E-mini S&P 500 Futures open this morning and have been trading in a choppy range. Although futures are trading higher by around 12 points right now we have seen them trade in a 10 point range today. Equity markets seem to be holding their bid for now as January factory orders were released this morning and topped analyst expectations. There are no more major data releases today so eyes will be on individual stocks and earnings stories.  This morning saw retailer Michael Kors Holdings Limited (KORS) release quarterly earnings besting expectations and sending the stock higher by nearly 19%. We are currently long the KORS Feb 7th weekly 83-84 call spreads that appear to be going to full value. More upscale retailers are reporting tomorrow with Ralph Lauren Corporation (RL), and The Estee Lauder Companies Inc. (EL) scheduled to release quarterly earnings results before the open tomorrow. We will examine these names into the close as luxury and upper scale retailers have been doing well for us.

James Ramelli


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