Swing Trade Idea – August 21, 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 0% Currencies: USA$ +.11%, YEN -.47%, Vix: 16
- News: USA: BLS employment revision
10ET This is a revision to non-farm payrolls up to March, Banks estimate
that the number will be between -300k and -1M. Market may react but it’s
common knowledge that the BLS numbers would be revised lower. FOMC meeting
minutes 14ET
Stocks: DY-3.3%, M-7.6%, TGT+13.6%, TJX+3.4%, ADI+.2%, KEYS+11%, EPS JD-8% WMT welling investment and will focus on WMT brand in China - Overview: SPY 559.8 support 557 555 and
resistance 560 562 SPY expected move +/- 3.2 QQQ 481.3 with
resistance 485 support 478 475 expected move +/- 4.2. USA
indices are mildly positive led by the small caps. TGT and TJX positive earnings
reaction is lifting retail stocks but M cut guidance. TGT move is >
expected move which can lead to continuation and indicates shorts
covering. AMZN leading MAG7 as expected, GOOGL is lower. USA jobs
revision at 10ET may be market moving as well as FOMC meeting minutes at 14ET
though Powell on Friday is the big event. SPX5600 is the big level to
watch and with positioning, market makers should be buyers below and
sellers above. Expected moves SPY(561.9-555.5), QQQ
(484.4-476.1), IWM(214.9-210.5), SPX (5629-5565)
Stocks to watch TGT, TJX, KEYS, ADI, XRT, AMZN, GOOGL, JD,
Spec Names ASTS
Pre-800ET
Indices XRT, SLV, EFA, XLP, IWM, EWC, KRE, XLY, ETHE, IBIT, GLD, TLT,
S&P500 TGT, KEYS, TJX, DLTR, DG, ROST, GLW, ALB, ADI, F, TXN, WMT, WBA, GOOGL
NASI DLTR, ROST, TXN, ADI, PDD, WBA, GOOGL
R2K VGR, GOGL, LZB