Wednesday April 6, 2016
Economic Calendar & Watch Lists 4/6/2016
Morning Notes
US futures are relatively flat this morning while European stocks are slightly green. Crude oil moved higher by nearly 3% into late yesterday after the weekly API report. Asian stocks closed mixed.
Technicals
The SPY traded sharply lower in yesterday’s session closing out just off the lows of the day. Support will lie at the low of yesterday’s range at $203.98, followed by $202.40, $201.74, and the 200 day SMA at $201.61. Resistance will lie at the critical pivot zone of $205.25, followed by the high of yesterday’s range at $206.26, then $207.07.
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**
$CREE
$STZ
Economic Calendar
10:30 EIA Weekly Petroleum Status Report
12:20 Cleveland Fed President Loretta Mester speaks
2:00 Minutes of the Mar 15-16 FOMC meeting
Notable Earnings Before Open
STZ: Constellation Brands – EPS Est. $1.14, Rev Est. $N/A
MON: Monsanto – EPS Est. $2.44, Rev Est. $4.76B
Notable Earnings After Close
BBBY: Bed Bath & Beyond – EPS Est. $1.81, Rev Est. $3.39B
April 6th Swing Watch List
$FIX – Long here is over the top of this funky flag, and at 32.70-32.75. Room here is to 34. Stop will be 32.00 initially. Nice bump in relative volume.
$RUN – A slightly more speculative setup here. RUN has a history of explosive and huge moves. Looking to get in at a key technical area for the next big move. Long is over 6.66-6.70, stop 6.50. First target is 7, then 7.24.
$XON – Even though I am already long IBB, I wouldn’t mind jumping into a weak short setup, as seen with XON. Nice bear chart after the close below its EMAs. Short entry is under 33, stop 34. Room here is down to 30, short term.