Wednesday March 9, 2016
Economic Calendar & Watch Lists 3/9/2016
Morning Notes
US Futures are edging higher this morning and European markets are trading higher by over +1.25% after ECB is expected to introduce a stimulus plan to spark economic growth. The price of crude is moving higher after the API report yesterday showed an increase of 4.4 million barrel increase. Asian stocks again closed mixed.
Technicals
The SPY drifted lower in yesterday’s session after rejecting the $200 level, as well as closing back below. Support will lie at the low of yesterday’s range at $198.21, followed by $198.11, and the critical pivot zone of $197.60 – $197.40. Resistance will lie at the high of yesterday’s range at $199.92, the critical resistance zone at $200.05, followed by $201.07, $201.35, and the 200 day SMA at $202.28.
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**
$EXPR
$VRX
Economic Calendar
10:00 Jan wholesale inventories expected -0.2%, Dec -0.1% m/m
10:30 EIA Weekly Petroleum Status Report
12:00 USDA Mar WASDE crop production
1:00 Treasury auctions $20 billion 10-year T-notes
Notable Earnings Before Open
$EXPR: Express, Inc – EPS Est. $.65, Rev Est. $769.34M
$VRA: Vera Bradley – EPS Est. $.41, Rev Est. $152.64M
Notable Earnings After Close
NONE
March 9th Watch List
Nothing on watch for a short swing. Scanners returned ZERO high probability setups today. Will be eyeing opportunities intraday, however.