Friday, July 29, 2016
Economic Calendar & Watch Lists 7/29/2016
US Futures are slightly lower this morning as markets await the GDP report. Losses were limited however after GOOG and AMZN reported earnings after the market close yesterday and both rallied higher. European stocks are trading slightly higher after positive results came from overnight stress tests of the banks. Asian stocks closed mostly lower.
The SPY continues its sideways consolidation while managing to hold the higher prices throughout the last week. Support will lie at the low of yesterday’s range at $215.75, followed closely by $215.62, $215.31, and $214.35. Resistance will lie at the high of yesterday’s range at $217.11, followed closely again by $217.27, $217.30, and $217.37.
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**
8:30 Q2 GDP expected +2.6% , Q1 +1.1%
8:30 Q2 employment cost index expected +0.6%
9:30 San Francisco Fed President John Williams (non-voter) speaks
9:45 Jul Chicago PMI expected -2.8 to 54
10:00 Final-July University of Michigan U.S. consumer sentiment expected +0.7 to 90.2
1:00 Dallas Fed President Robert Kaplan speaks
Notable Earnings Before Open
ABBV: AbbVie – EPS Est. $1.20, Rev Est. $6.21B
CI: Cigna – EPS Est. $2.39, Rev Est. $N/A
XOM: Exxon Mobil – EPS Est. $.64, Rev Est. $60.33B
SAVE: Spirit Airlines – EPS Est. $1.07, Rev Est. $594.61M
Notable Earnings After Close
July 29th Swing Watch List
$DGLY – On swing watch for a move back toward 7. Low float and low volume, but prone to big moves. Long on this is over 5.92, add at 6.00. Target is 6.50 and then 7. Stop will be 5.50.
$VMW – On reversal watch. In big time overbought territory with super low IV. This is ripe for a bear put spread. Looking at Sept16 monthly expiration. Short for the stock will be under 72.30-72.00 area. Target will be 70 and then 68.