Wednesday December 7, 2016
Economic Calendar & Watch Lists
Morning Notes
US Futures are relatively flat this morning while European stocks trade higher by over +1% on optimism that the ECB will extend its QE program after its meeting tomorrow. Energy producing stocks are catching a bid on the strength of crude after the API report late yesterday showed a drop in inventories. Asian stocks closed mostly higher.
Technicals
The SPY continued its push higher throughout yesterday’s session after its pivot at the the recent support pivot at $219.25 on Friday. Support will lie at the low of yesterday’s range at $220.66, followed by $220.42, $220.25, the recent support pivot at $219.25, and $219. Resistance will lie at the high of yesterday’s range at $221.74 followed closely by record highs at $221.82.
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**
$PLAY
$WDC
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Economic Calendar
10:00 October JOLTS job openings expected +14,000 to 5.5M
10:30 EIA Weekly Petroleum Status Report
3:00 Oct consumer credit expected +$18.3B
Notable Earnings Before Open
Vera Bradley (Nasdaq: VRA) – consensus EPS $0.23
Notable Earnings After Close
United Natural Foods (Nasdaq: UNFI) – consensus EPS $0.63
lululemon athletica (Nasdaq: LULU) – consensus EPS $0.43
