Friday February 26, 2016
Economic Calendar & Watch Lists 2/26/2016
Morning Notes
US futures are higher this morning as European stocks are trading higher by nearly +2% on chatter of global economic stimulation from central banks. Crude is trading higher by +1% which is lifting energy stocks. Asian stocks closed higher.
Technicals
The SPY moved higher again in yesterday’s session closing out near the highs while approaching a heavy zone of resistance. Support will lie at $195.85, followed by the high of yesterday’s range at $195.55, the 50 day moving average at $194.48, and the low of yesterday at $192.83. Heavy resistance will lie at $197.40 – $197.60, and then $200.05.
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**
BABA
SPLK
BIDU
Economic Calendar
8:30 Revised Q4 GDP expected +0.4% q/q annualized, previous +0.7% q/q annualized.
10:00 Jan personal spending expected +0.3%, Dec unch
10:00 Jan PCE deflator expected unch m/m and +1.1% y/y
10:00 Final U.S. Feb University of Michigan consumer sentiment expected +0.3 to 91.0
Notable Earnings Before Open
NONE
Notable Earnings After Close
NONE
February 26th Swing Watch List
TSN – On short watch yet again, for a move back toward reality. Look for short entry under 65.20 and a target of 62.00. The stop will be over 66.
DAL – Another carry forward from yesterday, I still like DAL in between 45 and 52 and will look to get filled on my open iron condor.
HTH – An earnings play that popped on high relative volume just under big resistance. Looking for a long entry over 16.35, stop 16.00. Room here is to 17.25 and then shy of 18.
EGL – A nice recovery and pivot off the lows and now testing resistance. Long over 14.10, stop 13.75. First target is going to be 14.50 and then 15.50 before March 3rd earnings.
NKE – Trading under a large resistance area at 63 following a massive 20% bull run. Looking for a retracement to support at 61.40, 60.50 and 59.50. Short entry will occur closer to the 63.00 level, and not sooner.
