Thursday May 4, 2017
Economic Calendar & Watch List
Morning Notes
US Futures are moderately higher this morning after comments from the FOMC said they expect to see stronger economic growth after a rather soft first quarter. This may also signal continued rate increases if economic environment is right. European stocks also are advancing on the FOMC positive outlook for the economy. Asian markets closed mostly mixed.
Technicals
The SPY sold off to test the recent gap entry which held as support and then closed just slightly back off the lows. Support will lie at the low of yesterday’s range at $237.70 which closely coincides with the recent gap entry at $237.81, then followed by $237.41, the 20EMA at $236.69, $236.61, and the recent pivot point at $236.30 which also coincides with the 50SMA. Resistance will lie at the high of yesterday’s range at $238.88, followed by $238.98, $239.17, $239.53, $239.57, and record highs at $240.32.
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**
$TSLA
Economic Calendar
8:30 Weekly initial unemployment claims expected -8,000 to 249K
8:30 March trade balance expected -$44.5B
8:30 Q1 non-farm productivity expected unchanged
8:30 USDA weekly Export Sales
10:00 March factory orders expected +0.4%
Notable Earnings Before Open
Apache Corp. (APA) – EPS Est. $0.13
BioCryst Pharma (BCRX) – EPS Est. -$0.19
Chesapeake Energy (CHK) – EPS Est. $0.19
Dunkin’ Brands (DNKN) – EPS Est. $0.48
Kellogg (K) – EPS Est. $0.99
Occidental Petroleum (OXY) – EPS Est. $0.07
Regeneron (REGN) – EPS Est. $3.07
Viacom (VIAB) – EPS Est. $0.59
Notable Earnings After Close
Activision Blizzard (ATVI) – EPS Est. $0.21
Arista Networks (ANET) – EPS Est. $0.86
BioMarin Pharma (BMRN) – EPS Est. -$0.29
Herbalife (HLF) – EPS Est. $0.89
Juno Therapeutics (JUNO) – EPS Est. -$0.71
LendingClub (LC) – EPS Est. -$0.03
