Thursday March 31, 2016
Economic Calendar & Watch Lists 3/31/2016
Morning Notes
US futures are pointing to a slightly lower after yesterday’s strong move while European stocks trade over -1.25% lower. Asian markets closed mildly higher.
Technicals
The SPY gapped higher in yesterday’s session and ended the day well off the highs. Support will lie at the low of yesterday’s range at $205.59, followed by the recent double top formation which now becomes support at $205.23, and then the low of Tuesday at $202.40. Resistance will lie at the high of yesterday’s range at $206.87, followed by $207.21 and $207.29.
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**
MDVN
FB
Economic Calendar
8:30 Weekly initial unemployment claims expected unchanged at 265,000
8:30 USDA weekly Export Sales
9:00 Mar Milwaukee ISM, Feb +4.86 to 55.22
9:45 Mar Chicago PMI expected +3.2 to 50.8
12:00 USDA Q1 quarterly grain stocks
Notable Earnings Before Open
NONE
Notable Earnings After Close
NONE
March 31st Swing Watch List
$SPY – Reaching December resistance with a high RSI and light volume. Looking for a short term pull back here. Will be using a credit spread to keep risk small here. Looking at the May16 210/215 call spread, credit of around 1.40-1.45. STO May16 210c, BTO May16 215c. This is a great hedge opportunity for anyone holding long positions for a the next couple weeks heading into earnings.
$YELP – A nice move up after earnings lows. This has just completed a pull back to support and is now curling back up. IF market stays strong, I like this for a move back 23.00. Long entry is over 20.60-20.75, stop 20.00.
$HCHC – An interesting setup following a massive spike in 2 day relative volume. This has good range, but needs to sustain the volume. Long is over 3.76, stop 3.50. Room to 4.10 and then 5.
$XON – On short watch as this big mover is struggling to hold support at the EMAs & 33 area. Looking for a breakdown to 29.50-30. Short entry under 33, stop 34. This has a wide ATR, so give it room and consider smaller size!