Friday June 10, 2016
Economic Calendar & Watch Lists 6/10/2016
Morning Notes
US Futures are pointing to a modestly lower open this morning as the price of bonds rises while European stocks are trading at 2 week lows. Investors are taking profits and exercising caution into the weekend as the FOMC 2 day policy meeting starts on Tuesday on a potential rate hike decision. Asian markets closed mostly lower.
Technicals
The SPY is gapping sharply lower this morning, just above the weekly low. Support will lie at the low of Monday’s range at $210.51, followed by the former macro resistance level from $209 – $209.50. Resistance will lie at the low of yesterday’s range at $211.19, followed by $212.22, $212.52, and $212.74.
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**
$HRB
$MFRM
Economic Calendar
10:00 Pre lim June University of Michigan consumer sentiment expected -0.7 to 94
12:00 USDA June WASDE crop production
2:00 May monthly budget statement expected -$56.0B
Notable Earnings Before Open
NONE
Notable Earnings After Close
NONE
June 10th Swing Watch List
$DLR – On short watch for a reversal. Short entry is under 102.00. I will look to take a starter entry on this, but will use a put spread for a debit. Lower IV makes this attractive for a spread. Will watch the Jul16 100/95 put spread, targeting 30-50% return.
$MRTX – Bottom bounce setup here. Looking for a long over 9.83, stop 9.18. Target is 10.21, 12+ and then the gap!
