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  • Swing Trade Idea – September 20, 2023

    Sep 20, 2023 Uncategorized Comments Off on Swing Trade Idea – September 20, 2023

    Date: Sept 20, 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

    ** ‘d’ –

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

    • Commodities:  Gold, Silver, Oil, natgas, Softs, Industrial Metals 
    • Yields: Yields lower     Currencies:  USA -.14%
    • News:  USA: FOMC 14ET UK: CPI 6.7% y/y China: Prime rate unchanged
      Stocks:       COTY, PINS, WDC   Upgrades DG downgrade. 
    • Overview: USA SPY 443.7  with support at 443 440  and resistance at 444 445 . SPY expected to move +/- 2.4.  QQQ 370.5 with resistance of 372  and support at 370 369 365 . QQQ expected to move +/- 2.8. US$ and yields have moved lower with the European open, which is providing a small lift to equities and a larger lift to industrial metals and grains.  FOMC meeting at 14ET is the big event with virtually zero expectation of a rate increase, and the unknown being the forward comments from Powell. Implied volatility is elevated ahead of the event, which can lead to a lift post meeting if Powell is deemed to be dovish; however, absence of serious hedging increases downside risk.  Energy lower today is a positive for markets as it reduces inflation concerns for at least 24hrs. Small caps (IWM) and spec tech (ARKK)  leading premarket, with all FAANGMT less AAPL leading premarket, providing a risk off tilt premarket. AAPL Iphone15 sales report not positive, providing some headwind to AAPL and iPhone supply chain.
    • Stocks to watch: GIS, COTY, PINS, IWN, AAL, AAPL, XLE,
    • Spec Names ARM, APLS

    Pre-800ET
    Earnings: GIS

    Indices: MSOS, JETS, IWM, ARKK, TLT, XLU, XLY, XLF, EFA, USO, VXX, /btc, DBC, XLE, KWEB, UUP

    S&P500: WDC, DG

    IWM: COTY, PINS, WDC, ILMN, UPST, KIM, DG, SWKS

    WSB: UPST

    Movers: COTY, PINS, CNHI, STLA, AZN, BEKE, GT, UPST, VOD, NVO, NOVA, DG, CHWY

    Trade Idea: XLE

    XLE is pulling back with oil. Straddle approach with fade < 90.7 or alternatively bounce trade > 91.5. TRP currently on a sell but oversold on stochastics.

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