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Swing Trade Idea – November 07, 2022

Color Key: Positive – Neutral – Negative

Market Setup- Pre 830ET

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

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

•Yields: Yields lower

•US$ -.39% Euro +.38% Yen +.15% GBP +.75%

•News: USA: Collins, Mester 15:40ET Europe: German Ind Prod 0.6% m/m China: Import/Export data lower in US$; Denied Covid reopen meme

UK: Propose tax raise and spending decrease

Stocks: AAPL -1.2% Disclosed China lockdown impacting supply META +3% Cutting staff DWAC +23% extended merger deadline till Sept. 2023

VLDR, OUST merger;  BTU +7.5% merger off;

•Earnings up: DINO IAA  Earnings Down: AXSM FOLD

•General: Leading: China internet, Spec Tech, Semis, bonds Lagging:  Bitcoin, Brazil, Gold

•Indices: Global indices are higher in the European session with a drop in US$ led by the Pound rising. China has denied change in Covid plans which is weighing on commodities however, Hong Kong stocks are still strong. Indices will open risk-on but are pulling back, so some caution is advised. SPY 377 is above 375 and 370 major support levels with resistance 379 and 380.

•Stocks to watch  META  PDD BTU PDD BRK TSLA  AMZN AAPL Spec Names  LI HKD

Pre-800ET

Earnings DINO DK FOLD  IAA

Indices KWEB ARKK SOXX TLT IWM FDN XLY SMH DIA JETS SPY /btc EWZ BLOK GLD UUP

S&P500 META BRK ENPH AMZN CTRA AMCR TSLA SEDG MOS D AAPL COST

IWM BTU CRK AR RRC CNX CHX SPWR PLUG EXTR FRO CLF PBF APPS RUN BEAM

WSB NIO AFRM PLUG CCJ RIVN NET BABA UPST AMZN COIN

Movers HKD BTU CRK SE LI EQT DQ AR RRC MP PDD LXU GSK D FMS SNY TDS

Trade Idea: META
META is moving higher with the announcement that staff reductions are planned. Stock is lower primarily due to metaverse spending. Analyst upgrade to $102 and short covering additional catalysts. The Premarket high is 94.57 with a potential move to 100. One can look for a dip > 91.55 for a long.