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Swing Trade Idea – September 22, 2023

Date: Sept 22, 2023

 Color Key: Positive – Neutral – Negative

Laurie’s Abbreviation Index:

** ‘div’ – dividend

** ‘m/m’ – month over month

** ‘y/y’ – year over year

** ‘Inven’ – inventories

** ‘mfg’ – manufacturing

** +/- – plus or minus, positive or negative

** Underlined text – higher volume premarket

** ‘d’ – day

• Global Markets:  USA, Europe, Japan, China, Hong Kong Asia – Mild Positive  equity global set-up
• Commodities:  Gold, Silver, Oil, natgas, Softs, Industrial Metals
• Yields: Yields higher Currencies:  USA +.15%
• News:  USA: Flash PMI 945ET Japan: Rates unchanged EUR: PMIs < 50 MFG declining CAD: Retail sales 8:30 ET
• Stocks: BABA +4.3%   Cainiao IPO in HK
• Overview: USA SPY 433.2  support 430 and resistance 435 and 440. SPY expected move +/- 3.1 QQQ 360.3 with resistance 365 and 370  with support of 360, 358, and 355. QQQ expected move +/- 2.9.  Global equities are bouncing premarket from oversold conditions after the afternoon drop fueled by 0DTE put buying. Put walls have fallen which increases potential for lower levels. SPX support levels today 4336, 43324, 4300 and resistance 4350, 4400.
  
• Stocks to watch: AMZN, NVDA, META, EBAY, FCX       
• Spec Names: PLTR, MNSO, UPST

Pre-8:00ET
Earnings

Indices: KWEB, EEM, EWZ, SMH, SOXX, USO, GDX, ARKK, XME, QQQ,  VXX

S&P500: EBAY, ATVI, MU, AMD, NVDA, FCX, RMD, PFE, META, MCD  

IWM:

WSB: BABA, UPST, PLTR, AMD, AMZN, NVDA, AI, CLF, RIVN, AFRM, MCD

Movers: BILI, NTES, XPEV, MNSO, FUTU, IONQ, SGEN, BHP, GFI, PLTR, ING

Trade Idea: QQQ

QQQ is bouncing in the premarket but below the 360 key level. I will be using a straddle approach today with longs > 361.75 with resistance 365 and 370 and cautious fade < 358.8 (overnight low) and targets 357.7, 355, 350.  May see large moves in either direction late in the day as options expire.