The earnings and economic data calendars may be light, but NYSE insider Jay Woods thinks there are three releases investors should keep an eye on. The first one is the minutes from the Federal Reserve’s meeting last month. “We’re going to be watching those Fed minutes. Believe it or not, they’re going to be very interesting,” said Woods, chief markets strategist at Freedom Capital Markets. “At [Fed Chairman] Kevin Warsh’s first press conference, he talked about ‘family infighting.’ … Let’s see if those minutes bring out any light as to dissension in the ranks.” The Fed kept its benchmark rate unchanged at 3.50% to 3.75% at its June 16-17 meeting. But the central bank removed from its statement an easing bias. Meanwhile, Warsh abstained from issuing a rate forecast , when several other FOMC members signaled a hike later this year. PepsiCo, Delta to report Woods is also watching quarterly earnings reports from PepsiCo and Delta Air Lines , due Thursday and Friday, respectively. He noted that while PepsiCo recently broke a near-term downtrend, “it’s in no man’s land.” Shares traded around $141.90 on Monday, below their 50- and 200-day moving averages of $147.18 and $150.08, respectively. Woods said traders should watch the $148-$150 level on PepsiCo. “it looks like a nice opportunity to fade it,” he said. “If it does pull back, there are levels of support, but it’s not really dying to be bought.” PEP YTD bar PEP year to date As for Delta, Woods thinks its recent run is “getting a little too extended.” Shares are up 33% for the year, far outpacing the S & P 500’s 10% gain. “As a technician, you look at these charts, it’s overbought,” he said. “$86 on a pullback would be a … great time to get into it, as it has broken out over a long term basis. But right now, to chase at these levels would be tough,” he said. Delta traded near $92 per share on Monday. (This weekly Monday video is exclusively for CNBC PRO subscribers.)
Earnings and Fed minutes: What Jay Woods is watching
