Tuesday February 9, 2016
Economic Calendar & Watch List 2/9/2016
US futures are pointing sharply higher this morning by over +1% and European stocks are trading higher by over +2% as crude oil rallies. Bank stocks are leading the market higher early after Janet Yellen’s testimony to the House Financial Services Committee this morning. Asian stocks closed mostly lower.
The SPY ended higher in yesterday’s session but rejected the gap fill level. This morning, the SPY is gapping above the critical $187 level. Support will lie at $187, followed by the high of yesterday at $186.94, and then to the low of yesterday at $183.20. Resistance will lie at $191.67 and $192.75.
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**
Breaking News Watch
10:00 Fed Chair Janet Yellen appears before the House Financial Services Committee
10:30 EIA Weekly Petroleum Status Report
1:00 Treasury auctions $23 billion 10-year T-notes
2:00 January Monthly Budget Est $42.5B
Notable Earnings Before Open
TWX: Time Warner – EPS Est. $1.01, Rev Est. $7.53B
HUM: Humana – EPS Est. $1.45, Rev Est. $13.51B
Notable Earnings After Close
TSLA: Tesla Motors – EPS Est. $.08, Rev Est. $1.79B
WFM: Whole Foods Market – EPS Est. $.40, Rev Est. $4.81B
February 10th Watch List
RCII – On swing watch again this week as it is nearing the gap test once more, but will require a strong market. Same levels are in play. Long entry over 11.20, add over 11.41, stop 11.15. Room here is to 11.82 and then 12.70.
COLM – On short watch for the completion of the current sell off back to 44 support. Short entry is under 46.50, stop 47.25. Room here is to 45.00 and then 43.70.