Morning Notes
US futures are lower this morning along with European markets as the price of crude continues its slide at 1 week lows dragging energy producers NYSE:SLB and NYSE:FCX sharply lower in the pre market. Asian stocks closed mostly lower.
Technicals
The SPY (NYSE:SPY) traded in a low volume narrow range in yesterday’s session but managed to close back above the 200 day SMA. Due to this mornings gap lower, support will lie at the first pivot level of $$200.05, followed by $199.52, and the next critical pivot and reversal level of $197.60 – $197.40. Resistance will lie first at the low of yesterday’s range at $201.77, followed by at the 200 day SMA at $202.06, and the high of yesterday’s range at $203.05.
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**
VRX
Economic Calendar
8:30 Core PPI Est. 0.1%
8:30 Core Retail Sales Est. -0.2%
8:30 PPI Est. -0.2%
8:30 Retail Sales Est. -0.1%
8:30 NY Empire Manufacturing Index Est. -10
10:00 Business Inventories Est. -0.1%
Notable Earnings Before Open
VRX: Valeant Pharmaceuticals (NYSE:VRX) – EPS Est. $2.64, Rev Est. $2.75B
DSW: DSW Inc (NYSE:DSW) – EPS Est. $.08, Rev Est. $641.19M