Morning Notes
US Futures are relatively flat this morning while European stocks trade slightly lower by -.33%. Friday, Fed Chair Janet Yellen spoke about the improving economy and its ability to endure a rate hike in the very near term. Asian stocks closed mostly higher.
Technicals
The SPY (NYSE:SPY) continued its push higher in Friday’s session closing out on the highs. Support will lie at the low of Friday’s range at $209.47, followed by the descending macro former resistance at $209.30, and the low of Thursday at $208.97. Resistance will lie at the high of Friday’s range at $210.25, followed by $210.92 and $211.
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**
Valeant Pharmaceuticals International Inc (NYSE:VRX)
Teva Pharma Industries Ltd (NYSE:TEVA)
Intercept Pharmaceuticals Inc (NASDAQ:ICPT)
Economic Calendar
8:30 Apr personal spending expected +0.7%
8:30 Apr PCE deflator expected +0.3% m/m and +1.1% y/y
9:00 Mar S&P/CaseShiller composite-20 home price index expected +0.7% m/m and +5.06% y/y
9:45 May Chicago PMI expected +0.1 to 50.5
10:00 May U.S. consumer confidence expected +2.1 to 96.3
10:30 May Dallas Fed manufacturing activity expected +5.9 to -8.0
11:00 USDA weekly grain export inspections
4:00 USDA Weekly Crop Progress
Notable Earnings Before Open
MDT: Medtronic (NYSE:MDT) – EPS Est. $1.26, Rev Est. $7.49B
Notable Earnings After Close
WDAY: Workday – EPS Est. $(.02), Rev Est. $338.68M
May 31st Swing Watch List
BioScrip Inc (NASDAQ:BIOS) – This has been on our watch list before, but always fails to go. Still a good setup either way. Long entry is over 2.75, stop 2. 260. Target is 2.90 and then 3.00. Tight ATR here means you have to monitor it!
Cymabay Therapeu (NASDAQ:CBAY) – A big, speculative bull flag here. Long entry is over 2.50, stop 2.35. Room is to 2.80-2.90, short term.
Sorrento Therape (NASDAQ:SRNE) – Testing a big resistance spot on decent relative volume. Long entry is over 6.71, stop 6.50. Room here is to 7.20 and 7.80.
Bio-Techne Corp (NASDAQ:TECH) – Not showing signs of reversal just yet, but has hit my radar. Will wait for better short setup.