Monday February 8, 2016
Economic Calendar & Watch List 2/8/2016
US futures are sharply lower this morning and currently off by -1% along with European stocks trading lower by over -2% on what appears to be heightened global economic concerns. In addition, continued weakness in crude oil weighs on markets. Asian stocks closed relatively mixed.
The SPY tested the critical 187 support zone yet again during Friday’s session and closed near the lows. In pre market trading, the SPY is trading sharply lower and below the most recent critical support of $187. Support now will lie at $184.64 and $181.02. Resistance will lie at the former support of $187, followed by the high of Friday’s range at $191.67.
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**
11:00 USDA weekly grain export inspections
Notable Earnings Before Open
DO: Diamond Offshore – EPS Est. $.53, Rev Est. $515.63M
HAS: Hasbro – EPS Est. $1.30, Rev Est. $1.37B
Notable Earnings After Close
FOXA: 21st Century Fox – EPS Est. $.44, Rev Est. $7.51B
February 8th Watch List
STRP – On watch for the move back over 25.00. It is holding the 200 EMA well in very bearish conditions. I like this for a long over 23.00 and a stop at 22.50.
MVIS – This tech mover is poised for a move back up and over 3.00 in a short time. Long entry here is going to be over 2.8s, stop 2.70. Add spot over 2.90 and a sell target of 3.05.
RCII – On watch for a gap fill. Long entry is over 11.20 with a possible add at 11.40. First target is 11.80 and then 12.70. Stop will be at 11.00, initially.
SHOO – On short watch as it moves lower thru the averages with clear support areas below. Looking for a short entry under 30.30, add spot under 30.00. Stop will be 31.00. Targets are 28.60 and then 27.80.
SINA – Going short watch as this mover rolls over at the half dollar. Looking for a short entry under 41.50, stop 42.00. Targets here are 40.20 and then 39.00.