Wednesday May 11, 2016
Economic Calendar & Watch Lists 5/11/2016
US Futures are slightly lower while European stocks are trading lower by over -1% as DIS is selling after it posted a miss on both revenues and EPS. In addition, ODP and SPLS plunged on news that the $6B dollar merger was blocked. Asian stocks closed mostly mixed.
The SPY surged higher in yesterday’s session closing out on the highs. Support will first lie at the critical support level at $207, followed by yesterday’s low at $206.64, and then $206.40, $205.36, and the 50 Day SMA at $204.97. Resistance will lie at the high of yesterday’s range at $208.50, followed by the macro descending resistance at $209.50 which has provided heavy resistance in the past few months for a correction.
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**
10:30 EIA Weekly Petroleum Status Report
1:00 Treasury auctions $23 billion 10-year T-notes
2:00 Apr monthly budget statement expected +$107.0B
Notable Earnings Before Open
M: Macy’s – EPS Est. $.35, Rev Est. $5.96B
WEN: Wendy’s – EPS Est. $.06, Rev Est. $351.94M
Notable Earnings After Close
May 11th Swing Watch List
$TWI – A higher risk setup, but trading above EMA support, just below big breakout resistance. IF this goes, lots of room to the upside. Long is over 6.28, stop 6.00. Room is to 6.75 and then 7.05.
$HCHC – Not my favorite setup, but I do like its potential and trend. Long entry here is over 4.52, stop 4.18. Room is to 5.05, short term.
$BIOS – A previous winner for us, this big flag setup has a tendency to be quite volatile. Looking for a move back to 3, and then 3+. Long entry is over 2.76, stop 2.60.
$IMAX – In a sweet bull flag and holding the EMAs, there is room back to 35 on this one. Long entry is over 33.50, stop 33.00.
$LDRH – A weak setup with a bad PM earnings release. Expect this to move lower tomorrow. Looking for short under 24.50, stop 25.00. Room to 22.