Thursday May 19, 2016
Economic Calendar & Watch Lists 5/19/2016
Morning Notes
US Futures are slightly lower this morning while European stocks also trade lower by nearly -1% after yesterday’s sharp move lower in result of the FOMC minutes which suggested a rate hike in June. As probability increases of a June rate hike, the dollar strengthened which undercut crude and gold prices into late day trading. Asian stocks closed mostly lower.
Technicals
The SPY sold off in yesterday’s session on increased volume and closed back below the recent support pivot at $205.25. Support will lie at the low of yesterday’s range at $203.63, followed by $203.09, and $202.40. Resistance will first lie at the resistance pivot at $205.25, followed by the 50 day SMA at $205.73, and then the high of yesterday’s range at $206.30.
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**
$CRM
$LB
$DKS
Economic Calendar
8:30 Weekly initial unemployment claims expected -19,000 to 275,000
8:30 Apr Chicago national activity index expected +0.24 to -0.20
8:30 May Philadelphia Fed business outlook survey expected +4.6 to 3.0
8:30 USDA weekly Export Sales
9:15 Fed Vice Chair Stanley Fischer
10:00 Apr leading indicators expected +0.4%
10:30 New York Fed President William Dudley
1:00 Treasury auctions $11 billion 10-year TIPS
Notable Earnings Before Open
AAP: Advance Auto Parts – EPS Est. $2.61, Rev Est. $3.02B
WMT: Wal-Mart – EPS Est. $.88, Rev Est. $113.14B
Notable Earnings After Close
AMAT: Applied Materials – EPS Est. $.32, Rev Est. $2.42B
ROST: Ross Stores – EPS Est. $.37, Rev Est. $3.11B
GPS: Gap Stores – EPS Est. $.32, Rev Est. $3.52B
ADSK: AutoDesk – EPS Est. $(.14), Rev Est. $513.03M
May 19th Swing Watch List
$DAR – Long entry is over 14.85, add spot at 15. Stop will be 14.50. Target is 15.50-15.70, on this slow mover.
$NSM – Long entry is over 12.50, stop 12.00. Room to 13.05 and then 13.50 near the 200 EMA.
$DPM– Short entry is under 32.50, stop 33.25. Room here is to 30 in a short time. I don’t normally trade oil names, but the chart is setup for a short under the 20EMA.
