Breakout

3 things to watch this week

Jeff Macke
Breakout

It's Monday April 7th, and here's what you need to know this week:

It's earnings season! Estimates for the overall S&P 500 (^GSPC) have come down 3% since the start of the year so the bar is set pretty low but is it low enough? Ignore Alcoa (AA) on Tuesday night. Focus instead on Constellation Brands (STZ) Wednesday morning then Family Dollar (FDO) the next day. Booze and discount retail sum up the battle ground rather nicely after a long, brutal winter.

Wall Street is looking for earnings of 73 cents on $1.29 billion in revenue from Constellation. The stock has been a rocket so it better come up big. On Family Dollar it's all about whether or not the consumer came out of hiding when the earth thawed at the end of March. Family Dollar isn't a big trading play but it's worth paying attention to the call. The street is looking for 95-Cents on $2.78 billion in revenue.

JPMorgan (JPM) and Wells Fargo (WFC) report at the end of the week but that's about a million years from now as far as traders are concerned. Watch the overall tape. The Dow (^DJI) made a new high on Friday then sold off hard. Momentum names like Twitter (TWTR), Facebook (FB), Amazon (AMZN) and Yelp (YELP) have been getting destroyed. As a rule of thumb stocks rarely bottom on Fridays. Watch the open to see how the market responds when sellers come in.

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