Thursday, September 1, 2016
Economic Calendar & Watch Lists
Morning Notes
US Futures are tracking modestly higher this morning while European markets trade sharply higher by +1% as outlooks for global growth strengthen after China reported manufacturing activity grew the most in 2 years last month. Asian stocks closed mostly mixed.
Technicals
The SPY traded sharply lower throughout the majority of yesterday’s session but managed to close out back above the upper range support pivot that lies at $217.30. Support will lie at the upper range support pivot at $217.30, followed by the low of yesterday’s range at $216.47, then $216.25, $215.83, and former ascending support at $215.40. Resistance will lie at the high of yesterday’s range at $217.75, followed by $218.59, $218.66, $219.12, and all time highs at $219.60.
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**
$CRM
$CPB
Economic Calendar
8:30 Weekly initial unemployment claims expected +4,000 to 265,000
8:30 Revised Q2 non-farm productivity expected -0.6%
8:30 USDA weekly Export Sales
9:45 Revised August Markit manufacturing PMI expected unch at 52.1
10:00 July construction spending expected +0.5%
10:00 August ISM manufacturing index expected -0.6 to 52
Notable Earnings Before Open
CPB: Campbell Soup – EPS Est. $.50, Rev Est. $1.69B
CIEN: Ciena – EPS Est. $.38, Rev Est. $674.29M
JOY: Joy Global – EPS Est. $.12, Rev Est. $612.02M
VRA: Vera Bradley – EPS Est. $.13, Rev Est. $120.61M
LULU: lululemon – EPS Est. $.38, Rev Est. $513.49M
Notable Earnings After Close
AMBA: Ambarella – EPS Est. $.38, Rev Est. $63.67M
PAY: Verifone Systems – EPS Est. $.41, Rev Est. $514.86M
