Swing Trade Idea – October 28, 2022
Color Key: Positive – Neutral – Negative
Market Setup- Pre 830ET Pre GDP and Pre ECB Rate Move
•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 higher
•US$ +.17% Euro -.03% Yen -.81%
•News: USA: PCE 8:30 UofM 10ET Europe: CPI+, , German GDP + Japan: BOJ no change
•Stocks: AMZN -13% miss, guide- AAPL +.4% beat, targets cut INTC +7% EPS beat Rev miss cost cut PINS +10% Earnings up: DXCM TMUS VRTX GILD PXD Earnings Down: EW COF FSLR LHX X DVA LYB
•General: Leading: energy, biotech, US$ Lagging: China Internet, bitcoin, EEM, Tech
•Indices: USA indices are negative premarket with DJIA and Russell leading and Nasdaq lagging. US$ and yields are currently higher which is weighing on markets. S&P sold down to SPY 375 gamma level post AMZN & AAPL earnings but bounced to 378. US PCE will drive the next move. SPY resistance 380 support 375, 372.5 support. VIX 27.3 implies a 1.8% daily move. QQQ 270 is a key level with AAPL and AMZN as the key stocks. AAPL sold down to 136 and has recovered. Today is options expiration so we may see large moves into the close. Short dated options have been used to move markets and we can expect more of that today. Look for a reaction at 10ET with U of M data.
•Stocks to watch INTC AAPL PINS VRTX XOM DXCM AMZN EW COF Spec Names PINS NET
Pre-800ET
Earnings PINS DXCM INTC GILD VRTX TMUS CVX SNY XOM PXD NEE AMZN EW COF FSLR LHX X LYB NWL DVA
Indices XLE IBB UUP XBI XOP KWEB XLY /btc EEM EWZ ICLN QQQ GLD GDX LIT TLT SPY
S&P500 DXCM INTC GILD VRTX TMUS XOM PXD CVX APA MRO DVN DVA AMZN EW LYB MPWR ETSY LHX EBAY COF
IWM PBF PTEN DAN ARCH THC LC OSTK
WSB AMZN BABA ADRM NET NVDA
Trade Idea: AMZN
AMZN is in play post earnings report. Premarket low 87.59 and premarket high 99.9 and currently 95.9. Will offer day trade opportunity with potential fade < 94 and long > 100. Premarket low is a reference level for bounce or breakdown.
