Economic Calendar & Watch Lists 2/24/2016

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Wednesday February 24, 2016

 

Economic Calendar & Watch Lists 2/24/2016

 

Morning Notes

US futures are sharply lower this morning by nearly -1% and European stocks are trading lower by over -2% as the price of crude slides -3.5%. API data released yesterday afternoon showed a 7.1 million barrel build. Markets await the G-20 meeting which takes place February 26-27 in Shanghai where top economic officials will meet and discuss the global conditions. Asian stocks closed mostly lower.

 

Technicals

SPY_224

The SPY drifted lower in yesterday’s session on light volume closing the day on the lows as we move back into a more favorable trading range. Watch for the volume to return. Support will lie at $190.45, followed by $189.81 and $187.63. Resistance will lie at the low of yesterday’s range at $192.18, followed by the high of yesterday’s range at $194.32 and then the 50 day moving average at $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**

TGT

FSLR

CAR

LOW

 

Economic Calendar

8:00 Richmond Fed President Jeffrey Lacker speaks

9:45 Prelim-Feb Markit services PMI expected +0.3 to 53.5

10:00 Jan new home sales expected -4.4% to 520,000

10:30 EIA Weekly Petroleum Status Report

 

Notable Earnings Before Open

TGT: Target – EPS Est. $1.54, Rev Est. $21.75B

LOW: Lowe’s – EPS Est. $.59, Rev Est. $13.07B

CHK: Chesapeake Energy – EPS Est. $(.17), Rev Est. $2.63B

 

Notable Earnings After Close

HPQ: HP Inc – EPS Est. $.36, Rev Est. $12.1B

RIG: Transocean – EPS Est. $.73, Rev Est. $1.43B

 

February 24th Swing Watch List

SPY – An options spread will be on watch if 190 fails the SPY. We are pretty delta positive and will look to neutralize that with a SPY put spread. At these levels and with SPY vol so light, not interested in taking on much more this week as we are in nearly 7 open trades now.

MSCI – Would love to add to this on the breakdown under 72. Lot of downside in a weak market after making new highs. Will see what we get.

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