: ConocoPhillips – EPS Est. $(.64), Rev Est. $9.06B
PM: Philip Morris – EPS Est. $.81, Rev Est. $6.49B
CI: Cigna – EPS Est. $1.78, Rev Est. $9.52B
BSX: Boston Scientific – EPS Est. $.25, Rev Est. $2B
CLX: Clorox – EPS Est. $1.05, Rev Est. $1.35B
Notable Earnings After Close
LNKD: LinkedIn – EPS Est. $.78, Rev Est. $857.59M
LGF: Lions Gate – EPS Est. $.48, Rev Est. $772.24M
February 4th Watch List
ROVI – On Watch as this strong stock is looking ready to make its next leg up before earnings. Currently, ROVI is testing long term resistance, but has room to 21.50+ if that falls. Looking for a long entry over 19.75, stop 19.50.
SWFT – On watch as this shipper is in a bullish pattern following earnings. A nice bull flag and move up and over the EMAs. The room here is to 18.50 and then 20. Long entry is over 17.15, stop 16.85.
TBPH – Putting in a massive multi top at the 17 mark, this is definitely NOT a long until OVER 17.00. Room is to 17.70 and then 18.50. Stop will be 16.75 if 17 fails.
CGI – An interesting shipping option for a long move back toward 10. I like the setup here and the relative volume. Long entry is over 8.38, stop 8. Room here is to 10 in a hurry if things hold up.
OMF– On short watch for a continued break down and sell off. The short entry will be under 24.50, stop 25.50. The target is going to be 22, and then 20.
AMED – This short watch stock has a lot of room down to next support under 31.50. Short entry here will be in two parts, the first entry is under 33.50 and then a double to full size at 33.00.
