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Swing Trade Idea – November 22, 2021

Market Setup 

•Global markets are mixed with USA green, Europe mixed, Japan green, Hong Kong red, China green, Asia mixed

•Yield curve steeper with long yields rising, usually benefits financials

•US dollar higher

News: China: Hinted it will ease; Covid Fears: Cases rising in Europe; Oil: Japan potential reserve release; USA: Report that Fed Chair name will be released today

•Stocks: Vonage bought by Ericsson; ATVI CEO may be leaving; ASTR completed first orbital launch; BCRX new funding; EV and lithium names are moving again- TSLA and NIO with announcements

•Indices: USA indices are mildly positive led by Nasdaq and R2K.  FAANGMT and Semis are continuing their strength with TSLA/NVDA and semis leading; S&P500 gamma still supportive with resistance at 4735/4750 and support at 4700 and negative flip at 4670

•Sectors: Leading: Brazil, small caps, biotech, security Tech Lagging: nat gas, bitcoin, long bonds, gold

•Stocks to watch: 

ALB/SQM/LAC  GNRC TSLA  AMD NVDA FB  Spec Names:  RBLX TLRY NIO ASTR

Movers

Earnings ZH CRNC

Indices EWZ IWM IBB HACK SLV ARKK XLY XBI JETS XLF UNG /btc TLT GLD

S&P500 ALB NVDA GNRC TSLA MRNA WYNN STZ ENPH LVS MGM AMD A GPS FB ATVI VTR PRU TXN FCX NEM JNJ CE

Movers VG AVYA ZH GFS DCT ALNY BNTX ZIM NVDA TLRY GME TSLA AUPH CRNC ERIC PHG NIU IONQ RDS

WSB NIO RBLX GOEV TSLA GME NVDA TLRY CLF PLUG AMC ARVL

Idea IBB

IBB is a rebound idea with MRNA PFE and other biotechs getting a bid potentially due to Covid concerns. Seasonals are strong into Xmas. One could consider a long over Friday close 155.6 with a stop below 153.2.  Caveat that the sector is out of favor and tax loss selling is a risk