Morning Notes
US Futures are unchanged and European stocks are trading slightly lower by -.6%. Crude is trading higher after a 2% rally at over a 6 month high. Asian markets closed predominantly higher.
Technicals
The SPY (NYSE:SPY) traded lower to end the week in Friday’s session. This morning, the SPDR S&P 500 (NYSE:SPY) is relatively flat and support will lie at the low of Friday’s range at $204.38, followed by $203.88. Resistance will lie at the high of Friday at $206.86, followed by $207.49.
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**
N/A
Economic Calendar
8:30 May Empire manufacturing index expected -3.06 to 6.50
10:00 May NAHB housing market index expected +1 to 59
11:00 USDA weekly grain export inspections
4:00 USDA Weekly Crop Progress
Notable Earnings Before Open
NONE
Notable Earnings After Close
MSI: Motorola (NYSE:MSI) – EPS Est. $.86, Rev Est. $1.39B
URBN: Urban Outfitters (NASDAQ:URBN) – EPS Est. $.25, Rev Est. $760.06M
May 16th Swing Watch List
MaxLinear Inc (NYSE:MXL) – Long entry over 18.53, stop 18.00. Target is 19.10 and then breakout to new highs.
Portola Pharmaceuticals Inc (NASDAQ:PTLA) – Long entry over 24, add spot 24.40. Stop at 23.00. Room to 25.65 and then 26.60.
XPO Logistics Inc (NYSE:XPO) – Short entry under 25.70, stop 26.50. Target is 23 and then down to 22 or so near support.