Swing Trade Idea – November 17, 2021
•Global markets are slightly weak with USA outperforming.
•Yield curve steepening in the premarket with 30yr rising, tends to favor financials
•US dollar unchanged
•News: Japan: Machine orders missed; Europe: CPI 4.1% Y-Y expected; USA: Housing starts premarket; pile of Fed heads speaking; Powell vs Brainard decision this week; UK rate hike meme back – Pound higher
•Stocks: AMZN will not accept V cards in UK after V tried to raise fees – payment companies lower; LOW TGT good earnings
•Indices: USA indices are flat to weak with Nasdaq leading and R2K lagging. TSLA/AMZN outperforming and stocks to watch. SPX Call wall 4700 resistance with support at 4675 and 4650. Opex this week so potential for higher volatility late in the week and greater movement in the following week. A large position at 4700 is being unwound this week which will allow the S&P500 to move
•Sectors: Leading: bitcoin Brazil silver gold solar Lagging: natgas energy smallcaps long bonds
•Stocks to watch:
TGT LOW V TJX VVV ROKU Spec Names: GOEV RIVN LCID PROG MTTR RIOT
Earnings DLO SBLK STNE TTCF BIDU BILI LOW TGT TJX ZIM
Indices /btc EWZ SLV GLD BLOK XLY TAN ITB UNG XLE IWM TLT XLK
S&P500 TJX LOW BA TSLA NCLH ZION MOS NEM NVDA PFE ETSY BIIB TGT C CVX VLO PYPL AES MA HBAN DVN MRO
Movers PROG GOEV SRAD ZIM INVZ LCID LOW XLRN CMP SBLK DLO SEMR PAD RIVN IQ BLDP BODY TGT BILI ROKU
WSB GOEV REE RIOT BA HUT PLUG TSLA ARVL BODY SKLZ OCGN SNDL PLTR AMC
Hedgeye best long idea with 3:1 risk/reward over th next2-3 quarters. VVV has 2 businesses, a retail and a chemical. Meme is VVV will split into two companies and unlock value. Catalyst today is GS upgrade with $53 target. Jana partners new stake in latest 13F filing (activist investor). Longer term idea so pullback could be a better entry.