Morning Notes
US Futures are sharply higher this morning while European stocks are trading higher by +1.5% as the strength in oil continues. European banks are strong after Credit Suisse (SIX:CSGN) is trading higher by +5% after posting a narrower than expected quarterly loss. Asian stocks settled mostly higher, led by Japan’s Nikkei up +2.2%.
Technicals
The SPY (NYSE:SPY) edged slightly higher in yesterday’s session and is gapping higher early this morning. Due to the gap, support will lie first at the high of yesterday’s range at $206.40, followed by the low of yesterday’s range at $205.36, and the 50 Day SMA at $204.67. Resistance will lie at $206.80, followed by the critical resistance pivot at $207, and then $208.18.
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**
Gap Inc (NYSE:GPS)
Stampscom Inc (NASDAQ:STMP)
First Solar Inc (NASDAQ:FSLR)
Economic Calendar
10:00 Mar wholesale inventories expected +0.1% m/m
10:00 Mar JOLTS job openings expected +5,000 to 5.45M
12:00 USDA May WASDE crop production
1:00 Treasury auctions $24B 3-year T-notes
Notable Earnings Before Open
AGN: Allergan (NYSE:AGN_pa) – EPS Est. $2.99, Rev Est. $3.96B
Notable Earnings After Close
DIS: Walt Disney Company (NYSE:DIS) – EPS Est. $1.40, Rev Est. $13.21B
EA: Electronic Arts (NASDAQ:EA) – EPS Est. $.42, Rev Est. $888.78M
May 10th Swing Watch List
SINA Corp (NASDAQ:SINA) – On short watch for a breakdown under the support level at 49. Room down 46.60. Short entry is under 48.78, stop 49.25.