Monday June 20, 2016
Economic Calendar & Watch Lists 6/20/2016
Morning Notes
US Futures are tracking sharply higher this morning along with both European and Asian markets posting strong gains. Fueling the strong move in equity markets is the ebb of the Brexit fears as the “stay” campaign has regained ground in the latest polls.
Technicals
The SPY is surging higher in the pre market this morning and testing the macro resistance at 209 yet again. Resistance will lie at the macro descending resistance channel at $209, followed by $209.36, $210.37, $210.86, and $211.19. Support will lie at the high of Thursday’s range at $208.57, followed by the 50 day SMA at $207.88, Friday’s high at $207.20, and the critical support pivot at $207.
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**
$NFLX
Economic Calendar
11:00 USDA weekly grain export inspections
12:15 Minneapolis Fed President Neel Kashkari speaks
1:00 Treasury auctions $26 billion of 2-year T-notes
4:00 USDA Weekly Crop Progress
Notable Earnings Before Open
NONE
Notable Earnings After Close
NONE
June 20th Swing Watch List
$TRN – Long entry is over 19.11, stop 18.50. Target is 19.90, then 20.30.
$NVDA – A long over 47 for a move to 50. I will look to capitalize on this low IV mover with a debit call spread. The Jul16 monthly 47/50 put spread looks good with a 30-50% target.
$INCR – On bounce watch over 38.00. Stop will be 37.00 and target is 40.00.
$NBIX – On short watch for a breakdown under the 200 EMA. Short entry is under 44.00, stop 45.00. Room down to 41.50.
