Monday May 9, 2016
Economic Calendar & Watch Lists 5/9/2016
Morning Notes
US Futures are modestly higher this morning and European stocks are trading sharply higher at +1.5% after a jump in crude lifts energy producing stocks. The wildfires in Alberta, Canada have cut production by 1M BPD. Asian stocks closed mostly mixed.
Technicals
The SPY closed out Friday’s session on the highs along with closing back above the recent critical pivot at $205.25. Support will lie at the the 50 Day SMA at $204.45, followed by the low of Friday’s range at $203.88. Resistance will lie at the high of Friday’s range at $205.77, followed by $205.98, $206.80, and then the $207 resistance pivot.
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**
$BIDU
$TSN
$VRX
Economic Calendar
11:00 USDA weekly grain export inspections
1:00 Minneapolis Fed President Neel Kashkari speaks
4:00 USDA Weekly Crop Progress
Notable Earnings Before Open
XEL: Xcel Energy – EPS Est. $.46, Rev Est. $3B
TSN: Tyson Foods – EPS Est. $.96, Rev Est. $9.04B
Notable Earnings After Close
NONE
May 9th Swing Watch List
$MOH – A big 35% sell off after a nasty downgrade and bad earnings. Looking for a bounce following the nice doji on the daily. Long entry is over 45.75-46.00, stop 45.00. Room is to 48 and then 52. Nice range.
$FLR – Following an earnings miss, FLR is set up just above long term support. A break of this level and we fall quickly. Short entry is 50.36, stop 51.00. Room down to 48.95 and then 48.
