Economic Calendar & Watch List 1/5/2017

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Thursday January 5, 2017

 

Economic Calendar & Watch List

 

Morning Notes

US Futures are drifting lower this morning while European stocks trade slightly higher as weakness in the retail sector is weighing on markets after Macy’s (M) and Kohl’s (KSS)  cut their forecast for 2017. Asian stocks closed mostly mixed.

 

Technicals

The SPY held the pivot low it put in on the last trading day of 2016 and has managed to move back higher the last 2 days. Support will lie at the low of yesterday’s range at $225.62, followed by the recent support pivot at $224.89, then $223.88, $223.73, and $221.44. Resistance will lie at the high of yesterday’s range at $226.75, followed by $227.81, and all time highs at $228.34.

 

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**

$KSS

$M

$HALO

 

Economic Calendar

8:15 December ADP employment change expected +175

8:30 Weekly initial unemployment claims expected -5,000 to 260

9:45 Revised December Markit services PMI

10:00 December ISM non-manufacturing index expected -0.5 to 56.7

11:00 EIA Weekly Petroleum Status Report

 

Notable Earnings Before Open

Constellation Brands (STZ) – EPS Est. $1.71

Monsanto (MON) – EPS Est. $0.01

Walgreens Boots Alliance (WBA) – EPS Est. $1.10

 

Notable Earnings After Close

NONE

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Mike Herman Mike graduated from the Florida State University with a Real Estate and Bachelor of Finance degree and focused particularly in the field of Behavioral Finance. During his time at the Florida State University, Mike began to trade equities and quickly realized the opportunities that existed in the markets. Through trading, Mike had facilitated relationships with a few very experienced individuals who had an expertise in the private equity field. More specifically, the private funding of small cap start-up companies. After several years of successful deals as a venture capitalist, Mike made the decision to return to work as an independent trader. Throughout the past 7 years of working as an independent trader, Mike has refined his strategy to focus on news driven momentum while factoring in market sentiment and psychology with an emphasis on proper risk management. Mike possesses a unique ability to rapidly decipher critical market moving news and take appropriate action. You can contact Mike at mike@warriortradingnews.com Legal Disclaimer – This is not meant to be a recommendation to buy or to sell securities nor an offer to buy or sell securities. Before selling or buying any stock or other investment you should consult with a qualified broker or other financial professional. The author has no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. The author wrote this article themselves, and it expresses their own opinions. The author has no business relationship with any company whose stock is mentioned in this article nor is receiving compensation from any of the companies mentioned.

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