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  • Swing Trade Idea – November 28, 2022

    Nov 28, 2022 Uncategorized Comments Off on Swing Trade Idea – November 28, 2022

    Positive – Neutral – Negative

    Market Setup- Pre 830

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

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

    •Yields: Yields are lower

    •US$ -.4% Euro +.65% Yen +0.65% GBP +.01%

    News: USA: Bullard, Williams 12:00 PM ET Europe: Lagarde 9:00 AM ET China: Protests over the Covid policy headline and in my opinion are driving the markets this morning.

    Stocks: WYNN, LVS, and MLCO are higher on renewed licenses; SHOP +4% and hit a Black Friday Sales record; AMZN +.5% is leading FAANGMT Energy are lower with China concerns; AAPL -2% with China has made an impact on production; TSLA -1.67% now relies on China production with EPS PDD +14% and EPS beat

    General: Leading: China Internet, TLT, and Euro  Lagging:  bitcoin, oil producers, spec tech, and semi

    Indices: The Global indices are pulling back from overbought levels with the China news catalyst.  The US$ and yields are lower, mitigating the downturn which could increase if the US$ rises as normal in a risk-off climate. The SPY $399 is below the $400 major gamma level resistance with $398 and $395 support. The QQQ $285 support of $283.5 and $280; displays a resistance of $286.  The equity risk-off set-up, but the US$ is lower and supportive. The SPY $395 retest could have potential if < $398.3 and a short squeeze is possible if > $400. Bullard/Williams 12:00 PM ET may be market moving

    •Stocks to watch WYNN PDD GFI  AAPL TSLA OXY NVDA Spec Names UNVR SHOP ZIM

    Pre-800ET

    Earnings HTHT PDD

    Indices KWEB TLT euro GLD GDX /btc XOP XLE ARKK SOXX SMH Faangmt QQQ SPY IWM XLK DIA XBI ICLN

    S&P500 WYNN LVS MGM ATVI LYV BIIB FANG HAL CTRA OXY DVN SLB TSLA EOG CVX  NFLX AMD CAT C

    IWM AXSM SM PTEN PUMP  DK MTDR FRO CRK RRC PENN CLF PLUG RUN X AA GME AAPS MSTR

    WSB NIO TSLA COIN AFRM CLF AMD PLUG NVDA

    Movers PDD UNVR AXSM BEKE SHOP WYNN BUD WYNN LVS SBSW GFI ZIM BIIB DKNG FANG VET LI TWLO CPE

    My Trade Idea: SHOP
    In my opinion, SHOP is in play with announced sales being strong. The premarket high of $39.5 can be used for a momentum long. If it is overbought, I will consider a pullback > $37.5.  The short term resistance of $40 was followed by $41.5 and $42.5.  AMZN and WMT are other retail names I want to watch. In my analysis, AMZN may get a bid if TSLA and AAPL are laggards today.

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