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Swing Trade Idea – February 9, 2023

Color Key: Positive – Neutral – Negative

Market Setup Pre-8:30 AM ET

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

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

•Yields: Yields are lower

•Currencies:  US$ -.5%, Euro +0.4%, YEN +.37%

News: USA: UE claims 8:30 ET; 30yr bond auction 13:01 ET; Europe: German CPI 1% m-m vs 0.9% Japan: Machine tool orders -9.7% vs 0.9%

•Stocks: DIS +6% 8000 job cuts, hope for dividend restart; PEP +1.3% EPS beat price raises; ABBV +1.7% beat ; AZN +5.6% beat; AFRM -16% miss; BAX -8% miss CS -6.4% miss $100B withdrawn by customers last quarter

•General: Leading: Solar, Clean Energy, faangmt Lagging: China Internet, Small Caps, consumer discretionary

Indices: USA rose post NY close but pulling back since 6:00 ET. Macro setup positive with yields lower, US$ lower and oil lower. SPY 413 support 410, 408, and 405 with resistance at 415, and 420. SPY expected move +/- 2.7 today. QQQ 307 with resistance of 310, and 315 with support of 305, 300, and 295. SPY 310 is the key bull/bear dividing line. Market positioned risk-off premarket with high short interest stocks bid and TSLA strong. Caution that 0DTE traders shifted to puts Wed so keep an open mind. DIS, MGM, and HLT have positive earnings catalyst for leisure space. MSFT bid again premarket with the AI meme but was sold Wed so take care. In my opinion, NVDA and TSLA are targets of the gamma squeeze crowd so are  in play again today

Stocks to watch DIS, MSFT, NVDA, TSLA, ABBV, NFLX, BAX, AFRM

Spec Names HOOD, APP

Pre-800ET

Earnings APPS, AZEK, CDAY, DIS, FLNC, HOOD, IFF, LNC, MAT, MGM, ABBV, ARES, AZN, BAX, BTI, BWA, CCJ, DUK, HLT, IPG, K, KIM, MAS, MT

Indices KWEB, ARKK, faangmt, SMH, faangmt, EFA, SOXX, QQQ, XLY, ARKF, EEM, /btc UUP

S&P500 DIS, TPR, MGM, WYNN, TSLA, CDAY, LVS, PYPL, PEP, MSFT, NVDA, CRM, META, AMD, MU, BAX, IPG, LNC

IWM SONO, NUVA, FLNC, AI, CRNC, SUMO, LPSN, ARWR, FRO, ASAN, BYND, APPS, RPD, NE, AVA

WSB HOOD, TSLA, BABA, CCJ, NET, PLUG, RIVN, NIO, NVDA, AMD, CLF, F, GME, AFRM

Movers APP, SONO, NUVA, U, DIS, FLNC, MLCO, TPR, MGM, WYNN, AZN, BILI, HOOD, EDU, STLA, LI, AFRM, APPS, MAT, FROG, BAX, TPS

My Trade Idea: DIS
In my analysis, DIS in play post earnings release which was better than expected and more importantly cost cutting focus. Premarket 118 with premarket high 122.5. Look for pullback for bounce trade > 115 to premarket high.