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  • Swing Trade Idea – December 05, 2022

    Dec 05, 2022 Uncategorized Comments Off on Swing Trade Idea – December 05, 2022

    Market Setup – Pre830ET

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

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

    •Yields: Yields are lower

    •Currencies:  US$ -.19%, Euro +.35%, Yen -.56%, GBP +.12%

    •News: USA: ISM Services PMI 10ET ; Europe: Services PMI sub 50 flat •China: Caixin Services PMI 46.7 vs 48 Weak economic data but are reopening the MEME driving stocks higher Oil: OPEC+ no change to production

    •Stocks: TSLA -3.5% cutting Shanghai production by 20% China reopening meme: WYNN, LVS, BABA, BILI  Materials: CLF, FCX Energy: DVN, MRO

    •General: Leading: China, bitcoin, Energy, euro Lagging:  Brazil, gold miners, spec tech, biotech

    •Indices: The USA indices are pulling back the premarket from overbought levels. The US$ is lower but is not lifting the markets.  The SPY displays $404.5 with a support of $402 and $400 and a resistance of $405 and $410. The QQQ displays a support of $290.8, $290, and $285 with a resistance of $293, and $295. In my opinion, the Call buying was elevated on Friday and markets became stretched so the pullback today was expected. In my opinion, TSLA is the main mover to watch with $185 being the key support level. In my analysis, energy, metals, and China stocks are in play today but all are extended premarket.

    •Stocks to watch  LVS, FCX, BABA, DVN, TSLA  Spec Names  NIO

    Pre-800ET

    Earnings  SAIC VERU

    Indices KWEB, /btc, XLE, XOP, euro, EEM, EWZ, GDX, XLY, SPY, ARKK, XBI, DIA, QQQ, IWM, XLV

    S&P500 WYNN, MGM, CLF, LVS, ATVI, MRO, DVN, HBAN, APA, UAL, FCX, VFC, TSLA, SBNY, VZ

    IWM CWK, SMTC, NUVA, AR, PRC, CRK, XHR, SHO, PEB, NVAX

    WSB NIO, BABA, AFRM

    Movers BILI, XPEV, GDS, CWK, SGML, BZ, NIO, PUK, QFIN, LII, FUTU, BIDU, WYNN, ATVI, CF, TSLA, HZNP, QGEN, AR, CRK
    My Trade Idea:TSLA
    In my opinion, TSLA is in play. On the news, it states that production will be cut in the China factory due to the demand. The premarket low of $184.5 is currently bouncing to $190.83.  I will be using the Straddle approach today with a fade opportunity of < $192 with a target of $185, $182, and a long > $192.5 with a target of $195 and $198.

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