Tuesday, August 30, 2016
Economic Calendar & Watch Lists
Morning Notes
US Futures are unchanged this morning while European markets are trading nearly +1% higher led by strength in banking stocks. US stocks are being weighed down after AAPL received a judgement to pay $14.5B in back taxes due to Ireland illegally reducing AAPL’s tax bills. Asian stocks closed mostly higher.
Technicals
The SPY traded higher throughout yesterday’s session as it held the upper support pivot at $217.30. Support will lie at the low of yesterday’s range at $217.40, followed by the upper support pivot at $217.30, then $216.25, $215.83, and former ascending support at $215.20. Resistance will lie at the high of yesterday’s range ar $218.66, followed by $219.12 and all time highs at $219.60.
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**
$GII
$ANF
$UAL
Economic Calendar
9:00 June S&P CoreLogic composite-20 home price index expected -0.1% m/m
10:00 August consumer confidence (Conference Board) expected -0.3 to 97.0
Notable Earnings Before Open
ANF: Abercrombie & Fitch – EPS Est. $(0.19), Rev Est. $785.62M
Notable Earnings After Close
PANW: Palo Alto Networks – EPS Est. $.49, Rev Est. $389.54M
VEEV: Veeva Systems – EPS Est. $.08, Rev Est. $126.67M
August 30th Swing Watch List
$CVRR – Not normally an oil trader, but this one is a decent setup with a lot of room over $7. Looking for a long over 6.85-6.89, stop 6.59. Target will be 7.50, then 8.
$TMST – Long entry over 10.45-10.50, stop 10.00 Target is 11, 11.50. Not a bad look if it can clear 10.50.
$PMTS – Looking for a gap fill trade here. This would be a quicker in and out setup, possibly even a day trade. Long entry is over 5.40, stop 5.15. Target here is potentially 7.30 or so.
$BMY – On short watch for Tuesday. This is a low IV setup, which means a bear put spread could pay quickly. The catch? We need 58 to fall and the market to be weak. This will be a trade for a red SPY day, otherwise, we will focus on the long stuff.
