Wednesday October 18, 2016
Economic Calendar & Watch Lists
Morning Notes
US Futures are relatively flat this morning while European stocks trade slightly lower. The price of crude jumped +1.2% after API data showed a large draw. Technology stocks are under pressure this morning after INTC after a weak Q4 forecast. Asian stocks closed mostly higher.
Technicals
The SPY traded in a very constricted range throughout yesterday’s session making for more choppy markets. Support will lie at the low of yesterday’s range at $213.27, followed by the $212.50 support pivot, then $212.17, $211.21, and $210.78. Resistance will lie at the 100 day moving average at $214.12, followed by the high of yesterday’s range at $214.31, then $214.69, $215.74, $215.99, and the 50 day moving average at $216.25.
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**
$IMPV
$DATA
Economic Calendar
8:30 September housing starts expected +2.9% to 1.175M
8:45 San Francisco Fed President John Williams speaks
10:30 EIA Weekly Petroleum Status Report
2:00 Beige Book
Notable Earnings Before Open
ABT: Abbott – EPS Est. $.58, Rev Est. $5.31B
ASML: ASML Holdings – EPS Est. $1.07, Rev Est. $1.9B
HAL: Halliburton – EPS Est. $(.07), Rev Est. $3.87B
MS: Morgan Stanley – EPS Est. $.64, Rev Est. $8.24B
STX: Seagate Technology – EPS Est. $.89, Rev Est. $2.78B
STJ: St. Jude Medical – EPS Est. $1.01, Rev Est. $1.5B
Notable Earnings After Close
AXP: American Express – EPS Est. $.96, Rev Est. $7.65B
CTXS: Citrix Systems – EPS Est. $1.19, Rev Est. $826.52M
EBAY: eBay – EPS Est. $.44, Rev Est. $2.18B
KMI: Kinder Morgan – EPS Est. $.15, Rev Est. $3.41B
TSCO: Tractor Supply – EPS Est. $.66, Rev Est. $1.55B
October 19th Swing Watch List
$AAPL – On watch for a bull flag break out and new highs. I will trade a bull call spread here. Nov16 115/120c for a debit of 2.47 or so. Alternatives to this are Long the sstock over 118.30 or long a Nov16 115 call for 4.60.
