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  • Swing Trade Idea – December 16, 2022

    Dec 16, 2022 Uncategorized Comments Off on Swing Trade Idea – December 16, 2022

    Color Key: Positive – Neutral – Negative

    Market Setup – Pre830ET

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

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

    •Yields: Yields are higher

    •Currencies:  US$ -.05% Euro +.65% Yen 1.57% GBP +.02%

    •News: USA: Services and MFG PMI Europe: CPI 10.1% Y/Y; Mfg PMI 47.8, Services PMI 49.1 UK: Retail Sales -0.4%

    •Stocks: ADBE +4.4% EPS beat; MAXR +121%  acq by Advent;   ACN EPS beat;  META +2% JPM upgrade 150; GH -32% Poor test results NVAX -14% notes offering;

    •General: Leading: China Internet, Gold, Emerging Markets  Lagging:  Bitcoin, energy, S&P500, materials, consumer discretionary

    •Indices: The global indices are lower overnight since the European open but have been bouncing since 8ET. Large options expiration today with one expiration at the open and another at the close which in my opinion can lead to potential large moves.  The SPY 385 displays a resistance of 390, 395, and 400 with a support of 380. The SPY displays a lower weekly expected move to 385.6 so in my analysis, this is a level to watch. The QQQ 275.6 shows a support of 275 and 270 with a resistance of 280, 285, and 290. I think the QQQ bottom expected move for week is 275. This is a possible large move on open with morning expiration and with a large amount of options expiring.

    •Stocks to watch  ADBE, META, TSLA, AAPL, BILI,  NVDA, GH Spec Names EXAS

    Pre-800ET

    Earnings ADBE, ACN, DRI, WGO

    Indices KWEB, GLD, EEM, euro, /BTC, XLE, SPY, DIA, XOP, IWM, XLB, XLY, SMH, SOXX, XLP

    S&P500 ADBE, META, CDNS, SNPS, LNC, ACN, HAL, FANG, DVN, APA, OXY, SLB, WMB, EQT, MRO, CTRA, MTCH, CAT, XOM

    IWM MAXR, WGO, RUN, MSTR, FRO, VCYT, STNG, ANF, SPWR, KW, LTHM, PENN

    WSB BABA, NIO, COIN, MSTR, NET, F, NVDA, BA, UPST

    Movers MAXR, EXAS, ADBE, EDU, LI, DB, BILI, ING, BABA, META, BEKE, JD, TCOM, SRPT, TTM, GH, AZN, LNC, FNV, CAN, BP, LOGI, RUN

    My Trade Idea: META
    In my opinion, META is in play today with a JPM upgrade to a $150 target price. The premarket 118.5 displays a high of 119 for a momentum long or pullback > 117. My targets are 120 and 125. In my analysis there is potential for a large move over 120. However, caveat options expiration can lead to large moves.

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