Friday May 6, 2016
Economic Calendar & Watch Lists 5/6/2016
Morning Notes
US Futures are slightly lower while European stocks trade lower by -1% as markets await the US payroll data as it may provide additional clues as to the timing of the next Fed rate hike. Asian stocks closed mostly lower.
Technicals
The SPY edged lower again in yesterday’s session closing back below the critical support pivot at $205.25. Support will lie at the low of yesterday’s range at $204.47, followed closely by the low of Wednesday at $204.42, the 50 Day SMA at $204.25, and finally $203.70. Resistance will lie at the resistance pivot at $205.25, followed by the high of yesterday’s range at $205.98, $206.80, and the next critical resistance pivot at $207.
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**
$HLF
$VRX
$ENDP
Economic Calendar
8:30 Apr non-farm payrolls expected +200,000
8:30 Apr avg hourly earnings expected +0.3% m/m and +2.4% y/y
3:00 Mar consumer credit expected +$16.0 billion
Notable Earnings Before Open
EXC: Exelon – EPS Est. $.66, Rev Est. $7.52B
WY: Weyerhaeuser – EPS Est. $.20, Rev Est. $N/A
Notable Earnings After Close
NONE
May 6th Swing Watch List
$TAC – Not normally a fan of power plays, but I like this for a move back toward 7+. Long entry is over 5.29, stop 5.00. Add spot over 5.57 and then look to sell thru 6 and 7.
$SBH – On short watch for a move lower thru 200EMA support following an earnings miss. Sitting on massive support at 30.00, l00k for a break toward 29.00 if 30 falls. Short entry is under 30, stop 30.50.