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  • Swing Trade Idea – September 28, 2023

    Sep 28, 2023 Uncategorized Comments Off on Swing Trade Idea – September 28, 2023

    Date: Sept 28, 2023

    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’ – day

    Color Key: Positive – Neutral – Negative

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

    • Commodities:  Gold, Silver, Oil, natgas, Softs, Industrial Metals
    • Yields: Yields higher
    • Currencies:  USA -0.3%
    • News:  USA: Final GDP, UE claims 8:30 ET; Pending home sales m/m Europe: Spanish CPI 3.5% y/y
    • Stocks:  JBL +2.8%  EPS;  MU -3.3% ACN -5% KMX -10% EPS WDAY -9.5% Guidance
    • Overview: USA SPY 426.5 support 425 and resistance of 430. I expect the SPY to move +/- 3.62  QQQ 355.02 with resistance of 360 and 365 and support of 353 and 350. QQQ I expect to move +/- 3.8.  Equity set-up is neutral with global equities mixed and yields higher but US$ lower  Indices remain put dominated in negative gamma which increases the risk of large moves in either direction.  GDP and UE claims will be announced premarket which will be market moving. Defensive assets and bid premarket with growth lagging and metals are higher on a reflexive reaction to the lower US$. FAANGMT are mixed with AAPL, AMZN, TSLA weak but META and GOOGL bid. Today’s daily I expect to move levels: SPY (429.67-422.43) QQQ (358.8-351.3). Market is “oversold” hence potential for bounce but need yields to fall for a catalyst. SPX 3600 is likely resistance into month end if S&P bounces
    • Stocks to watch: META, GOOGL, AMD, RMD, FCX, KMX, MU, ACN, WDAY, CCL      
    • Spec Names:  GME, PLTR

    Pre-8:00ET
    Earnings JEF, MU, ACN, KMX, JBL

    Indices /btc, euro, XLE, XLB, ICLN, XME, XLP, XLV, EWZ, XLU, VXX, KWEB, TLT, UUP, EEM, FAANGMT, FDN

    S&P500 TRMB, RMD, FCX, NEE, TSCO, CTRA, APA, SLB, ENPH, GE, META, KMX, ACN, MU, JCI, CCL, HPQ, BXP, USB, BEN, ARE   

    IWM NOVA, DBRG, IONQ, BIPC, RC, TEX, BXMT, LADR, BHVN, XPRO, FRO, STNG

    WSB GME, PLTR, MSTR, COIN, NLY, BABA, RTX

    Movers GME, NOVA, JBL, BHP, PLTR, RIO, TTE, ROKU, IONQ, AA, FCX, VALE, COIN, KMX, WDAY, ACN, CVNA, GFI, MU, NLY, LI, CCL, AU, HPQ, ASML, NTES

    Trade Idea: AMZN

    AMZN Levels for today from option positioning: Support 125 and 124 Resistance at 127 and 128. Premarket trading 124.65 and declining premarket.  Fade potential < 124. ATR 3.7 could be used for intraday trades in either direction.

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