Tuesday May 31, 2016
Economic Calendar & Watch Lists 5/31/2016
Morning Notes
US Futures are relatively flat this morning while European stocks trade slightly lower by -.33%. Friday, Fed Chair Janet Yellen spoke about the improving economy and its ability to endure a rate hike in the very near term. Asian stocks closed mostly higher.
Technicals
The SPY continued its push higher in Friday’s session closing out on the highs. Support will lie at the low of Friday’s range at $209.47, followed by the descending macro former resistance at $209.30, and the low of Thursday at $208.97. Resistance will lie at the high of Friday’s range at $210.25, followed by $210.92 and $211.
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**
$VRX
$TEVA
$ICPT
Economic Calendar
8:30 Apr personal spending expected +0.7%
8:30 Apr PCE deflator expected +0.3% m/m and +1.1% y/y
9:00 Mar S&P/CaseShiller composite-20 home price index expected +0.7% m/m and +5.06% y/y
9:45 May Chicago PMI expected +0.1 to 50.5
10:00 May U.S. consumer confidence expected +2.1 to 96.3
10:30 May Dallas Fed manufacturing activity expected +5.9 to -8.0
11:00 USDA weekly grain export inspections
4:00 USDA Weekly Crop Progress
Notable Earnings Before Open
MDT: Medtronic – EPS Est. $1.26, Rev Est. $7.49B
Notable Earnings After Close
WDAY: Workday – EPS Est. $(.02), Rev Est. $338.68M
May 31st Swing Watch List
$BIOS – This has been on our watch list before, but always fails to go. Still a good setup either way. Long entry is over 2.75, stop 2. 260. Target is 2.90 and then 3.00. Tight ATR here means you have to monitor it!
$CBAY – A big, speculative bull flag here. Long entry is over 2.50, stop 2.35. Room is to 2.80-2.90, short term.
$SRNE – Testing a big resistance spot on decent relative volume. Long entry is over 6.71, stop 6.50. Room here is to 7.20 and 7.80.
$TECH – Not showing signs of reversal just yet, but has hit my radar. Will wait for better short setup.