Thursday March 17, 2016
Economic Calendar & Watch Lists 3/17/2016
Morning Notes
US Futures are slightly lower this morning after a sharp move higher in yesterday’s session after the FOMC determined they would be scaling back the future rate hike forecasts while hinting at inflation. The price of crude is trading higher by over +2% and the US dollar tumbled overnight. European stocks are trading near the lows of the session the German DAX off nearly -1.5%. Asian stocks settled higher.
Technicals
The SPY surged higher late in yesterday’s session on slightly higher relative volume. Support will lie at the 200 Day SMA at $201.97, followed the low of yesterday’s range at $201.55 and $201.05. Resistance will lie at high of yesterday’s range at $203.82, followed closely by $203.87 which then opens up to $205.89.
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**
Economic Calendar
8:30 Philadelphia Fed Manufacturing Index Est. -1.5
8:30 Initial Jobless Claims – Est 267K
8:30 Philly Fed Employment
10:00 JOLTs Job Openings Est. 5.566M
Notable Earnings Before Open
NONE
Notable Earnings After Close
$ADBE: Adobe Systems – EPS Est. $.61 Rev Est. $1.34B
March 17th Watch List
$BWA – A beautiful uptrender breaking out of the bull flag. I love the tap of resistance from back in late September too. Looking to jump on board for the move back to 39.40. Long entry will be over 37.33, stop 36.75.
$OI – Back on watch after the shakeout from earlier this week. This looks good still as it is holding bigger support. Watching for an entry over 15.10, stop 14.75. Add spot over 15.30 and 15.70. Target is back up near 17.
$RATE – A nice bullish flat top after a rejection of the gap. Looking to move into the gap and reverse trend over that 20 EMA. Long entry is over 9.05-9.10, stop 8.80. Looking for 9.50-9.75 in a hurry, then 10.
$LNKD – My short candidate as it failed to break and hold over 120 resistance after the big gap down. Now, they caught some bad analyst news and a lower price target. So, I like this for a short back to the lows. Entry can be with options or stock. Either way, entry is below 108. This looks good for a possible put debit as IV is also really low.
$ADBE – On watch as my earnings play of choice. Looking at the expected Market Maker Move, this thing could pop or drop at least $5. That’s a fair sized move for ADBE compared to its past. Looking to put on a Mar16 iron condor 77.5/80/95/97.5 for at least a .40-.45c credit.