Wednesday, September 7, 2016
Economic Calendar & Watch Lists
Morning Notes
US Futures are slightly lower this morning while European markets are trading modestly lower as markets await the results of Thursday’s ECB meeting. US markets will await the Fed Beige Book results today at 2 to potentially get more clarity on the timing of a rate hike prior to years end. The price of crude is trading higher by over +1.2%, lifting energy producing stocks. Asian stocks closed mostly mixed.
Technicals
The SPY traded higher throughout yesterday’s session putting in a double top formation at $219.12. Support will lie at the low of yesterday’s range at $217.86, followed by the low of Friday’s range at $217.70, the upper range support pivot at $217.30, then $216.03, $215.83, former ascending resistance and the 50 day moving average at $215.55 Resistance will lie at the high of yesterday’s range at $219.12, followed by 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**
$RTRX
$AGIO
$HDS
$APA
Economic Calendar
10:00 Kansas City Fed President Esther George and Richmond Fed President Jeffrey Lacker speak
10:00 July JOLTS job openings expected +1,000 to 5.625M
2:00 Fed Beige Book
Notable Earnings Before Open
FRAN: Francesca’s – EPS Est. $.18, Rev Est. $108.73M
Notable Earnings After Close
NONE
September 7th Swing Watch List
$STKL – On watch for a bull flag breakout and move back over 7. Long enty is over 6.88, stop 6.50. Target is 7.20 and then 7.90.
$PETX – Big bull flag looking for resolution with a biotech sector recovery. Long entry is over 9.40, add over 9.50. Stop is 9.00. Target will be 10.55 and then 11.75.
$FCFS – Short watch for a breakdown below support. Obvius entry is under 50.00, but add spot under 49.50