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Swing Trade Idea – February 6, 2023

Color Key: Positive – Neutral – Negative

Market Setup Pre-8:30 AM ET

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

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

•Yields: Yields are higher

•Currencies:  US$ +.32%, Euro -0.32%, YEN -.8%

News: Europe: German factory orders 3.2% vs 2.1%; Retail sales -2.7% m/m vs -2.4%

•Stocks: NEM -6.5% buying Newcrest; CTLT +25% DHR buying TSN -5% EPS miss; DELL +3% 6000 job cut; PSI +8.5% acq by PSA AI +7% general AI excitement TSLA +2.75% squeeze continues;  ON -4.5% -guidance

•General: Leading: Gold, US$  Lagging: China Internet, Emerging Markets, Semiconductors, technology

Indices: USA indices slid lower since Asian opened with a bounce starting at 6:00 ET. Macro setup negative with yields higher, US$ higher, and oil higher. SPY 410 is a major pivot level with the support of 408, and 405 and resistance at 411, 415, and 420. SPY expected move +/- 2.7 today. QQQ 303 with a resistance of 305, 310, and 315 with support of 302, 300, and 295.  Indices still extended after Friday’s pullback with set-up for a trend lower. US$ rising and yields rising are a threat to the equity and bond market so on watch. SPY 310 is the key bull/bear dividing line. FAANGMT stocks key for the day

Stocks to watch TSLA, CELH, NEM, NVDA, AAPL, TSN, ON Spec Names AI

Pre-800ET

Earnings IDXX, ON, TSN, L, CMI

Indices GLD, UUP, KWEB, EEM, EWZ, SMH, ARKF, SOXX, QQQ, ARKK, XLK, IWM, EFA, faangmt

S&P500 CTLT, TSLA, NEM, TSN, PSA, PYPL, NOW, INTC, AMD, NVDA, TMUS, FCX, GOOGL, CCL, CRM, ADBE, WYNN, QCOM

IWM AI, CELH, ARWR, MSTR, APPS, STAA, LPSN, DDD, BE, KBH

WSB TSLA, MSTR, COIN, NVDA, AMD, BABA, PLUG, AFRM, NIO, UPST, RIVN

Movers CTLT, LSI, AI, ARHS, CELH, GSK, ATCO, FMS, SPOT, NVO, TSLA, CPNG, NEM, TSN, PSA, RH, GDS, DADA, EDU, ARWR, PUK, BILI, DDOG, JKS, MSTR, VIPS, SHOP, PDD 

My Trade Idea: AAPL
In my analysis, AAPL is in play after a squeeze post an earnings miss. Straddle approach, long over 153.3 with a target of 155 and fade below 152.58 with a target of 150. Expected move for week +/- 5.6. AAPL moves in increments of 2.5.