Friday October 14, 2016
Economic Calendar & Watch Lists
Morning Notes
US Futures are tracking higher this morning as the big banks release positive earnings while European stocks are trading sharply higher by nearly +2% led by an unexpected increase in China September PPI which was the first increase in nearly 5 years. The rally in Asian stocks is leading the global markets higher overall.
Technicals
The SPY broke below the $212.50 pivot throughout yesterday’s session but managed to close back above in late day trading. Support will lie at the $212.50 support pivot followed by the low of yesterday’s range at $211,21. Resistance will lie at the high of yesterday’s range at $213.59, followed by the 100 day moving average at $213.99, then $214.32 and $215.74.
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**
$JPM
Economic Calendar
8:30 September retail sales expected +0.6% and +0.5% ex auto
8:30 September PPI final demand expected +0.2% m/m
8:30 USDA weekly Export Sales
10:00 August business inventories expected +0.1%
10:00 Preliminary U.S. Oct University of Michigan consumer sentiment expected +0.7 to 91.9
1:30 Fed Chair Janet Yellen speaks
2:00 September monthly budget statement expected +$30B
Notable Earnings Before Open
C: Citigroup – EPS Est. $1.16, Rev Est. $17.42B
JPM: JP Morgan – EPS Est. $1.4, Rev Est. $23.96B
WFC: Wells Fargo – EPS Est. $1.02, Rev Est. $21.97B
PNC: PNC Financial – EPS Est. $1.78, Rev Est. $3.82B
Notable Earnings After Close
NONE
October 14th Watch List
$OCN – Back on watch after a nice win last week. This thing pulled back and showed big strength in market weakness. Looking for a long entry over 3.75, stop 3.51. Target is 4.15 and then 4.50.
$RPM – Still watching for a reversal play. Long entry is clearly over 48.06, stop 47. Target will be 49.50 and then 50.
$NVDA – Waiting for a healthy market day to get in on this pull back opportunity. If the 20 EMA fails, this trade is off the table. Friday will be telltale.
