The ES futures are trading around key ES support level, 1250 this morning. We have seen a drastic increase in NYSE volume on S&P down days.
It will be a quiet day for US economic events. At 4:15 P.M ET 10 year treasury notes and Federal Fund rates. Also, we will get the latest US housing data number. Obama administration is getting ready to update us all on the corporate tax-rate plan.
AFTER THE BELL EARNINGS:
DECK: Quarterly Earnings and Estimates (Q4E)- $3.13 Quarterly Revenue(Q4E)-$562M. Deckers offer luxury shoes such as UGGs and multiple types of UGG accessories. Deckers Management reiterated their guidance after last quarter and stated, “pre- spring orders looking strong.” Expect a big move in one direction or another.
GPS: Quarterly Earnings and Estimates (Q4E)- $.42 Quarterly Revenue(Q4E)- $4.3B. Despite Gaps annual sales growth of $-1.75 for the last five years, could Gap miss analysts expectations and still run like Abercrombie is doing? Also, Gap is expanding into high-growth markets such as China, opening 30 new stores.
Also in the earnings spotlight: HPQ, Goodrich Petroleum, and TJX.
By: Greg Zimny