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S&P 500 overview
- SPX finds support at old resistance. Outside day provides confirmation.
- Transports have broken out. Only DJIA remains below January peak.
- Conditions favor individual stocks over indexes.
Don’s Watch List:
- FedEx (FDX): Reports this afternoon amid strong economy, earnings.
- Micron Technology (MU): Earnings Thursday night. Has a history of beating estimates and has now given up most of its gains for the year. Good for options.
- General Mills (GIS): Clawing back from two-year lows amid strong economy.
- AutoZone (AZO): Reports tomorrow morning amid strong earnings momentum, bullish Wall Street sentiment.
- Darden Restaurants (DRI): Reports Thursday morning. Near record high amid strong earnings backdrop.
Russell’s Watch List:
- CSCO has bullish-continuation potential. Good for options.
- Glu Mobile (GLUU) has bullish-continuation potential.
- Starbucks (SBUX) downside risk after dojis, hanging man.
- Square (SQ): Potentially bearish candle today.
- Defense stocks (RTN, NOC, LMT, GD) potentially coming to life.
- Cruise ships (RCL, CCL, NCLH) potentially coming to life.
- Target (TGT) on watch for bullish continuation. Good for options.
- Watch for Zumiez (ZUMZ), Trinity (TRN), Greenbrier (GBX) for swings higher.
- Will Florence hurt restaurants/airlines, but help automakers?
- GPRO 28Sept 6.50 calls bought
- CI Jan 220 calls bought
- F Jan20 10 calls bought
- AVGO Sept 225 calls sold
- Options 101: Going ‘In the Money’
- Do you know about our Options Starts 2018 symposium in Chicago next month?
- Bearish: David Tepper, Ray Dalio: Economic expansion in late stages.
- Bullish: GS sees no recession for at least 3 years. BAML says low-income consumers gaining faster.
- Russell: Goldilocks going strong amid weak inflation, low jobless claims.
Events to Watch:
- China trade angst all week.
- Wed 9/19: Housing starts, building permits.
- Mon 9/24: Tech sector to be split for communications index.
- Wed 9/26: FOMC to hike rates?
- Thur 9/27: Durable goods, GDP final revision.
- Next Week: TradeStation Master Class in Florida.