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Swing Trade Idea – November 4, 2021

Market Setup 

•Global markets are mixed with USA mixed, Japan red, Europe green, Hong Kong green, China green and Asia green.

•Yield curve slightly steeper

•US dollar higher post FOMC

•News: Europe: PMIs generally positive German factory orders missed; USA: UE claims premarket;

•Stocks: MRNA cut forecast (impact PFE/BNTX); QCOM beat and raise; BKNG  beat positive for travel (EXPE ABNB); QRVO lowered guidance (AAPL supplier SWKS CRUS other names); QCOM beat and upgrade $194 GS); REGN beat; Misses ROKU LSPD DOCN

•Indices: US indices are being led by Nasdaq and R2K.  Nasdaq is currently at the top of the expected move and being led squeezes in TSLA and NVDA. R2K is will above the expected move. Indices are extended however the squeeze may continue today. Reopening stocks had huge moves Wed (retailers, heavily shorted stocks) and look for a continuation

•Sectors: Leading: energy, china internet, gold miners, semiconductors  Lagging: clean energy, financials

•Stocks to watch: QCOM F GOGO SSYS PLNT CPRI TLRY MRNA ROKU

Stocks to Watch

Earnings QCOM BKNG MET MFC ALL HUBS CTVA ALB ETSY FNV MGM TTWO QRVO XP CF TNDM ITT TM MRNA ZTS CI BDX REGN APD SO NTDOY GOLD W ABC LSPD IRM BLDR DOCN CYBR PZZA GOGO MAXR SSYS SKLZ SPWR PLNT

Indices XLE KWEB DBC EWZ GDX SLV SMH XLY QQQ XLK /BTC ICLN FXC XLF XLB

S&P500 QCOM BKNG ALB APA MRK PH LUMN OXY EA REGN MGM TRMB TTWO MRO MRNA QRVO FIS BLL PENN IBM NRG ALL APD CTXS AES PWR PFE

Movers MAXR QCOM CPRI XP APA TS DNOW USO BKNG NCMI REGN BBBY UPLD LSPD MRNA OCGN DOCN QRVO ROKU MTTR

WSB TLRY HOFV NIO CCJ NVDA TSLA ITUB SENS SOFI PLUG OCGN SKLZ HUT RIOT AMC 

Idea QCOM:

QCOM is trading higher on a beat and raise. GS has raised the price target to 194. Stock is extended in the premarket but has potential for continuation. Premarket high is 153.5 which can be used for a momentum trade or look for a dip. The move-up has lifted the stock above major resistance.