Wednesday July 6, 2016
Economic Calendar & Watch Lists 7/6/2016
Morning Notes
US Futures are tracking lower this morning as European markets are trading sharply lower by over -2% as the future of economic growth concerns resurface after the recent Brexit decision. Asian stocks closed lower, led by the Nikkei closing lower by -290 points.
Technicals
The SPY moved back below the macro descending resistance in yesterday’s session and ended closing below the critical level after intraday tests. Support will lie at the upper support pivot at $207, followed by $206.56, the mid range support pivot at $205.25, $204.72, and the 100 day moving average at $204.49. Resistance will lie at the 50 day moving average at $207.69, followed by the low of yesterday’s range at $207.71, the high of yesterday’s range at $209.08 which also coincides with the macro descending resistance.
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
$RGLD
Economic Calendar
8:30 May trade balance expected -$40.0B
9:00 Fed Governor Daniel Tarullo speaks
9:45 Revised Jun Markit U.S. services PMI expected unchanged at 51.3
10:00 Jun ISM non-manufacturing PMI expected +0.4 to 53.3
2:00 FOMC Minutes
Notable Earnings Before Open
WBA: Walgreens Boots Alliance – EPS Est. $1.14, Rev Est. $29.80B
Notable Earnings After Close
NONE
July 6th Swing Watch List
$NTLA – On reversal watch after getting pummeled following its IPO. Looking for a bottom bounce entry around $20.50 Stop will be 19.50. Down nearly 30% in a week, this has nice bounce/recovery potential.
$LLY – On reversal watch for a short after a nice 11% run. This one trades liquid with options and has a low IV rank. Will look for the Aug16 80/75 put spread for a debit of 2.50.
