Tuesday May 17, 2016
Economic Calendar & Watch Lists 5/17/2016
Morning Notes
US Futures are relatively flat this morning while European stocks trade slightly higher as the price of crude edges higher again, closing in on 7 month highs. The Home Depot (HD) reported better than expected Q1 earnings and raised its full year forecast which is giving a lift to retail names. Asian stocks closed mostly higher.
Technicals
The SPY traded back higher in yesterday’s session after coming off of three prior day’s losses. Support will lie at the 50 Day SMA at $205.51, followed by the support pivot at $205.25, and then yesterday’s low at $204.89. Resistance will lie at the resistance pivot at $207, followed by yesterday’s high at $207.34.
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**
$PRGO
$TJX
$VRX
$HD
Economic Calendar
8:30 Apr housing starts expected +3.3% to 1.125M
8:30 Apr CPI expected +0.3% m/m and +1.1% y/y
9:15 Apr industrial production expected +0.3%, Mar -0.6%
12:00 San Francisco Fed President John Williams and Atlanta Fed President Dennis Lockhart speak
Notable Earnings Before Open
HD: The Home Depot – EPS Est. $1.34, Rev Est. $22.35B
TJX: TJX Co’s – EPS Est. $.70, Rev Est. $7.29B
Notable Earnings After Close
NONE
May 17th Swing Watch List
$QEP – Long entry over 18.38, stop 18. Add spot over 18.70. Room here is to 20.00.
$IMMU – Long entry over 3.92, add spot over 4.00. Stop is 3.72. Target is 4.30-4.40 short term.
$KORS – A sweet reversal setup over 42.00, when we get a bullish confirmation of trend reversal. Will look to use a call spread on this trade, but long will be over 42, not a moment sooner.
$EA – Moving up higher into overbought territory following earnings, we are just waiting for the return to reality here. Looking for a short off 77 or under 76. Room is down to 73.50 and then 71.50.