Morning Notes
US Futures are unchanged this morning as the markets await the results of the Fed’s 2 day policy meeting at 2 P.M. EST. European stocks are trading relatively flat while Asian stocks closed mixed.
Technicals
The SPY (NYSE:SPY) is relatively flat this morning with support at the low of yesterday’s range at $201.05, followed by a critical pivot level of $200.05 followed by $199.52. Resistance will lie at the 200 day SMA at $202.01, followed by the high of yesterday’s range at $202.53 and $203.04.
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**
LinkedIn Corporation (NYSE:LNKD)
Fossil Group Inc (NASDAQ:FOSL)
Economic Calendar
8:30 Feb housing starts expected +4.6% to 1.150M, Jan -3.8% to 1.099M
8:30 Feb CPI expected -0.2% m/m and +0.9% y/y
9:15 Feb industrial production expected -0.3%, Jan +0.9%
10:30 EIA Weekly Petroleum Status Report
2:00 FOMC Rate Decision
2:30 Fed Chair Janet Yellen holds press conference
Notable Earnings Before Open
NONE
Notable Earnings After Close
FDX: FedEx (NYSE:FDX) – EPS Est. $2.33, Rev Est. $12.4B
WSM: Williams Sonoma (NYSE:WSM) – EPS Est. $1.59, Rev Est. $1.62B
March 16th Watch List
SINA Corp (NASDAQ:SINA) – A super solid bull flag setup with nice room to the next level of resistance. I like this for a long over 47, stop 46. Add spot over 48.17. The target will be 49-50 short term.
FedEx Corporation (NYSE:FDX) – On watch for an earnings iron condor. I am watching the low IV on this and expecting a big pop tomorrow, and a good fill for a higher credit. Looking at the Mar16 136/138/148/150 for a credit of .80 to start. I will monitor and adjust as the day goes on, if I do not get my fill.
Ctripcom International Ltd (NASDAQ:CTRP) – Another earnings iron condor to watch for. This has some big IV and anything short of the market maker move under $6, and this will give us that crush. Mar16 33/36/46/49 for a credit of .75 to start. I will monitor and adjust as the day goes on, if I do not get my fill.