Tuesday March 8, 2016
Economic Calendar & Watch Lists 3/8/2016
Morning Notes
US Futures are lower this morning and European markets are trading lower by over -1% after weak Chinese trade data drives global markets lower. China February exports fell over -25% year over year, the biggest decline in 7 years. Asian stocks closed mostly mixed.
Technicals
The SPY edged higher in yesterday’s session managing to close back above $200. Support will lie at the low of yesterday’s range at $199.25, followed by$199.03, $198.11, and the critical pivot zone of $197.60 – $197.40. Resistance will lie at the high of yesterday’s range at $201.07, followed by $201.35, $201.90, and the 200 day SMA at $202.36.
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**
SHAK
URBN
Economic Calendar
NONE
Notable Earnings Before Open
DKS: Dicks Sporting Goods – EPS Est. $1.15, Rev Est. $2.28B
Notable Earnings After Close
NONE
March 8th Watch List
SRPT – I have been watching this one creep for a while now after the massive gap lower. It may be ready for a move into the gap finally. Looking for a starter over 15.00, stop 14.50. Add spot over 15.74. Room to 18.50 and 23.70.
KEYW – Continues to rip higher following earnings. This is finally trading back at the lows of 2015. Looking for a move back to 8, and then 8.50 short term. Long entry is over 7.25, stop 7.00.
ADSK – After a parabolic +40% run up off the lows in just a few weeks, we could see a nice breather on ADSK if it decides to come back in to reality. RSI is overbought and this is trading under big resistance. Look for a short entry off the 58.60 area or under 58. Room here is to 56 and 54 short term.
CEB – Another interesting short swing setup as this big runner is also hitting resistance. Looking for an entry around 61.50 or under 60.00. Target is 58.70 and then 57.50 initially.