Thursday November 17, 2016
Economic Calendar & Watch Lists
Morning Notes
US Futures are unchanged along with European stocks as markets await Fed Chair Janet Yellen’s testimony to congress. Crude is trading higher by over +1% after Russia and OPEC will meet to discuss potential production cutting measures. Asian stocks closed mostly mixed.
Technicals
The SPY traded in a narrow range throughout yesterday’s session and managed to hold its recent gains. Support will lie at the low of yesterday’s range at $217.42, followed by the support pivot at $217.30, then $216.80. Resistance will lie at the high of yesterday’s range at $218.14, followed by $218.28, $218.94, $219.22, 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**
Economic Calendar
8:30 Weekly initial unemployment claims expected +3,000 to 257,000
8:30 October housing starts expected +10.7% to 1.159M
8:30 October CPI expected +0.4% m/m
8:30 November Philadelphia Fed business outlook survey expected -2.1
10:00 Fed Chair Janet Yellen speaks on the economic outlook
Notable Earnings Before Open
BBY: Best Buy – EPS Est. $.47, Rev Est. $8.84B
WMT: Wal mart – EPS Est. $.96, Rev Est. $118.53B
SJM: JM Smucker – EPS Est. $1.94, Rev Est. $2B
Notable Earnings After Close
AMAT: Applied Materials – EPS Est. $.65, Rev Est. $3.31B
ROST: Ross Stores – EPS Est. $.56, Rev Est. $2.96B
GPS: Gap Stores – EPS Est. $.60, Rev Est. $3.77B
CRM: Sales Force – EPS Est. $.21, Rev Est. $2.12B
