Wednesday May 4, 2016
Economic Calendar & Watch Lists 5/4/2016
Morning Notes
US Futures are exhibiting weakness again this morning extending yesterday’s losses. European stocks are trading lower by nearly -1% after March retail sales came in the weakest in 1 ½ years along with Markit PMI revised down to the lowest in just over a year. Asian stocks closed lower and Japan is closed for a holiday.
Technicals
The SPY traded in between the two most recent critical pivot points in yesterday’s session and closed lower by -1%. The markets are gapping lower again this morning making support for today at $205.03, followed by the 50 day SMA at $203.76 and $203.70. Resistance will lie at the resistance pivot of $205.25, followed by the high of yesterday’s range at $206.80 and the upper resistance pivot at $207.
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**
$RLYP
$VRX
$MDVN
Economic Calendar
8:15 Apr ADP employment change expected +195,000
8:30 March trade balance expected -$41.1 billion
8:30 Q1 non-farm productivity expected -1.3%
9:45 Final-Apr Markit services PMI expected unchanged at 52.1
10:00 Mar factory orders expected +0.6%
10:00 Apr ISM non-manufacturing index expected +0.3 to 54.8
10:30 EIA Weekly Petroleum Status Report
Notable Earnings Before Open
TWX: Time Warner – EPS Est. $1.29, Rev Est. $7.3B
ZTS: Zoetis – EPS Est. $.41, Rev Est. $1.1B
MOS: Mosaic – EPS Est. $.14, Rev Est. $1.56B
PCLN: Price Line – EPS Est. $9.64, Rev Est. $2.12B
HUM: Humana – EPS Est. $1.81, Rev Est. $13.76B
Notable Earnings After Close
TSLA: Tesla – EPS Est. $(.30), Rev Est. $1.6B
FOXA: 21st Century Fox – EPS Est. $.47, Rev Est. $7.18B
TSO: Tesoro – EPS Est. $1.04, Rev Est. $4.83B
MRO: Marathon Oil – EPS Est. $(.47), Rev Est. $903.27M
WMB: Williams Companies – EPS Est. $.10, Rev Est. $1.94B
WFM: Whole Foods Market – EPS Est. $.41, Rev Est. $3.74B
RIG: Transocean – EPS Est. $.26, Rev Est. $1.14B
TRIP: TripAdvisor – EPS Est. $.45, Rev Est. $371.53M
May 4th Swing Watch List
$VRX – Will be on watch for a call spread and a breakout over 38. Lot of room here in this volatile name, but very prone to news/risk. We must use options to mitigate risk.
$CGI – A long time consolidation under 10.50. The range here is back to 11 short term. Long entry is over 10.40, add over 10.58. Stop will be 10.00 to start.
$IIIN – A sweet bear flag on the daily chart. Looking good for a move down to 27 and then 26.20 short term. Short entry will be under 28.00, stop 28.50.
