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Swing Trade Idea – December 3, 2021

Market Setup

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

•Yield curve flatter with longer duration rates rising

•US dollar lower compared to Euro

•News: Covid: Omicron more transmissible and affecting all age groups: USA: Jobs report 830ET; DIDI delisting from NYSE affecting other Chinese stocks; FTC will sue to block NVDA takeover of ARM holdings;  FDA reports will accelerate Omicron drugs

•Stocks: Earnings: ASAN DOCU OLLI —  MRVL ++ ; China JD FUTU BILI  down on DIDI delist NUE divi increase and buyback

•Indices: USA/European indices turned red to green 7ET ahead of jobs report but trading in a tight range. Volatility remains elevated so jobs report may lead to a large move at 830. SPX is in negative gamma below 260 which leads to high 2 way moves.

•Sectors: Leading: natgas energy Cannabis Brazil small caps biotech Lagging: China Software Silver

•Stocks to watch: 

MRVL SMAR HIBB MRNA ULTA ASAN DOCU Spec Names: Z  

Movers

Earnings ASAN DOCU BIG SWBI OLLI MRVL SMAR ULTA HIBB

Indices UNG XLE GDX ICLN /btc GLD IBB SMH KWEB EWZ ARKF IGV

S&P500 MRNA ULTA TER NUE VIAC TER APA HAL OXY MS XRAY STX ADBE CDNS MKTX  WYNN UAL CCL NVDA

Movers MRVL SMAR FSLY HIBB ULTA MAXN MS RIOT SIG NUE DOCU ESPR OLLI SWBI ASAN RLX DIDI BIG

WSB HUT RIOT SENS DWAC HOFV SDC BB GOEV

Trade Idea MRNA

MRNA is trading higher on news that the FDA will accelerate approvals of Omicron drugs and meme that current vaccines are somewhat effective and govts proceeding with mandates. Premarket high 322 with short term targets 330, 340, 350. Strength in MRNA will also lead to IBB strength