Economic Calendar & Watch List
Morning Notes
US Futures are pointing slightly higher and European stocks are slightly lower this morning in early trading on carry over from the record highs in yesterday’s session. Net neutrality will be in focus today as FCC takes a vote at 10:30 which may allow internet providers to throttle speeds to specific users. Investors will be keeping their eye on large bandwidth users such as Netflix Inc (NASDAQ:NFLX) and providers like Verizon Communications Inc (NYSE:VZ) and Time Warner Inc (NYSE:TWX) with that vote. The FOMC voted yesterday to increase the interest rate for the 3rd time this year and provided dovish comments about the economy. US Futures are also moving on news that terms of the tax deal have been reached and will be voted on next week. Asian stocks closed the day mixed.
Technicals
The SPY (NYSE:SPY) consolidated at all time highs during yesterday’s session yet closed slightly lower on the day. Support will first lie at the 20EMA at $262.80, followed by $262.71, then $260.75, the recent pivot at $260, a short term pivot at $259.20, the 50SMA at $258.78, a pivot at $255.63 and at $254.30, then the 100SMA at $253.11. Resistance will lie at all time highs at $267.32.
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**
BABA
Economic Calendar
8:30 Weekly Unemployment Claims, expected 239k
8:30 Retail Sales, expected 0.3%
Notable Earnings Before Open
Sanderson Farms Inc (NASDAQ:SAFM) – EPS Est. $3.62
Notable Earnings After Close
Costco Wholesale (NASDAQ:COST) – EPS Est. $1.35
Oracle (NYSE:ORCL) – EPS Est. $0.62