Wednesday, August 3, 2016
Economic Calendar & Watch Lists
Morning Notes
US Futures are slightly lower this morning as markets await the US ADP Employment report for July. Crude prices rose overnight after API data showed inventories fell by 1.34M BBL. European stocks are trading relatively flat after the highest composite PMI report in 6 months and Asian stocks closed mostly lower.
Technicals
The SPY broke down out of its last 2 weeks of consolidation at all time highs suggesting more lower prices to come. Support will lie at the low of yesterday’s range at $214.57, followed by the former ascending resistance at $214.40, then $214.35, $213.43, and $212.95. Resistance will lie at the high of yesterday’s range at $216.83, followed by the upper resistance pivot at $217.30, and finally the all time highs at $217.65.
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
8:15 Jul ADP employment change expected +170,000
9:45 Revised Jul Markit services PMI expected +0.1 to 51.0
10:00 Jul ISM non-manufacturing PMI expected -0.6 to 55.9
10:30 EIA Weekly Petroleum Status Report
Notable Earnings Before Open
DDD: 3D Systems – EPS Est. $.05, Rev Est. $161.06M
CLX: Clorox – EPS Est. $1.28, Rev Est. $1.59B
INSY: Insy Therapeutics – EPS Est. $.05, Rev Est. $N/A
TWX: Time Warner – EPS Est. $1.15, Rev Est. $7.15B
Notable Earnings After Close
BYD: Boyd Gaming – EPS Est. $.29, Rev Est. $558.89M
FSLR: First Solar – EPS Est. $.57, Rev Est. $904.42M
GDDY: Go Daddy – EPS Est. $(.04), Rev Est. $450.32M
JACK: Jack in the Box – EPS Est. $.87, Rev Est. $366.81M
TSLA: Tesla Motors – EPS Est. $(.52), Rev Est. $1.51B
August 3rd Swing Watch List
$SKX – On reversal watch for a long. Oversold and super low IV make this a pretty ideal setup for a bull call spread, to capture the bounce. Will be watching this to make new highs. Sep16 23/25 call spread, targeting 30% ROI.
$LDOS – Short watch for breakdown under support. Short entry is under 47.90, stop 49.00. Target is 46.50 and then 45.20.
