Economic Calendar And Watch Lists: TAC, SBH
Warrior Trading | May 06, 2016 09:10AM ET
Morning Notes
US Futures are slightly lower while European stocks trade lower by -1% as markets await the US payroll data as it may provide additional clues as to the timing of the next Fed rate hike. Asian stocks closed mostly lower.
Technicals
The SPDR S&P 500 (NYSE:SPY) edged lower again in yesterday’s session closing back below the critical support pivot at $205.25. Support will lie at the low of yesterday’s range at $204.47, followed closely by the low of Wednesday at $204.42, the 50 Day SMA at $204.25, and finally $203.70. Resistance will lie at the resistance pivot at $205.25, followed by the high of yesterday’s range at $205.98, $206.80, and the next critical resistance pivot at $207.
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**
Herbalife LTD (NYSE:HLF)
Valeant Pharmaceuticals International Inc (NYSE:VRX)
Endo International PLC (NASDAQ:ENDP)
Economic Calendar
8:30 Apr non-farm payrolls expected +200,000
8:30 Apr avg hourly earnings expected +0.3% m/m and +2.4% y/y
3:00 Mar consumer credit expected +$16.0 billion
Notable Earnings Before Open
EXC: Exelon (NYSE:EXC) – EPS Est. $.66, Rev Est. $7.52B
WY: Weyerhaeuser Company (NYSE:WY) – EPS Est. $.20, Rev Est. $N/A
Notable Earnings After Close
NONE
May 6th Swing Watch List
TransAlta Corp (NYSE:TAC) – Not normally a fan of power plays, but I like this for a move back toward 7+. Long entry is over 5.29, stop 5.00. Add spot over 5.57 and then look to sell thru 6 and 7.
Sally Beauty Holdings Inc (NYSE:SBH) – On short watch for a move lower thru 200EMA support following an earnings miss. Sitting on massive support at 30.00, l00k for a break toward 29.00 if 30 falls. Short entry is under 30, stop 30.50.
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