Morning Notes
US futures are slightly higher along with European stocks trading higher as energy stocks show strength as crude oil moves above $50. Asian stocks closed higher.
Technicals
The SPDR S&P 500 (NYSE:SPY) surged higher again in yesterday’s session into the macro descending resistance zone which has been rejected several times since the middle of last year. Support will lie at the low of yesterday’s range at $207.87, followed by the critical support pivot at $207 and then the 50 day SMA at $206.24. Resistance will lie at the macro descending resistance between $209 – $209.50, followed by the high of yesterday’s range at $209.77.
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**
Abercrombie & Fitch Company (NYSE:ANF)
Netflix Inc (NASDAQ:NFLX)
Dollar Tree Inc (NASDAQ:DLTR)
Economic Calendar
8:30 Weekly initial unemployment claims expected -3,000 to 275,000
8:30 Apr durable goods orders expected +0.5% and +0.3% ex transportation
8:30 USDA weekly Export Sales
10:00 Apr pending home sales expected +0.7% m/m and +0.1% y/y
11:00 May Kansas City Fed manufacturing activity expected +1 to -3
12:00 Fed Governor Jerome Powell speaks
1:00 Treasury auctions $28 billion of 7-year T-notes
Notable Earnings Before Open
DLTR: Dollar Tree (NASDAQ:DLTR) – EPS Est. $.80, Rev Est. $5.09B
SIG: Signet Jewelers (NYSE:SIG) – EPS Est. $1.94, Rev Est. $1.61B
Notable Earnings After Close
ULTA: Ulta Salon (NASDAQ:ULTA) – EPS Est. $1.29, Rev Est. $1.03B
DG: Dollar General(NYSE:DG) – EPS Est. $.94, Rev Est. $5.28B
May 26th Swing Watch List
Triumph Group Inc (NYSE:TGI) – Long entry is over 38.00, stop 37.50. Room is to 40 and then 42.
Teekay Offshore Partners LP (NYSE:TOO) – Long entry over 6.50 after multiple attempts at that spot. Stop is 6.00. Room is to 7.30 and then 7.70.
FuelCell Energy Inc (NASDAQ:FCEL) – Long entry is over 6.50, stop 6.20. Room here is to 7, short term.
Adobe Systems Incorporated (NASDAQ:ADBE) – Will be watching for a short around the $100 area. Nice room back down around 96.