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  • Swing Trade Idea – November 30, 2022

    Nov 30, 2022 Uncategorized Comments Off on Swing Trade Idea – November 30, 2022

    Positive – Neutral – Negative

    Market Setup- Pre 830

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

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

    •Yields: Yields are lower

    •Currencies: US$ -.35%, Euro +.41%, Yen -0.1%, GBP +.42%

    •News: USA: ADP Jobs 8:15, Prelim GDP 8:30 AM ET, Jolts 10:00 AM ET, Powell 1:30 PM ET Europe: Core CPI Est 5% China: MFG PMI 48 vs 49

    •Stocks: CRWD -17% subscriber growth is slowing and in my opinion, impacting the security stocks PANW ZS; RY displays a profit flat dividend raise and NB earnings display a miss; WDAY +8.5% displays a beat; Bitcoin is moving higher on EOM MSTR COIN; China stocks are strong on EOM/short cover/re-opening meme

    •General: Leading: China Internet, Emerging Markets, Gold Miners, Energy, and Spec Tech Lagging: US$ and bonds

    •Indices: The USA is rising into the open in front of major data. The US$ and yields are lower with improved China sentiment lifting commodities and equities. The SPY $396 is above $395 support with a $398 and $400 resistance. The QQQ $282 displays a support of $280 and a resistance of $285. The market is mildly risk-on with FAANGMT stocks, spec tech, and commodities leading. The ADP jobs report and GDP pre-open is displaying a jolt at 10:00 AM ET and Powell at 1:30 PM ET in my opinion will make the market move. In my analysis, the last day of the month is usually bullish and the market is positioned to move higher. There is potential for large moves in either direction, but I consider that the downside may be greater given the positioning.

    •Stocks to watch WDAY BA GOOGL PDD BIIB NTAP CRWD PANW  Spec Names W WOOF

    •Earnings CRWD HPE INTU NTAP WDAY FRO HRL LESL

    •Indices KWEB /btc EEM LIT ICLN GDX XOP XBI EFA XLE GLD EWZ ARKK TAN HACK UUP

    •S&P500 STT BIIB HPE FCX DVN FANG BA MRO OXY HAL CRM HRL NTAP

    •IWM MSTR BTU AA PLUG SPWR

    •WSB NIO BABA COIN UPST MSTR AFRM BA PLUG NET

    •Movers HZNP WDAY HTHT BZ BEKE W STT COIN  GFI SBSW FCX CRWD NTAP LESL S HRL ZS SNY PANW SNOW OKTA

    My Trade Idea: FCX
    In my opinion, metals are in favor of the meme with a lower US$ due to FED dovishness, China’s reopening, and the general chase into the year-end of stocks that have been outperforming.  In my analysis, the premarket high of $38.5 can be used for a long trigger or a pullback >= $38, with my target of $39 and $42.5

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