Tuesday May 10, 2016
Economic Calendar & Watch Lists 5/10/2016
Morning Notes
US Futures are sharply higher this morning while European stocks are trading higher by +1.5% as the strength in oil continues. European banks are strong after Credit Suisse is trading higher by +5% after posting a narrower than expected quarterly loss. Asian stocks settled mostly higher, led by Japan’s Nikkei up +2.2%.
Technicals
The SPY edged slightly higher in yesterday’s session and is gapping higher early this morning. Due to the gap, support will lie first at the high of yesterday’s range at $206.40, followed by the low of yesterday’s range at $205.36, and the 50 Day SMA at $204.67. Resistance will lie at $206.80, followed by the critical resistance pivot at $207, and then $208.18.
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**
$GPS
$STMP
$FSLR
Economic Calendar
10:00 Mar wholesale inventories expected +0.1% m/m
10:00 Mar JOLTS job openings expected +5,000 to 5.45M
12:00 USDA May WASDE crop production
1:00 Treasury auctions $24B 3-year T-notes
Notable Earnings Before Open
AGN: Allergan – EPS Est. $2.99, Rev Est. $3.96B
Notable Earnings After Close
DIS: Walt Disney – EPS Est. $1.40, Rev Est. $13.21B
EA: Electronic Arts – EPS Est. $.42, Rev Est. $888.78M
May 10th Swing Watch List
$SINA – On short watch for a breakdown under the support level at 49. Room down 46.60. Short entry is under 48.78, stop 49.25.
