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Swing Trade Idea – November 29, 2021

Market Setup

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

•Yield curve steeper with longer duration rates rising

•US dollar higher relative to yen and Euro

News: Markets bouncing on  info from SA that Omicron symptoms are mild and vaccines are working or the usual technical rebound from oversold conditions; Econ:  USA pending home sales,  Powell speaking 3pmET, Black Friday retail sales results will move retailers; China PMI after hours

•Stocks: LI revenue beat;

•Indices: USA indices are broadly bouncing with small caps leading. VIX has dropped to 25 though lower, is still elevated and implies a daily SPX move of 1.5%.  Price is between overnight high and low and these levels can be used for long/short decision making.

•Sectors: Leading: bitcoin, biotech, energy, travel Lagging: natgas bonds yen

•Stocks to watch: 

LI XLE CCL OXY APA MRNA Spec Names: SOFI HUT RBLX NIO

Movers

Earnings LI

Indices /btc IBB XLE JETS EWZ XLK XRT faangm QQQ IPO SMH XLF UNG TLT yen

S&P500 MRNA NCLH OXY CCL APA RCL HES TJX MRO SLB PSX EXPE DVN MRK WYNN PXD LVS MTB ALL CBOE

Movers ADGI MRNA LI BNTX BMBL PTNR MGPI OLPX H BIRD NEGG

WSB  SOFI HUT RIOT NIO NVDA RBLX AMD TSLA GME

Trade Idea DVN

DVN is an energy idea assuming the bounce will continue. Premarket is at resistance so one can look for premarket high (43.88) to be taken out for next leg higher. Retracement on the open would not be unexpected to setup a dip buy. Other energy names strong in the premarket are OXY, APA, MRO and CPE.