Tuesday, August 16, 2016
Economic Calendar & Watch Lists
US Futures are tracking slightly lower this morning while European stocks trade lower by nearly -1% after markets experience relief moves after the recent moves higher. Asian stocks closed mostly lower.
The SPY edged higher throughout yesterday’s session putting in new all time intraday highs to then drift back off those highs into the late afternoon. Support will lie at the low of yesterday’s range at $218.88, followed by $218.71, $217.99, $217.95, the upper support pivot at $217.30, then $217.23, $217.07, $216.78, and $215.83. Resistance will lie at the high of yesterday’s range at $219.50.
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 July housing starts expected -0.8% to 1.180M
8:30 July CPI expected unchanged m/m and +0.9% y/y
9:15 July industrial production expected +0.3%
12:30 Atlanta Fed President Lockhart speaks
Notable Earnings Before Open
AAP: Advance Auto Parts – EPS Est. $2.13, Rev Est. $2.24B
DKS: Dick’s Sporting Goods – EPS Est. $.68, Rev Est. $189B
HD: Home Depot – EPS Est. $1.96, Rev Est. $26.36B
TJX: TJX Cos. – EPS Est. $.80, Rev Est. $7.87B
Notable Earnings After Close
CREE: Cree – EPS Est. $.20, Rev Est. $380.67M
URBN: Urban Outfitters – EPS Est. $.56, Rev Est. $888.33M
August 16th Swing Watch List
ZBRA – On reversal watch for a short off the 70.00 resistance spot. Moving up 50% in the last month and a half, this thing hasn’t slowed. If we get a tap and fail of the 70 area, I want to ride this short using the Nov70/65 bear put spread. This low IV setup could really take off for us.
MYCC – On swing watch for a breakout to the long side after MULTIPLE taps at this level. We NEED to get over 15.25-15.30, so that will be our entry. Our no BS stop will be at 15.00 and there will be room to 17.20 or so.