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  • Swing Trade Idea – December 29, 2022

    Dec 29, 2022 Uncategorized Comments Off on Swing Trade Idea – December 29, 2022

    Color Key: Positive – Neutral – Negative

    Market Setup – Pre830ET

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

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

    •Yields: Yields are higher

    •Currencies:  US$ -.21%, Euro +.24%, Yen +0.42%, GBP +.02%

    News:  USA: UE claims at 8:30 AM ET Crude Inventories at 11:00 AM ET Japan: BOJ Opinion – No plan to stop YCC

    Stocks: TSLA +4.5% Bounce MS $250 target $80 bear case; AAPL +1% WSJ: Production in China accelerating;  TSM +1% Starting 3nm production in Taiwan;  NVDA, AMZN, NIO recovery bounces

    General: Leading: Spec tech, China Internet, Semis, Consumer Discretionary Emerging Markets Lagging:  Lithium US$

    Indices: The USA equity futures are bouncing led by Nasdaq. Yields are higher and the US$ is lower which in my opinion provides a mixed macro setup. The SPY 379 has a resistance of 380,385, and 390 with a support of 377, 375, and 370. Vix futures 23.3 implies a 1.5% daily move. The SPY put wall 375 and SPX put wall 3800 may provide support into Dec. 30 and JPM hedge at 3835 can act as a pin level. In the premarket I believe that the USA equities are again setup with risk-on speculative stocks bid with caveat that Wed. they were sold at the open. In my analysis, SPY 380 must hold to be mildly bullish. Bounces in tech may be short term trades but I will be looking for sellers!

    Stocks to watch  TSLA, AAPL, TSM, NVDA, PDD   Spec Names BILI GFI

    Pre-800ET

    Earnings CALM

    Indices ARKK, KWEB, SOXX, SMH, XLY, EEM, QQQ, EFA, XLK, LIT, UUP

    S&P500 TSLA, RCL, LUV

    IWM CXW, FRO, GRO

    WSB TSLA, RIVN, GEO

    Movers LI, TSLA, PUK, RELX, VOD, RIVN, TTE, FLNG, CXW, KT, EURN, LUV, EDU, FRO, BEKE, GOLD, EPD

    My Trade Idea: TSLA
    In my opinion, TSLA is in play today as usual. MS has a bullish note on the stock and short covering and put monetization may take stock higher. Premarket high 119.3 with a support of ~116.75. High open interest at 120 may act as resistance but above 120, stock may move quickly higher. Alternative thesis is potential fade below 116.75 with 115 support and below 115 and 110 target.

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