Morning Notes
US futures are relatively flat this morning, while European stocks trade slightly higher as European April manufacturing was revised higher. Asian markets closed mostly lower. European and China markets are closed today for a holiday.
Technicals
The SPDR S&P 500 (NYSE:SPY) initially fell sharply lower in Friday’s session, but managed to hold the most recent critical support pivot at $205.25. Support will lie again at the critical support pivot at $205.25, followed by the low of Friday’s range at $205.03. Resistance will lie at the new critical resistance pivot at $207, followed by the high of Friday’s range at $207.13, the high of Thursday at $209.76, and macro descending resistance at $210.
Small Cap Watch List
GNC Holdings Inc (NYSE:GNC)
Baidu Inc (NASDAQ:BIDU)
Wynn Resorts Limited (NASDAQ:WYNN)
Economic Calendar
8:50 Atlanta Fed President Dennis Lockhart speaks
9:45 Final-Apr Markit manufacturing PMI expected unch at 50.8
10:00 Apr ISM manufacturing index expected -0.4 to 51.4
10:00 Mar construction spending expected +0.5% m/m
11:00 USDA weekly grain export inspections
4:00 USDA Weekly Crop Progress
Notable Earnings Before Open
Sysco (NYSE:SYY) – EPS Est. $.42, Rev Est. $11.87B
Diamond Offshore Drilling (NYSE:DO) – EPS Est. $.28, Rev Est. $412.20M
Notable Earnings After Close
American International Group (NYSE:AIG) – EPS Est. $.99, Rev Est. $13.57B
Anadarko Petroleum (NYSE:APC) – EPS Est. $(1.19), Rev Est. $1.81B
May 2nd Swing Watch List
Performance Sports Group Ltd (NYSE:PSG) – A battered stock consolidating at the 20 EMA. Looking for a move to 4 and breakout beyond that. Long entry is over 3.77-3.80, stop 3.50. Target is 4, and then 4.50. Some insider buying has this creeping up.
Alaska Air Group Inc (NYSE:ALK) – Dying a quick death after earnings, watching this to settle and bounce. Beware of the dead cat… This isn’t quite setup just yet, but looks good for a debit spread when it bottoms out.
Cinemark Holdings Inc (NYSE:CNK) – A sweet looking short setup here. Rolling over big thru the EMAs ahead of earnings. Short entry is under 34.20, add 34.00. Stop will be 34.65. Room is to 32.90 and then 31.50.