Tuesday April 12, 2016
Economic Calendar & Watch Lists 4/12/2016
US futures are slightly higher along with European stocks as crude pushed higher overnight. Japan’s Nikkei closed higher after a move higher in banking stocks while the remainder of Asian stocks closed mixed.
The SPY initially attempted a push higher early in yesterday’s session to then reverse and close in the red near lows. Support will lie at the low of yesterday’s range at $203.91, followed closely by $203.87, and $203.09. Resistance will lie at the critical resistance pivot at $205.25, followed by the high of yesterday’s range at $206.07, $206.49, and $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**
8:30 Mar import price index expected +1.0% m/m and -4.7% y/y
9:00 Philadelphia Fed President Patrick Harker speaks
1:00 Treasury auctions $24 billion of 3-year T-notes
2:00 Mar monthly budget statement expected -$104
3:00 San Francisco Fed President Williams speaks
4:00 Richmond Fed President Jeffrey Lacker speaks
Notable Earnings Before Open
FAST: Fastenal – EPS Est. $.44, Rev Est. $988.6M
Notable Earnings After Close
CSX: CSX Corp – EPS Est. $.37, Rev Est. $2.68B
April 12th Swing Watch List
$AKS – A nice bull flag and a previous watch lister, but never a trade. Looking for a starter over 4.35 with an add over 4.50. This is super liquid and a relatively small ATR, but with big potential. Stop will be 4.14.
$KRO – Room here is 6.75 and then 7.25. Capable of big moves when relative volume comes in. Long will be over 6.21, stop 6.00.
$UA – On short watch for a breakdown under all the EMAs after piercing them on Monday. Short entry is under 40.85, stop 41.35. Room here is to 38.80s and then 35.