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  • Swing Trade Idea – September 21, 2023

    Sep 21, 2023 Uncategorized Comments Off on Swing Trade Idea – September 21, 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 – Negative  equity global set-up
    • Commodities:  Gold, Silver, Oil, natgas, Softs, Industrial Metals
    • Yields: Yields higher Currencies:  USA +.4%
    • News:  USA: UE claims, Philly Fed 8:30ET UK: Rates unchanged
    • Stocks: CSCO =5%  buying SPLK   GOOGL Potentially moving from AVGO -5.7%  to MRVL +3%; FDX +5% EPS
    • Overview: USA SPY 435.06 displays support of 435 and 433 with resistance at 440 and 442. I expect the SPY to move +/- 2.3 QQQ 360.6 shows resistance at 365 and 370 with support of 360, 358, and 355. QQQ I believe is expected to move +/- 2.6. FOMC hawkish rate forecast mixed with traders leaning bullish and led to an unwind of calls and a sharp drop, which has led global equities to lower and stronger yields and US$. USA indices are close to important gamma levels which will act as either support or further downside acceleration if breached [SPY 365 QQQ 360]. I personally think there is a notable weakness in semis (potential breakdown) and FAANGMT.

    • Stocks to watch: FDX, MRVL, SPLK,  NVDA, AMD, CSCO, AVGO, KBH Spec Names: PLTR

    Pre-800ET
    Earnings FDX, DRI, KBH

    Indices VXX, HACK, UUP, KWEB, SMH, ARKK, GDX, EWZ, TLT, SOXX, LIT, FDN, XLK, XLY

    S&P500 FDX, PARA, IP, WBD, AVGO, CSCO, AMZN, NVDA, TSLA, AMD, FCX, ADBE, FITB, META, MCHP, ANET, LRCX, ETSY

    IWM FRO, AI, KBH, IONQ, RIOT, SMCI, FSLY

    WSB 

    Movers FDX, MRVL, NTNX, CRWD, FRO, PARA, IP, WDB, GFS, AVGO, AFRM, AI, IOT, CSCO, VMW, AU, GFI, BILI, EQNR, KBH, U

    Trade Idea: QQQ

    QQQ major gamma level is 360 which is a key level which can act as support or acceleration lower. Resistance on a bounce is 365 and support below at 355. Short covering will likely lead to a bounce that will retrace and be important for 360 to hold. Semis are weak in particular and I am looking to see if AAPL is used for support today. XLE is pulling back with oil. I will take a 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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