Morning Notes
US Futures are currently flat this morning while European markets trade just slightly higher. Gains in Wal-Mart Stores Inc (NYSE:WMT) after earnings are offsetting the losses in Cisco Systems Inc (NASDAQ:CSCO) in early trading. Yesterday’s results of the Fed Minutes further decreased the likelihood of a rate increase anytime soon. Asian stock closed mostly mixed across the board.
Technicals
The SPY (NYSE:SPY) traded in a wide range on increased volume throughout yesterday’s session due to the release of the latest Fed Minutes. Support will first lie at the upper support pivot at $217.30, followed by the low of yesterday’s range at $217.02, then $216.78, and $215.83. Resistance will lie at the high of yesterday’s range at $218.53, followed by $218.68, $218.88, and all time highs of $219.50.
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)
WMT
Economic Calendar
8:30 Weekly initial unemployment claims expected -1,000 to 265,000
8:30 August Philadelphia Fed business outlook survey expected +4.9 to 2
8:30 USDA weekly Export Sales
10:00 July leading indicators expected +0.3%
10:00 New York Fed President William Dudley
1:00 Treasury auctions $14B of 5-year TIPS
Notable Earnings Before Open
WUBA: 58Com Inc Adr (NYSE:WUBA): 58.com – EPS Est. $0.00, Rev Est. $N/A
CSIQ: Canadian Solar Inc (NASDAQ:CSIQ): – EPS Est. $.40, Rev Est. $701.23M
WMT: Wal-Mart (NYSE:WMT) – EPS Est. $1.02, Rev Est. $120.09B
Notable Earnings After Close
AMAT: Applied Materials (NASDAQ:AMAT) – EPS Est. $.47, Rev Est. $2.84B
August 18th Swing Watch List
ADPT: Adeptus Hea (NYSE:ADPT)– A reversal setup. Long entry is off the 40.00 area or over 42.50. Will stop out under 39.00. Target here is 46.
SPY – On short watch for a move lower from here. The SPY is flirting with the 9 EMA and pretty top heavy. Would like to use a bear put spread here. Sept16 220/215 for a debit of 2.00 or better.