Thursday January 12, 2017
Economic Calendar & Watch List
Morning Notes
US Futures are tracking slightly lower this morning while European stocks have just dipped into the negative following the President Elect Trump’s first speech yesterday which hit the biotech sector after his denouncing of their practices as a whole. The price of crude is trading higher by over +1%, giving energy producing stocks a lift. Asian stocks closed closed lower led by the pharmaceutical sector sell off.
Technicals
The SPY moved lower early in yesterday’s session and managed to recover and close out on the highs. Support will lie at the low of yesterday’s range at $225.59, followed by the recent support pivot at $224.89, then $223.88 and $222.73. Resistance will lie at the high of yesterday’s range at $227.10, followed closely by the recent descending resistance at $227.40, then $227.45. $227.75, $227.81, and all time highs at $228.34.
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**
$STRP
Economic Calendar
8:30 Weekly initial unemployment claims expected +20,000 to 255K
8:30 December import price index expected +0.7% m/m
8:30 Philadelphia Fed President Patrick Harker Speaks
8:30 Chicago Fed President Charles Evans and Atlanta Fed President Dennis Lockhart Speak
12:00 USDA January WASDE crop production
1:45 Dallas Fed President Robert Kaplan Speaks
2:00 Dec monthly budget statement expected -$26B
Notable Earnings Before Open
Delta Air Lines (DAL) – EPS Est. $0.80
FuelCell Energy (FCEL) – EPS Est. ($0.37)
Notable Earnings After Close
NONE