Wednesday June 15, 2016
Economic Calendar & Watch Lists 6/15/2016
Morning Notes
US Futures are slightly higher this morning while European stocks trade sharply higher by over +1.3% as the markets await the results of the FOMC 2 day policy meeting. Asian stocks closed predominantly higher.
Technicals
The SPY traded lower in yesterday’s session testing the critical support pivot at $207. The $207 support pivot held and the SPY closed back above. Support will lie at the 50 day moving average at $207.72, followed by the critical support pivot at $207 and then yesterday’s range at $206.92. Resistance will lie at the high of yesterday’s range at $208.74, followed by the macro resistance at $209 – $209.30, and then Monday’s high at $210.37.
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**
Economic Calendar
8:30 May PPI final demand expected +0.3% m/m and -0.1% y/y
8:30 Jun Empire manufacturing survey general business conditions expected +4.52 to -4.50
9:15 May industrial production expected -0.2%, Apr +0.7%
10:30 EIA Weekly Petroleum Status Report
2:00 FOMC meeting results
Notable Earnings Before Open
NONE
Notable Earnings After Close
JBL: Jabil Circuit – EPS Est. $.16, Rev Est. $4.16B
June 15th Swing Watch List
$IBB – A pretty exaggerated sell off after testing resistance and falling back to support with the markets. Looking at another call spread on this. We have had some amazing accuracy with IBB call spreads this year. Will use a Jul16 call spread. Buy to open 265 call, sell to open 270 call for a debit around 2.30 per spread.
$MGT – A big mover with a lot of volatility behind it. Long entry is over 2.57, add spot 2.64. Stop is 2.35. Target is 3.00. Lot of liquidity and capable of big moves if this bull flag breaks out.
$CEQP – Not a big energy fan, but I like the weak setup here. There is room down to 18.50-18. Short entry is under 20.00. Stop will be 21.00.
