Morning Notes
US futures are pointing to a slightly lower open as European markets trade lower after an OPEC meeting over the weekend ended without a deal to place a freeze on production. The Saudi Prince commented he would not freeze unless commitments from other major producers. Asian markets closed lower, led by Japan’s Nikkei tumbling -3.4%.
Technicals
The SPY (NYSE:SPY) traded slightly lower throughout Friday’s session, consolidating after the week’s significant move higher. Support will lie at the low of Friday’s range at $207.40, followed by $206.84, $206.25, and the most recent critical support pivot of $205.25. Resistance will lie at the high of Friday’s range $208.17, followed closely by $208.60, $208.68, and $209.73.
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**
Economic Calendar
- 8:30 New York Fed President William Dudley speaks
- 10:00 Apr. NAHB housing market index expected +1 to 59
- 11:00 USDA weekly grain export inspections
- 12:30 Minneapolis Fed President Neel Kashkari speaks
- 4:00 USDA Weekly Crop Progress
Notable Earnings Before Open
- JB Hunt Transport Services Inc (NASDAQ:JBHT) – EPS Est. $.85, Rev Est. $1.52B
- Pepsico (NYSE:PEP) – EPS Est. $.81, Rev Est. $11.87B
- Hasbro (NASDAQ:HAS) – EPS Est. $.24, Rev Est. $777.11M
- Morgan Stanley (NYSE:MS) – EPS Est. $.46, Rev Est. $7.97B
- WW Grainger (NYSE:GWW) – EPS Est. $2.86, Rev Est. $2.49B
Notable Earnings After Close
- Netflix (NASDAQ:NFLX) – EPS Est. $.03, Rev Est. $1.97B
- International Business Machines (NYSE:IBM) – EPS Est. $2.09, Rev Est. $18.29B
April 18 Swing Watch List
- BioCryst Pharmaceuticals (NASDAQ:BCRX) – A big moving bio with a lot of risk. This thing is about to head into the gap here. Long on this would be over 3.15, add at 3.24. First target will be 3.52 with room to 6 after that. Stop will be 3.00 to start.
- Fitbit (NYSE:FIT) – Creeping up and holding EMA support, this has great room to go if we can get momentum. Looking for a long over 17.45, stop 16.75. Target will be 19.30 and then 20.50.
- Gigamon (NYSE:GIMO) – A big volume move down and breach of the 50 EMA. If market is soft and the buyers don’t come in, look for this back at 26 or so. Short will be under 28.50 and then add under 28.00, stop at 29.50.