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  • Swing Trade Idea – January 13, 2023

    Jan 13, 2023 Uncategorized Comments Off on Swing Trade Idea – January 13, 2023

    Color Key: Positive – Neutral – Negative

    Market Setup Pre-8:30 AM ET

    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 higher

    •Currencies:  US$ +.21%, Euro -0.36%, Yen +0.45%, GBP -.38%

    •News:  USA: UofM Consumer Sentiment 10:00 ET; Kashkari 10:00 ET •Europe: Industrial Prod 1% m/m UK: GDP m/m 0.1% vs -0.2%

    •Stocks: TSLA  -6% Cutting process; JPM -2.8% lower guidance sees mild recession. All banks are reporting trading lower. DAL -5% weak forecast FTNT -3.7% downgrade UNH -.8% lower forecast

    •General: Leading: Bitcoin, Airlines, GDX, EFA Lagging: China Internet

    Indices: USA indices trading lower post bank earnings. Macro setup are negative with yields higher, US$. SPY 393 has support of 390, and 385 with a resistance of 395, and 400. QQQ 276 has a resistance of 280 and support of 275, 270, and 265.  Indices remain stretched above expected moves for week driven by short squeezes and 0DTE option trading. OPEX today, in my opinion, has a potential for sharp moves late in the day, especially with MLK holiday Monday.

    •Stocks to watch: BABA, GFI, TSLA, JPM, DAL, LMT, AMZN, NVDA  Spec Names PLUG, SPCE

    Pre-800ET

    Earnings BAC, BK, C, DAL, JPM, UNH, WFC

    Indices KWEB, UUP, JETS, EWZ, XLY, TLT, SOXX, /BTC, QQQ, SMH, XBI LIT, XLK, XME, ICLN

    S&P500 ANET, TSLA, DAL, SBNY, WFC, FTNT, GM, F, LMT, NOC, C, AAL JPM, BAC, RTX, UAL, MOS, LUV, PNC, AMZN, NVDA, AMD

    IWM GME, PLUG, NVAX, MSTR, RUN, AI, CROX,

    WSB SPCE, BBIG, BABA, TSLA, RIOT, BBBY, GME, AMC, AFRM, RIVN, COIN, HUT, F, PST

    Movers EDU, HCM, FREY, GFI, AU, NVO, MLCO, NTES, TSLA, DAL, GME, LOGI, SBNY, WFC, C, STLA, GM, RIVN, F, COIN, LMT, JPM, NOC,  AAL, UPST, BAC, DB, RTX

    My Trade Idea: SPY
    SPY pulling back premarket from overbought levels with bank earnings and J Dimon economic forecast catalyst. Key levels: 391.88 Thurs low – fade below. Bounces look for 395 as resistance. In my analysis, there could be an expected move +/-2.7 but risk of a larger move given that indices are technically stretched

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