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  • Swing Trade Idea – December 06, 2022

    Dec 06, 2022 Uncategorized Comments Off on Swing Trade Idea – December 06, 2022

    Color Key: Positive – Neutral – Negative

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

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

    •Yields: Yields are lower

    •Currencies:  US$ -.28%, Euro +.27%, Yen +.38%, GBP +.39%

    •News:  Europe: German factory orders 0.8% m/m China: Reopen MEME continues Australia: RBA +25bps Cannabis: Growing speculation that Safe Banking Act may be modified before the year end. USA: USA and Europe seeking tariffs on China Steel and Aluminum.

    •Stocks: AZO, GTLB, and SIG display positive earnings in response with China reopening MEME. China reopening MEME: BABA, JD, LI, and NIO  Steel and Metals: NEM, FCX, MT, NUE

    •General: Leading: China, goldminers, Brazil, Bonds, Lithium Lagging:  Energy and US$

    •Indices: The USA indices are consolidating overnight. The SPY displays $400 and in my opinion, this is a major option of an open interest level, which can act as a magnet with support of $400, $398, and $395 with a resistance of $402 and $405. The QQQ $288 displays a support of $286 and $285 with a resistance of $290, $293, and $295.  The US$ yields are lower and in my opinion, usually has a positive for risk assets. China’s reopen MEME currency moves support for metal and travel names. Cannabis names are in play but in my analysis can be risky. Financials were weak Monday and are potentially continuing today.

    •Stocks to watch:  TXT, BABA, FCX, NEM, MT, UAL,  BK, GS, APA  Spec Names  GTBIF, TCNNF

    Pre-800ET

    Earnings:  AZO, GTLB, SIG

    Indices: KWEB, GDX, EWZ, TLT, GLD /btc, LIT, ICLN, XLE, UUP, XOP

    S&P500: TXT, PM, GE, UAL, NEM, DAL, FCX, EXPE, NRG, RCL, EW, CAG, TAP, GIS, BK, EQT, KMB, MRO, SLB, APA, MPC

    IWM: SIG, GME, CROX, MRTX, FRO, RDN

    WSB: NIO, BABA, AFRM, RIVN, UPST, GME

    Movers: GTLB, TXT, SIG, LI, SBSW, BILI, XPEV, AU, FREY, WDS, JD, GFI, TS, MT, RIO, SNOW, NET, ARRY, MRTX, NRG, EW, RCL, PHG, CAG, FRO 
    My Trade Idea: MSOS
    In my opinion, Cannabis stocks are in play with speculation that the Safe Banking Act may be modified to permit Cannabis companies before the end of the year. The premarket displays a low of a $13.17 reference level and $13.84 potential long trigger. In my analysis, I am expecting that Monday’s high of $14.6 will move into year end +/-4.6.  I am very speculative.

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