Morning Notes
US Futures are pointing mildly higher while European stocks are trading slightly higher. Energy producers are leading early as the price of crude pushes higher. Asian markets closed mixed.
Technicals
The SPY (NYSE:SPY) drifted lower initially in yesterday’s session to only then edge back higher in the late afternoon, closing out just off the highs. Support will lie at the low of yesterday’s range at $207.54, followed by $207, $206.84, and $206.25. Resistance will lie at the high of yesterday’s range at $208.66, followed by $209.29, macro descending resistance at $210, $210.25, and $210.92.
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**
T-Mobile US Inc (NASDAQ:TMUS)
Whirlpool Corporation (NYSE:WHR)
Economic Calendar
8:30 March Durable Goods Orders expected +1.8% and +0.5% ex-trans
9:00 Feb S&P/CaseShiller composite-20 home price index expected +0.8% m/m and +5.5% y/y
9:45 Prelim-Apr Markit services PMI expected +0.7 to 52.0
10:00 Apr Conference Board U.S. consumer confidence index expected -0.3 to 95.9
10:00 Apr Richmond Fed manufacturing survey expected -10 to 12
10:30 FOMC begins 2-day policy meeting
1:00 Treasury auctions $34B of 5 year T-Notes
Notable Earnings Before Open
LLY: Eli Lilly and Company (NYSE:LLY) – EPS Est. $.85, Rev Est. $4.82B
GLW: Corning Incorporated (NYSE:GLW) – EPS Est. $.28, Rev Est. $2.23B
HSY: Hershey Company (NYSE:HSY) – EPS Est. $1.05, Rev Est. $1.9B
MMM: 3M Company (NYSE:MMM) – EPS Est. $1.92, Rev Est. $7.33B
PG: Procter & Gamble Company (NYSE:PG) – EPS Est. $.81, Rev Est. $15.81B
LMT: Lockheed Martin (NYSE:LMT) – EPS Est. $2.51, Rev Est. $11.34B
WHR: Whirlpool Corporation (NYSE:WHR) – EPS Est. $2.71, Rev Est. $4.69B
RAI: Reynolds American (NYSE:RAI) – EPS Est. $.50, Rev Est. $2.93B
Notable Earnings After Close
AAPL: Apple (NASDAQ:AAPL) – EPS Est. $1.97, Rev Est. $51.97B
T: AT&T (NYSE:T) – EPS Est. $.69, Rev Est. $40.53B
AKAM: Akamai Technologies Inc (NASDAQ:AKAM) – EPS Est. $.63, Rev Est. $564.10M
CMG: Chipotle Mexican Grill (NYSE:CMG) – EPS Est. $(-1.06), Rev Est. $868.52M
EBAY: eBay Inc (NASDAQ:EBAY)– EPS Est. $.45, Rev Est. $2.08B
WYNN: Wynn Resorts Limited (NASDAQ:WYNN) – EPS Est. $.83, Rev Est. $999.07M
April 26th Swing Watch List
CMFS: ConforMIS Inc (NASDAQ:CFMS) – A solid daily bull falg setup with a great ATR and nice range. Clear defined pivot at 13.30 area. Long will be over 13.30, stop 13.00. Room is to 14 and then 15. Love the risk reward on this one.
RAX: Rackspace Hosting Inc (NYSE:RAX) – A sweet early reversal setup. This looks GREAT for a breakdown under the 23.65 area. Short starter entry is under 24, then a definite add for size under 23.64. Target will be 21.30.