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  • Swing Trade Idea – February 20, 2024

    Feb 20, 2024 Uncategorized Comments Off on Swing Trade Idea – February 20, 2024

    Date: Feb 20, 2024

    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

    ** ‘Y’ – year

    **govt – government

    Color Key: Positive – Neutral – Negative

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

    • Commodities:  Gold, Silver, Oil, natgas, AGGS, Industrial Metals
    • Yields: 30Y Bond 0% Currencies:  USA  -.14% 
    • News: USA:CB leading indicator 10ET; CDN: CPI 830ET China: Rate cut
      Stocks:  HD -2.6%    WMT +2.9% MDT +3.2%  eps COF buying DFS; INTC $10B subsidy; GFS $1.5B subsidy
      Overview: USA SPY 498.2  support 497 495  and resistance 500 505.  SPY expected move +/- 3.14. QQQ 428.9 with resistance  430 435 and support  426.5 425; expected move +/- 4.06. USA indices are lower premarket with large caps outperforming and MAG7 underperforming. China rate cut is leading to a Pavlovian bounce in Aggs and gold but WTI crude lower.  COF  buying DFS is weighing on MA/V premarket. MAG7 generally weaker with semis sagging ahead of NVDA earnings however INTC and GFS are bouncing due to USA govt subsidies. Market seems to like WMT earnings and stock has moved above daily expected move pulling TGT but not AMZN.   Post opex is in window of less support from options market. Breaches of daily expected moves can lead to larger moves. Today daily expected move levels: SPY (502.7-496.4)  QQQ (434.6-426.5), IWM (204.4-198.9) SPX(5037-4974).  

      Stocks to watch  WMT INTC MDT    AMD V ROKU Spec Names SMCI PERI

    Pre-800ET
    Earnings  
    Indices VXX GDX GLD /btc EFA EEM  USO IWM ICLN SOXX ARKK IPO XLY  XLF QQQ

    S&P500 DFS INTC MDT WMT LUV   MA COF HD CAT ENPH GPN V AMD ADBE TSLA NVDA ABNB QCOM
    Movers ARM DFS GFS PERI AU DBRG MDT INTC WMT SQM AZN GFI TEVA SMCI ROKU NTDOY MT COF MA RIO HD CERE HD VALE AFRM PLTR CLF CAT TTD V

    Trade Idea: WMT

    WMT is in play post earnings and has moved to the daily expected move. Potential continue higher above 178 to 180, 182.5 with a squeeze. Pullback long entry potential > 175 but < 175 could indicate the bounce is being sold. TGT is an alternative name to consider for a long, ideally after a dip.

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