Thursday April 14, 2016
Economic Calendar & Watch Lists 4/14/2016
Morning Notes
US futures are relatively flat after a strong two day rally. European stocks are also trading flat after Germany cut its GDP forecast to 1.6% from 1.8%. The BOE maintained its current benchmark interest rate as expected. Asian stocks closed predominantly higher.
Technicals
The SPY surged higher again in yesterday’s session, moving through several points of resistance and closed out just off the highs. Support will lie at the low of yesterday’s range at $206.84, followed by $206.49, $206.25, the critical support pivot of $205.25, and finally $2003.70. Resistance will lie at the high of yesterday’s range at $208.10, followed by $208.48, $208.68, and $209.73.
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**
$STX
$DDD
$WYNN
Economic Calendar
8:30 Weekly initial unemployment claims expected +3,000 to 270,000
8:30 Mar CPI expected +0.2% m/m and +1.1% y/y
8:30 USDA weekly Export Sales
10:00 Fed Governor Jerome Powell appears before the Senate Banking Committee
10:00 Atlanta Fed President Dennis Lockhart speaks
1:00 Treasury auctions $12 billion of 30-year T-bonds
Notable Earnings Before Open
PNC: PNC Financial Services – EPS Est. $1.69, Rev Est. $3.76B
BLK: Black Rock – EPS Est. $4.29, Rev Est. $2.73B
WFC: Wells Fargo – EPS Est. $.98, Rev Est. $21.62B
DAL: Delta Airlines – EPS Est. $1.29, Rev Est. $9.26B
BAC: Bank of America – EPS Est. $.22, Rev Est. $20.33B
PGR: Progressive Corp – EPS Est. $.50, Rev Est. $5.69B
Notable Earnings After Close
NONE
April 14th Swing Watch List
$KFY – Testing big near term resistance on high relative volume. Looking for a breakout over the 30.00 mark. Stop will be 29.50. Room will be to 30.80s and then 32.00.
$SB – Nice breakout setup here and room back to much higher. Not usually a fan of $1 stocks, but this setup is worth a stab. Long over 1.05, stop .95. Targets will be 1.18 and then 1.50.
$GSAT – Another cheapie with a nice setup. Looking for a breakout over 1.80 resistance. Stop will be 1.66. Room here is to 2 and then 2.20.
$RNG – On watch for a breakout over 17 resistance. Nice multi tap bull flag with room back up toward 18 in a jiff. Long entry is over 17.00, stop 16.60. Target will be 17.50s and then 18.
$RAI – Short watch for possible trend reversal and continuation of pullback. Massive uptrend since late last year, but puts in healthy pullbacks. Looking f r a short under 48.60, stop 49.25. Target will be 46.50 and lower.
