Thursday October 6, 2016
Economic Calendar & Watch Lists
Morning Notes
US Futures are tracking slightly lower this morning while European markets are also trading lower on further speculation that an interest rate hike will take place prior to years end. Markets will look to economic data including the monthly jobs number released tomorrow for further clues as to the timing of a potential raise. Asian markets closed mostly higher.
Technicals
The SPY traded slightly higher throughout yesterday’s session until pulling off the best levels into the close. Support will lie at the low of yesterday’s range at $215.33, followed by the near term ascending support at $215, then $213.99, $213.62, and $213.44. Resistance will lie at the high of yesterday’s range at $216.13, followed by $216.17, then the major resistance pivot level at $216.8.
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**
Economic Calendar
8:30 Weekly initial unemployment claims expected +2,000 to 256K
8:30 USDA weekly Export Sales
Notable Earnings Before Open
NONE
Notable Earnings After Close
NONE
October 6th Swing Watch List
$TCK – A monster uptrender since January, with extremely low IV. This thing historically pulls back to the 20 or even 50 EMA, then reverses and trends higher. Textbook chart. I want to try some of this for myself! Looking to lock up profits using a call spread, Nov16 18/20c for a debit of .74. Alternatives here are a long entry over 18.00 with stock, or buying the Nov16 18c for a debit of 1.55.
$WLL – Today, I got short energy with XLE puts, but I like the flag on WLL enough to keep an eye on it. Long entry is over 9.00, stop 8.69. Target is 9.80.
$XNCR – This short watch candidate made it to the list following a falling off after its near parabolic move up to highs around 26. Showing no signs of recovery, This should provide some short opportunity in a down market. Short entry is under 23.28, add spot under 23.00. Target is 22.50 and then 22. Stop will be 24.15.
