Thursday, August 11, 2016
Economic Calendar & Watch Lists
Morning Notes
US Futures are tracking modestly higher this morning while European markets are trading higher by roughly +.60%. Alibaba (BABA) reported better than expected Q1 earnings and is trading higher by over +4% in pre market. Asian stocks closed mixed across the board as Japan is closed for holiday.
Technicals
The SPY pulled off its weekly highs and tested the upper support pivot in yesterday’s session. Support will lie at the upper support pivot at $217.30, followed closely by the low of yesterday’s range at $217.23, then $217.07, $216.78, $215.83, and $215.13. Resistance will lie at the high of yesterday’s range at $218.40, followed by the recent all time high of $218.76.
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**
$M
$BABA
$SHAK
Economic Calendar
8:30 Weekly initial unemployment claims expected -4,000 to 265,000
8:30 July import price index expected -0.4%
8:30 USDA weekly Export Sales
11:00 Treasury announces amount of 5-year TIPS to be auctioned August 18
1:00 Treasury auctions $15B of 30-year T-bonds
Notable Earnings Before Open
BABA: Alibaba – EPS Est. $.62, Rev Est. $4.61B
KSS: Kohl’s – EPS Est. $1.04, Rev Est. $4.16B
M: Macy’s – EPS Est. $.45, Rev Est. $5.75B
Notable Earnings After Close
NVDA: Nvidia – EPS Est. $.37, Rev Est. $1.35B
JWN: Nordstrom – EPS Est. $.55, Rev Est. $3.65B
August 11th Swing Watch List
T – A nice consolidation in a flag. Looking for a breakout on low IV. This is a great opportunity for a bull call spread. Sep16 43/45 for a debit of .75.
