Wednesday, August 24, 2016
Economic Calendar & Watch Lists
Morning Notes
US Futures are relatively flat this morning while European stocks trade higher led by a move in banking stocks. Markets will look to Friday when Fed Chair Janet Yellen makes her speech from Jackson Hole, Wyoming for potential clues as to when interest rates will be raised. Asian stocks closed mostly mixed.
Technicals
The SPY pivoted higher and managed to hold above recent highs throughout yesterday’s session. Support will lie at the low of yesterday’s range at $218.90, followed by $218.80, $218.83, $217.74, and the upper support pivot at $217.30. Resistance will lie at the high of yesterday’s range, all time highs, 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**
$LCI
$INSY
$CLVS
Economic Calendar
9:00 June FHFA house price index expected +0.3% m/m
10:00 July existing home sales expected -1.1% to 5.51M
10:30 EIA Weekly Petroleum Status Report
Notable Earnings Before Open
NONE
Notable Earnings After Close
GES: Guess? – EPS Est. $.06, Rev Est. $554.51M
HPQ: HP Inc – EPS Est. $.45, Rev Est. $11.4B
WSM: Williams Sonoma – EPS Est. $.58, Rev Est. $1.17B
August 24th Swing Watch List
$VHC – A volatile mover with a lot of room. Just looking for a quick 3-5%, will not over stay our welcome on this one. Looking for a long entry over 2.75-2.78, stop 2.50. Add spot over 2.95-3.00. Target is 3.50 and then 4.00 if momentum pics up.
