Thursday, August 25, 2016
Economic Calendar & Watch Lists
US Futures are pointing to a slightly lower open this morning which is being led by a -6% move lower in HPQ after a disappointing earnings report. European stocks are also trading lower by nearly -1% as markets consolidate ahead of Fed Chair Janet Yellen’s speech tomorrow. Asian markets closed mostly lower.
The SPY turned lower in yesterday’s session but managed to hold and close back above the upper support pivot at $217.30. Support will lie at the low of yesterday’s range at $217.36, followed closely by the upper support pivot at $217.30, then $217.02, $216.78, $215.83, and $215.13. Resistance will lie at the high of yesterday’s range at $218.91, followed by 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**
8:30 Weekly initial unemployment claims expected +3,000 to 265,000
8:30 July durable goods orders expected +3.4% and +0.4% ex trans
8:30 USDA weekly Export Sales
9:45 August Markit services PMI expected +0.4 to 51.8
11:00 August Kansas City Fed manufacturing activity survey expected +4 to -2
1:00 Treasury auctions $28B 7-year T-notes
Notable Earnings Before Open
BURL: Burlington Stores – EPS Est. $.30, Rev Est. $1.24B
DG: Dollar General – EPS Est. $1.09, Rev Est. $5.49B
DLTR: Dollar Tree – EPS Est. $.73, Rev Est. $5.13B
SAFM: Sanderson Farms – EPS Est. $2.22, Rev Est. $764.65M
SHLD: Sears Holdings – EPS Est. $.00, Rev Est. $N/A
SIG: Signet Jewelers – EPS Est. $1.47, Rev Est. $1.45B
TIF: Tiffany & Co. – EPS Est. $.71, Rev Est. $932.91M
Notable Earnings After Close
ADSK: Autodesk – EPS Est. $(.13), Rev Est. $510.64M
BRCD: Brocade Communications – EPS Est. $.19, Rev Est. $575.38M
GME: GameStop – EPS Est. $.26, Rev Est. $1.74B
SPLK: Splunk – EPS Est. $.03, Rev Est. $200.56M
ULTA: Ulta Salon – EPS Est. $1.39, Rev Est. $1.06B
August 25th Swing Watch List
$SALT – After some good early success on shippers, I like this for a move back toward 3.50, and thensome. Long entry is over 3.31, stop 3.14. Target is 3.50 and then 4.
$HLTH – Long entry here is over 3.25-3.30, stop 3.10. Target is 3.65-4.00.
$ALKS – Short entry if IBB continues to fall will be under 44.00, stop 45. Target is 41.00.