Thursday, August 18, 2016
Economic Calendar & Watch Lists
Morning Notes
US Futures are currently flat this morning while European markets trade just slightly higher. Gains in WMT after earnings are offsetting the losses in CSCO in early trading. Yesterday’s results of the Fed Minutes further decreased the likelihood of a rate increase anytime soon. Asian stock closed mostly mixed across the board.
Technicals
The SPY traded in a wide range on increased volume throughout yesterday’s session due to the release of the latest Fed Minutes. Support will first lie at the upper support pivot at $217.30, followed by the low of yesterday’s range at $217.02, then $216.78, and $215.83. Resistance will lie at the high of yesterday’s range at $218.53, followed by $218.68, $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**
$VRX
$WMT
Economic Calendar
8:30 Weekly initial unemployment claims expected -1,000 to 265,000
8:30 August Philadelphia Fed business outlook survey expected +4.9 to 2
8:30 USDA weekly Export Sales
10:00 July leading indicators expected +0.3%
10:00 New York Fed President William Dudley
1:00 Treasury auctions $14B of 5-year TIPS
Notable Earnings Before Open
WUBA: 58.com – EPS Est. $0.00, Rev Est. $N/A
CSIQ: Canadian Solar – EPS Est. $.40, Rev Est. $701.23M
WMT: Wal-Mart – EPS Est. $1.02, Rev Est. $120.09B
Notable Earnings After Close
AMAT: Applied Materials – EPS Est. $.47, Rev Est. $2.84B
August 18th Swing Watch List
$ADPT – A reversal setup. Long entry is off the 40.00 area or over 42.50. Will stop out under 39.00. Target here is 46.
$SPY – On short watch for a move lower from here. The SPY is flirting with the 9 EMA and pretty top heavy. Would like to use a bear put spread here. Sept16 220/215 for a debit of 2.00 or better.
