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Swing Trade Idea – November 08, 2022

Color Key: Negative Neutral Positive

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$ +.3% Euro -.33% Yen +.08% GBP -.83%

•News: USA: midterms Japan: Household spending 2.3% y-y  Bitcoin: Binance pulling money out of FTX causing a major crypto drop

Stocks: NVDA +4% Released export rule compliant chip AMD +1.3% TRIP -23% EPS LYFT -16% EPS TTWO -16%  SEDG +13% EPS lifting solars GFS +8% EPS

•Earnings up: QGEN SEDG BLDR CG DD GFS PLNT SPWR Earnings Down: DOCN FIVN LYFT TRIP TTWO CNHI PRGO

•General: Leading: Semis, Tech, Biotech Lagging:  Bitcoin, Brazil, Gold

•Indices: Global indices are higher in the European session despite a rise in the US$. Prevailing the meme that a resolution in the US election should lift the markets and may lead to the markets high with a lack of concrete data. Yields are lower and can bring a bid to beaten down FANG stocks. The growth names in the semiconductor and solar space are leading the premarket. The SPY 380.7 is above 380, and 375 major support levels with a resistance of 381.5 (premarket high), 382.3 VPOC 385, and 390 gamma.

•Stocks to watch  NVDA AMD SEDG AAPL TSLA TTWO LYFT COIN Spec Names  SPWR

Pre-800ET

Earnings DOCN FIVN LYFT QGEN SEDG TRIP TTWO BLDR CG CNHI DD GFS INSW PLNT CNHI PRGO SPWR

Indices SOXX XLK ICLN ARKK XBI QQQ IWM faangmt XLY bitcoin EWZ GDX euro XLE KWEB

S&P500 SEDG DD NVDA AMGN CZR AMD ENPH AMAT GPN MU TTWO MDT ABC

IWM RCKT VRNS SPWR PLAY VERU BLDR RCM QTWO SI MSTR INSW

WSB NVDA AMD RIVN DWAC MSTR COIN BABA GME CRSR

Movers SEDG PLNT RCKT VRNS SPWR QGEN PLAY DD CPNG NVDA VERU ASML SKIN FREYR TRIP RCM TWO LYFT QTWO FIFN DOCN PRGO MDT SI

Trade Idea: NVDA
NVDA is moving higher on the announcement of a chip that can be sold to China which is a major customer. Premarket high of 147.95 can possibly be used for a momentum long or consider looking for a pullback > 145. Stock extended so pullback is safer in my opinion. AMD and SMH are alternatives