Tuesday February 23, 2016
Economic Calendar & Watch Lists 2/23/2016
US futures are are slightly lower this morning and European stocks are trading lower by -.5% on news that the PBOC had cut its reference rate for the Yuan the most in 6 weeks. In addition, BHP Billiton cut its dividend more than expected which sent the stock sliding 4% lower. Asian stocks closed mostly lower.
The SPY continued higher in yesterday’s session closing out just off the highs. Support will lie at the low of yesterday’s range at $193.79, followed by $193.32, $193.27, and $192.18. Resistance will lie at the high of yesterday’s range at $194.95, followed by the 50 day moving average at $195.12, and then $195.85.
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**
9:00 Dec S&P/CaseShiller composite-20 home price index expected +0.9% m/m and +5.8% y/y
10:00 Feb consumer confidence expected -0.9 to 97.2
10:00 Feb Richmond Fed manufacturing index expected unch at 2
10:00 Jan existing home sales expected -2.4% to 5.33 million
1:00 Treasury auctions $26 billion of 2-year T-notes
3:00 USDA Jan Cold Storage
Notable Earnings Before Open
HD: Home Depot – EPS Est. $1.10, Rev Est. $20.39B
M: Macy’s – EPS Est. $1.89, Rev Est. $8.83B
TOL: Toll Brothers – EPS Est. $.41, Rev Est. $915.25M
Notable Earnings After Close
FSLR: First Solar – EPS Est. $.77, Rev Est. $929.80M
February 23rd Swing Watch List
SQ – On bull flag break and continuation watch over 10.50. Looking for a pretty easy to spot return to 11, 11.50 and then 12. Initial stop on this is 10.10.
BID – Nice looking bear to bull setup as it cross over the 50 EMA for the first time in 6 months. Looking for a long entry over 24.50, stop 24.00. Target is 25.80 and then 27.50-27.80.
NAVI – A potential big winner as it makes the bear to bull move over the 50EMA. Long entry would be over 10.50, 10.62 needs to fall, and then there is room to 11.50. Stop will initially be 10.20.
FDML – Very bullish short term setup, but bearish long term. Looking for a short term move back toward 5.90 before earnings. Long entry is over 4.53 with an add spot over 4.79. First target will be 5.10 and stop will be 4.30.
INOV – A very bullish stock, but presenting a short term bearish opportunity for a short. Looking for an entry under 19.20, stop 19.60. First target will be 18.00 and then 17.30s.
SEDG – On short watch as this weakling has failed to make any bullish moves in a quasi bull market. Looking for a short entry under 23.70 with an add under 23.50. Stop will be 24.05. First target is 22.25 area, and then 20.50s.