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  • Swing Trade Idea – November 22, 2022

    Nov 22, 2022 Uncategorized Comments Off on Swing Trade Idea – November 22, 2022

    Color Key: Positive – Neutral – Negative

    Market Setup- Pre 830

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

    •Commodities:  Gold, Silver, Oil and natgas, Grains, Industrial Metals

    •Yields: Yields are lower

    •US$ -.38% Euro +.3% Yen +0.6% GBP +.6%

    •News: USA: Richmond Mfg at 10:00 AM ET George speaks at 2:15 PM ET, Bullard speaks at 2:45 PM ET Canada: Retail Sales at 8:30 AM ET China: Covid cases are rising, Oil is higher after Saudis refuted story that would potentially increase supply.

    Stocks: BBY +8% EPS displays a beat; Earnings are up: A, ADI, BBY, BIDU, BURL, CSIQ, DKS, and URBN Earnings are down: MDT, ZM, and DLTR

    •General: Leading: Goldminers Energy Brazil Lagging: China

    •Indices: The USA indices pulled back overnight and now have been rising since 3:00 AM ET. The SPY displays a $396 with a resistance of $398, $400 and a support of $393 and $390. The QQQ displays $282.7 with a resistance of $285, $290 and a support of $280.  The US$ is lower and the yields are lower, however display being positive for commodities and equities. The Market set-up is weak, forming a risk on with small caps leading and the Nasaq being led by TSLA. In my opinion there is potential for a run-up in the morning but I will take care with the post at 2:30 PM ET with George and Bullard speaking.

    •Stocks to watch  FCX, EWZ, TSLA, A, BBY, ZM, DLTR, and MDT Spec Names ANF and RIVN

    Pre-800ET

    Earnings A, ADI, BBY, BIDU, BURL, CSIQ, DKS, MDT, URBN, ZM, DLTR

    Indices GDX, XOP, XLE, EWZ, XLB, EFA, XBI, KWEB, UUP, ARKK

    S&P500 BBY, A, ADI, FCX, MRO, TSLA, FANG, OXY, WBA, COP, DVN, SLB, ROL, MDT, EXPD

    IWM NEOG, FRO, URBN, GME, LBRT, BRBR, STAG

    WSB RIVN, GME, TSLA, COIN, UPST

    Movers BBY, A, BURL, BP, ADI, NEOG, EQNR, WB, FREY, RIVN, TTE, AU, GFI, SHEL, FCX, URBN, GME, COIN, BIDU, PBR, ZM, ROL, BEKE, BX, JD, W, BILI, MDT, PDD

    My Trade Idea: FCX
    Miners are moving higher with the drop in the US$. The FCX premarket high displays $37.2 which in my opinion can be used for a momentum trade. A pullback > $36.5 can be potentially used for a long with a target of $38. I note that there is a potential that metals will sell-off if the US$ reverses which can make FCX fade.

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