Thursday July 7, 2016
Economic Calendar & Watch Lists 7/7/2016
Morning Notes
US Futures are relatively flat this morning as European stocks made a rebound off weekly lows as the price of crude jumps on API data released yesterday. Asian stocks closed mixed across the board.
Technicals
The SPY held the critical pivot at $207 and pushed higher in yesterday’s session and closed back above the macro descending resistance near $209. Support will lie at the $209 level followed by the 50 day moving average at $207.71, followed by yesterday’s low at $207.06, and the upper support pivot at $207. Resistance will lie at the high of yesterday’s range at $209.80, followed by $210.49, 210.87, and $211.19.
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**
$FSLR
$NFLX
Economic Calendar
8:15 June ADP Employment Report Est. 160K
8:30 Weekly Jobless Claims Est. 267K
8:30 Continuing Claims Est. 2.12M
9:45 Bloomberg Consumer Comfort Index
10:30 Weekly EIA Natural Gas Inventory Data
11:00 Weekly DOE Inventory Data
Notable Earnings Before Open
PEP: Pepsi – EPS Est. $1.28, Rev Est. $15.38B
Notable Earnings After Close
APOL: Apollo Education – EPS Est. $.28, Rev Est. $546.97M
CUDA: Barracuda Networks – EPS Est. $.11, Rev Est. $83.48M
July 7th Swing Watch List
$DRNA – Long entry is over 3.67, stop 3.32. Target is 4.00 and then 4.50 area.
$ERF – Long entry over 6.51, stop 6.20. Target is 7.00 and then 7.70, if oil picks up steam.
$LLY – Still on short watch for a reversal. Looking for an entry below 79.10, stop 80.40. target is now 76.
$TSO – If oil moves lower from here, this will be on short watch under 70.00, add spot 69.50. Target is 67.