Friday April 1, 2016
Economic Calendar & Watch Lists 4/1/2016
Morning Notes
US futures are lower this morning on the sharp decline in both Japanese and European Markets. European stocks are trading lower by over -2% while the Nikkei closed over -3.5% lower on a poor business confidence number.
Technicals
The SPY traded lower in yesterday’s session but closed higher on the quarter while posting the strongest comeback in a single quarter since 1933. Support will lie at the 9 EMA at $204.33, followed by $202.40, the 20 EMA at $202.24 and the 200 day SMA at $201.69. Resistance will lie at the low of yesterday’s range at $205.33, followed by the high of yesterday’s range at $206.41.
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**
TBD
Economic Calendar
8:30 Mar non-farm payrolls expected +205,000, Feb +242,000
8:30 Mar avg hourly earnings expected +0.2% m/m and +2.2% y/y
9:45 Revised-Mar Markit manufacturing PMI expected +0.1 to 51.5
10:00 Mar ISM manufacturing PMI expected +1.3 to 50.8
10:00 Feb construction spending expected +0.1%
10:00 University of Michigan final-March U.S. consumer sentiment index expected +0.5 to 90.5
1:00 Cleveland Fed President Loretta Mester speaks
Notable Earnings Before Open
NONE
Notable Earnings After Close
NONE
April 1st Swing Watch List
$BZH – An interesting wedge setup, but we are already long a BZH May16 Call spread. I really like this chart for a long over 8.84 ad spot 9.33. Stop is 8.50 and target is 11.00. If I end up taking this, it will be short term, as I don’t want to be long the call spread and and shares for very long.
$ANIP – A nice move up to bullish trend reversal territory near the 50EMA. This put in a double bottom of 30.00 support, and is now looking good for higher, if IBB wants to hold up. Room here is to 36 or so short term. Long entry is over 34.08, stop 33.50.
$TGP – A series of higher highs and higher lows, this is tending along support accumulating nicely for a leg up. The range to the gap is large enough to test this one out. Looking for a long over 12.85, stop 12.50. Room is to 14.00 or so, and then it is into the gap back up to 17.
$CVGI – On watch for a return back to 3, maybe 3.25. Nice bullish chart with a recent history of big moves at these prices. Long entry is over 2.70, stop 2.50.
