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  • Swing Trade Idea – September 12, 2023

    Sep 12, 2023 Uncategorized Comments Off on Swing Trade Idea – September 12, 2023

    Color Key: Positive – Neutral – Negative

    •  Laurie’s Abbreviation Index:
      • ‘div’ – dividend 
      • ‘m/m’ – month over month
      • ‘y/y’ – year over year
      • ‘Inven’ – inventories
      • ‘mfg’ – manufacturing 
      • +/- – plus or minus, positive or negative
      • Underlined text – higher volume premarket

     

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

    ·         Commodities:  Gold, Silver, Oil, natgas, Softs, Industrial Metals 

    ·         Yields: Yields flat Currencies:  USA +.28% 

    ·         News:  USA: 10yr bond auction 13:01ET Europe: German ZEW sentiment -11.4 vs -15 

    ·         Stocks: ORCL -10% EPS; CASY +2.5% EPS DIS +0.5% CHTR deal

    ·         Overview: USA SPY 447.4 has support of 445 and 443 with resistance of 450 and 455. In my opinion, SPY is expected to move +/- 1.7 QQQ 375.8 with resistance of 377 and 380 with support of 375, 370, and 365. I believe that QQQ is expected to move +/- 2.1.  Global indices are slightly lower and FAANGMT are resting after Monday’s move which lifted many above the expected move for week. US$ is higher which is a negative factor as is higher oil prices. I am expecting a morning fade which the 0DTE crowd will mean revert into the afternoon so 2-way action. AAPL has the meeting today and usual behavior is a run into the meeting and a fade. ORCL forecast is disappointing and weighing on cloud companies. Weakness in FAANGMT will imply dispersion, traders may need to outweigh other sectors, currently media (PARA WBD DIS) and energy (OXY COP SLB) and of course AAPL bid. I think SPX is expected to trade [4500 – 4450] based on dealer positioning.


    ·        Stocks to watch DVN, MRO, PARA, DIS, COIN, ORCL, AAPL, TSLA, AMD, NEM 

    ·        Spec Names RIOT, MSOS  

     

    ·         Pre-800ET
    Earnings ORCL, CASY

    ·         Indices /btc, USO, VXX, UUP, XLE, MSOS, IGV, GDX, EEM, GLD, XLK, EFA, SOXX, FAANGMT, XLY, euro

    ·         S&P500 WRK, PARA, CVS, DVN, MRO, AAPL, WYNN, DIS, ORCL, ENPH, UPS, HPQ, PSA, RTX, ACN, TSLA, AMZN, NEM, MSFT, GOOG

    ·         IWM MARA, RIOT, MSTR, IONQ, CVR, AI

    ·         WSB RIOT, COIN, GME, ORCL, AI, RTX

    ·         Movers WRK, MARA, RIOT, CBAY, COIN, GME, LI, AER, PERI, IONQ, ASML, MT, AI, UPS, NVO, RTX, SLRN, ORCL 



    Trade Idea: ORCL

    ORCL dropped more than the expected move on a poor forecast. I believe there is a potential bounce or fade trade. > 115 potential bounce trade and below 113, look for 110. Other cloud names will be in play today. MDB and SNOW are down in sympathy so look for reaction.

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