Wednesday, August 17, 2016
Economic Calendar & Watch Lists
US Futures are relatively flat this morning while European markets trade lower again by nearly -1% led by news of Intel saying they would no longer use the semiconductor producer, ASML, for its chips. Markets await the Fed minutes of the July 26 – 27 meeting which are to be released at 2 PM. Asian stocks closed mostly mixed.
The SPY traded lower throughout yesterday’s session and closed back below $218. Support will lie at the low of yesterday’s range at $217.96, followed closely by $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 $218.68, followed by $218.88, and all time highs of $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**
10:30 EIA Weekly Petroleum Status Report
1:00 St. Louis Fed President James Bullard speaks
2:00 Fed Minutes of July 26 – 27 Meeting
Notable Earnings Before Open
AEO: American Eagle Outfitters – EPS Est. $.21, Rev Est. $817.01M
LOW: Lowe’s – EPS Est. $1.42, Rev Est. $18.44B
TGT: Target – EPS Est. $1.14, Rev Est. $16.21B
Notable Earnings After Close
CSCO: Cisco Systems – EPS Est. $.60, Rev Est. $12.53B
NTAP: NetApp – EPS Est. $.37, Rev Est. $1.26B
August 17th Swing Watch List
$WAC – Long entry is over 3.73, stop 3.43. Target is 4.15.
$ZBRA – On reversal watch for a short off the 70.00 resistance spot. Do or die if it breaks down under this level. 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.