.

Swing Trade Idea – August 19, 2024

Date: Aug 19, 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 global set-up

• Commodities:  Gold, Silver, Oil, natgas, AGGS, Industrial Metals, Bitcoin
• Yields: 30Y Bond +.43%  Currencies:  USA$  -.3% YEN +1.1% Vix: 15.5
• News:  USA: Waller speaking 915ET Japan: Machine tool order +2.1%. Yen popped.
  Stocks: EL-4.2%   ZIM+14.9% EPS  AMD +2.5% Buying AI company ZT systems $4.9B
• Overview: SPY 555  support 550 and resistance 558.3 560 SPY expected move +/- 3 QQQ 475.9  with resistance 480   support 475 470  expected move +/- 5.4. USA indices subdued after 2 weeks of short covering which has left USA indices technically stretched. Macro is interesting as Yen is rising after Japan data which is a potential negative for Nasi. Long yields and US$ lower is consistent with weaker US economic data and a dovish Powell. MAG7  are being led by GOOGL which has been a laggard. AMD is the Nasi leader on news they bought an AI infrastructure company (AI is still the magic word). PANW reports after the close and is bid premarket. The move up in indices has been driven by primarily by puts being sold and not calls being bought and SPX is now positive gamma which means that pops will be sold and dips will be bought. SPX5550 is the big strike and may act as a magnet in todays trading.  Expected moves SPY(557.3-551.3) QQQ (480.4-469.6) IWM(214.6-210.6) SPX (5584-5524)
  
  
  Stocks to watch GOOGL AMD SLV AMZN PANW ZIM   IBIT USO EL   Spec Names    

Pre-800ET
Indices MSOS UNG TLT EFA FXI XLY SLV QQQ  IBIT ETHE USO GDX GLD UUP

S&P500 AMD GOOGL ULTA HPQ SMCI EL

NASI AMD GOOGL MRNA WDAY

Trade Idea: AMD

AMD is up on news of an AI acquisition which lifted 2.5% premarket but is pulling back into the open. Potential long > 150 with target 153-155 and fade < 145 with target 140. Semis have bounced with the market and potential for retracement this week so need to keep an open mind.