Morning Notes
US Futures are relatively flat this morning while European stocks trade slightly higher as the price of crude edges higher again, closing in on 7 month highs. The Home Depot (NYSE:HD) reported better than expected Q1 earnings and raised its full year forecast which is giving a lift to retail names. Asian stocks closed mostly higher.
Technicals
The SPY (NYSE:SPY) traded back higher in yesterday’s session after coming off of three prior day’s losses. Support will lie at the 50 Day SMA at $205.51, followed by the support pivot at $205.25, and then yesterday’s low at $204.89. Resistance will lie at the resistance pivot at $207, followed by yesterday’s high at $207.34.
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**
Perrigo Co (NYSE:PRGO)
TJX Companies Inc (NYSE:TJX)
Valeant Pharmaceuticals International Inc (NYSE:VRX)
Home Depot Inc (NYSE:HD)
Economic Calendar
8:30 Apr housing starts expected +3.3% to 1.125M
8:30 Apr CPI expected +0.3% m/m and +1.1% y/y
9:15 Apr industrial production expected +0.3%, Mar -0.6%
12:00 San Francisco Fed President John Williams and Atlanta Fed President Dennis Lockhart speak
Notable Earnings Before Open
HD: The Home Depot – EPS Est. $1.34, Rev Est. $22.35B
TJX: TJX Co’s – EPS Est. $.70, Rev Est. $7.29B
Notable Earnings After Close
NONE
May 17th Swing Watch List
QEP Resources Inc (NYSE:QEP) – Long entry over 18.38, stop 18. Add spot over 18.70. Room here is to 20.00.
Immunomedics Inc (NASDAQ:IMMU) – Long entry over 3.92, add spot over 4.00. Stop is 3.72. Target is 4.30-4.40 short term.
Michael Kors Holdings Limited (NYSE:KORS) – A sweet reversal setup over 42.00, when we get a bullish confirmation of trend reversal. Will look to use a call spread on this trade, but long will be over 42, not a moment sooner.
Electronic Arts Inc (NASDAQ:EA) – Moving up higher into overbought territory following earnings, we are just waiting for the return to reality here. Looking for a short off 77 or under 76. Room is down to 73.50 and then 71.50.