Morning Notes
US Futures are modestly higher this morning and European stocks are trading sharply higher at +1.5% after a jump in crude lifts energy producing stocks. The wildfires in Alberta, Canada have cut production by 1M BPD. Asian stocks closed mostly mixed.
Technicals
The SPDR S&P 500 (NYSE:SPY) closed out Friday’s session on the highs along with closing back above the recent critical pivot at $205.25. Support will lie at the the 50 Day SMA at $204.45, followed by the low of Friday’s range at $203.88. Resistance will lie at the high of Friday’s range at $205.77, followed by $205.98, $206.80, and then the $207 resistance pivot.
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**
Baidu Inc (NASDAQ:BIDU)
Tyson Foods Inc (NYSE:TSN)
Valeant Pharmaceuticals International Inc (NYSE:VRX)
Economic Calendar
11:00 USDA weekly grain export inspections
1:00 Minneapolis Fed President Neel Kashkari speaks
4:00 USDA Weekly Crop Progress
Notable Earnings Before Open
XEL: Xcel Energy (NYSE:XEL) – EPS Est. $.46, Rev Est. $3B
TSN: Tyson Foods (NYSE:TSN) – EPS Est. $.96, Rev Est. $9.04B
Notable Earnings After Close
NONE
May 9th Swing Watch List
Molina Healthcare Inc (NYSE:MOH) – A big 35% sell off after a nasty downgrade and bad earnings. Looking for a bounce following the nice doji on the daily. Long entry is over 45.75-46.00, stop 45.00. Room is to 48 and then 52. Nice range.
Fluor Corporation (NYSE:FLR) – Following an earnings miss, FLR is set up just above long term support. A break of this level and we fall quickly. Short entry is 50.36, stop 51.00. Room down to 48.95 and then 48.