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  • Swing Trade Idea – October 26, 2022

    Oct 26, 2022 Uncategorized Comments Off on Swing Trade Idea – October 26, 2022

    Color Key: Positive – Neutral – Negative

    Market Setup- Pre 830ET

    •Global Markets:  USA, Europe, Japan, China, Hong Kong Asia – Bearish/Neutral global set-up

    •Commodities:  Gold, Silver, Oil and natgas, Grains, Industrial Metals

    •Yields: Yields lower

    •US$ -.62% Euro +.58%

    •News: USA: New Home Sales1030ET Canada: BOC rate statement 10ET

    • Stocks:  MSFT -6% Software names, AMZN -; GOOGL -6.5% sympathy Earnings up: V KHC BG ADP ENPH WING+12% Earnings Down: TXN BSX SKX -12% SPOT

    •General: Leading: Solar, China bitcoin gold miners, bonds Lagging:  Large cap tech, semis software

    •Indices: USA large cap indices lower post earnings but rose in the European session with a fall in the US$. The meme is now that FED will be less hawkish and hence US$ lower, bonds are up. SPY 381 is above 380 major gamma level with 380, 375, and 372.5 support and 385 resistance. VIX 28.4  implies a 1.9% daily move. VIX futures are no longer inverted which is positive if it holds today. Tuesday was a big short covering day with short term calls driving indices higher. Earnings were poor; however, the move in the currency market can compensate. SPY 380 is a bull/bear line. Look for bounces on short covering in the big cap tech stocks should the indices hold up.

    •Stocks to watch  ENPH V KHC TSLA GOOGL MSFT AAPL Spec Names SKX DDOG SPOT SNOW WING

    Pre-800ET

    Earnings ENPH GOOGL MSFT TER TXN V BSX KHC MAS STX WM ADP BG EDU HOG

    Indices TAN KWEB /btc GDX ICLN GLD TLT euro IWM EEM faangmt XLK FDN QQQ SOXX SMH ARKK IGV

    S&P500 ENPH KHC FCX SEDG HAL V NEM DFS LIN APA MSFT GOOGL TXN META AMZN NOW MAS CRM WHR MCHP ETSY NVDA ADI

    IWM MXL LBRT TENB AA NOVA RUN SPWR MSTR FRO PLUG NEX APPS POR SI PRTA CROX GME

    WSB NIO MSTR NET AMZN AFRM UPST NVDA

    Trade Idea: MSFT
    MSFT premarket trading at 233.4 with an initial earnings reaction of 230. Potential fade below 232.5 with 230 initial target and 225 and 220 targets if 230 fails. Ideally, look for an initial bounce to fail for a fade. Price > 237.5 can be used for a long if MSFT recovers with shorts exiting

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