If earnings slide, the already overvalued SPX will probably follow. Banks can't get through 62% retracement.
Frontrunning: April 7 U.S. readies bank rule on shell companies amid 'Panama Papers' fury (Reuters) Co-Founder of Mossack Fonseca Defends Law Firm at Center of ‘Panama Papers’ (WSJ) Fed's Cautious Approach on April Rate Hike Raises Stakes for June (BBG) Dollar sinks again after Fed remains cautious (Reuters) New Tax Rules on Inversion Deals Are Met With Protest (WSJ) Fed Chairs Since 1979 Offer Peek Into Central-Bank Philosophy (BBG) Election stirs debate about Fed's handling of political pressure (Reuters) Yen Strengthens Toward 108 as Traders Deaf to Japan's Jawboning (BBG) While Draghi and Yellen Jawbone, Swiss Central Bankers Play It Old School (WSJ) Clinton, Sanders turn spiky ahead of New York primary (Reuters) Panama Papers Tie More of China’s Elite to Secret Accounts (NYT) Unbound States Prove Precious in GOP Contest (WSJ) Mega deals morph into mega problems for Wall Street (Reuters) Republican Party’s Low Polls Give Obama an Edge in Court Fight (BBG) VW labour bosses clash with brand chief Diess over cuts (Reuters) There's a $2 Trillion GDP Boost in Shrinking the U.S. Gender Gap (BBG) China asking for terror suspects list ahead of G20 summit (Reuters) The World Is Getting Fatter and No One Knows How to Stop It (BBG) Spoiler: 4/7/16 Thursday Movers: BBBY, VRX, COST, AAPL, LB, CAG, WYNN, MAT, VZ, INTC, MCD, S, JPM, YHOO, LXK 4/7/16 Thursday Movers: BBBY, VRX, COST, AAPL, LB, CAG, WYNN, MAT, VZ, INTC, MCD, S, JPM, YHOO, LXK, PHM & more source: cnbc.com Check out which companies are making headlines before the bell on Thursday Bed Bath & Beyond — The housewares retailer reported adjusted quarterly profit of $1.85 per share, 4 cents a share above estimates. Revenue was also slightly above Wall Street forecasts, and the company also announced a new quarterly dividend of 12 1/2 cents per share. Valeant Pharmaceuticals — Valeant struck in agreement with loan holders to amend the terms of its debt, according to Dow Jones. The drugmaker's shares are coming off their best two-day percentage gain in 20 years, although they are still down more than 80 percent over the past 12 months. Costco — The warehouse retailer reported a 1 percent increase in March comparable-store sales, below the consensus Thomson Reuters estimate of a 1.9 percent increase. Apple — BTIG cut earnings estimates and its price target for Apple, although it is keeping a "buy" rating. BTIG is basing its call on a more conservative outlook for Apple's iPhone upgrade cycle. L Brands — The company announced a split of its Victoria's Secret business into three separate units, and also announced a 3 percent increase in March same-store sales. That was above consensus estimates for a 2 percent rise. ConAgra — The foodmaker reported adjusted quarterly profit of 68 cents per share, 10 cents a share above estimates, while revenue was also above analysts' forecast. A significant increase in profit margins for ConAgra's consumer foods business was among the positive factors for the quarter. Wynn Resorts — Telsey Advisory Group upgraded the casino operator to "outperform" from "market perform," based on an upbeat outlook from the company and confidence that Wynn will achieve at least the bottom end of its forecast. Mattel – The toymaker's shares were rated "overweight" in new coverage at JPMorgan Chase. JPMorgan is positive on toy industry fundamentals overall and also is positive on Mattel's cost-cutting initiatives as well as solid momentum from its core brands. Verizon Communications — Verizon was downgraded to "hold" from "buy" at Jefferies, which said near-term catalysts don't exist to provide any upside to its earnings estimates or valuation. Jefferies did say that it does believe Verizon is positioned well long term. Intel — The chipmaker's shares are rated "buy" in new coverage at Brean, which said overall industry challenges may help Intel improve its position against its competition. McDonald's — Chairman Andrew McKenna will not run for re-election to the board when the restaurant chain holds its annual meeting May 26. McKenna has been chairman for 12 years and a board member for 25 years. Sprint — Sprint will sell $3 billion in equipment to newly created entities, which will then lease the equipment back to Sprint. The arrangement will allow the mobile services company to obtain a cash infusion with better terms than it might get in the debt market. JPMorgan Chase — Chief Executive Jamie Dimon issued his annual letter to shareholders, saying the bank is becoming stronger and safer. However, he also said that increased market volatility is most likely here to stay and that he's not proud of the company's stock performance over the past decade. Yahoo — Yahoo sees a 15 percent decline in earnings and a 20 percent drop in revenue this year compared to 2015, according to Re/code citing an internal document. Medtronic — The medical device maker received Food and Drug Administration approval for a new wireless heart pacemaker called Micra, which attaches directly to the heart. Lexmark — Lexus is in talks to be bought by China-based ink cartridge chip maker Apex Technology, according to Reuters. The printer and imaging systems maker had sought bids in the past, but did not receive offers to its liking. _____________________________________________________________________________________________________________________ here are this morning's most active trending pre-market discussions- (stock symbols are clickable!) WYNN SUNE OLLI BBBY YHOO AMZN CAG EBAY DRWI KMX SIMO SLI S TRXC DUST MGM SCTY APOL INCY GPN VRTX XHB C UGAZ _____________________________________________________________________________________________________________________ here are today's earning reports- _____________________________________________________________________________________________________________________ here are today's economic events- _____________________________________________________________________________________________________________________ markets now- _____________________________________________________________________________________________________________________ good trading to everyone in here on this thursday!
upward wedge on SPY hourly chart....next week should be interesting to see if bank earnings will show weakness.
EEM looking like its putting in another top here, this is a pretty critical level. The last three MACD crossovers were pretty good at picking the tops, not saying it happens here, but its all lined up.
Yen cranking up above multi year resistance. Seems with today's move, it's definitely punching through. Gold moving higher as well.
welp i did call this in the monthly poll, april will be choppy as hell. im just going to sit here patiently waiting for the summer when stocks go on clearence.
dam, this chart looks so bullish, 8 and 21 ema crossing over the 50 sma now all 3 are stacked properly, this is worth a nibble here and a screaming buy if it pulls back to 31.60.
biotechs and gold is just about all ive been messing with all year, i day traded vrx a couple times, i almost day traded allergan but was too chicken to, im long opk, i just have a random affinity to biotech since this year started, i dont know what it is lol. labu is a nice play right here imo, could always hedge it with BIS hahaha
Markets looking like they want to continue trailing lower probably all next week as well. I think we just get a ton of chop and don't break to the upside or really the downside until next year. Just range 15k-18k on the dow.
I'd like to see a clear reversal sign on the hourly SPX so I can jump in and make a few bucks really quick.
A lot of weekly time frames are looking weak at the moment. AAPL SPY BIDU to name a few. Tsla we dont want to close tomorrow close to 250 or we have a shooting star setting up. Hell of a move up but if retail now wants to buy it could be a sign to lighten longs or small shorts
Definitely. Want to make sure that I am looking at a higher time frame and using a smaller one to keep stops tight...just in case this is some super bull market that wants to go to 2160-2300
