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Swing Trade Idea – November 18, 2021

Market Setup 

•Global markets are weak with USA mixed, Europe red, Japan red, Hong Kong red, China red, Asia red

•Yield curve flatter with long rates rising

•US dollar lower

•News: USA: Philly mfg and UE claims premarket; Several Fed heads speaking; Oil: USA requesting countries to release reserves

•Stocks: NVDA beat and big spike, lifting semis; M KSS beat and raise lifting retailers;  CSCO rev miss and lower rev guidance due to supply chain; Spec Evs LCID RIVN pulling back;  AFRM $1.25B convertible note offering; BABA miss, JD beat but general China weakness

•Indices: USA indices are flat to weak with Nasdaq leading and R2K lagging. NVDA/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: semis retail biotech natgas tech Lagging: bitcoin,  China internet, emerging markets, energy

•Stocks to watch: 

NVDA  AMD CSCO M KSS JWN Spec Names: RBLX LCID RIVN

Movers

Earnings BBWI CSCO HP KLIC NVDA SONO SQM VSCO ZTO AZEK BABA BJ JD KSS M VIPS WOOF YMM

Indices SMH XRT XBI UNG XLK QQQ ARKQ ARKK IPO /btc  KWEB GBTC EEM BLOK XLE IYZ

S&P500 NVDA BBWI GPS AMD XLNX SWKS BA DE MU AMAT VIAC TSLA QCOM CSCO KHC EL EVRG DVN OXY MMM SNA

Movers DRNA M ZTO IIV RERE KSS NVDA YY GPRO ATKR BJ JD CERT CLOV VIPS BILI LCID BABA RIVN TLRY  BERY APP

WSB NVDA RBLX AMD REE BARK BA SNS TSLA GME CLOV AFRM GOEV TLRY BODY WOOF 

Idea JWN:

Brick and Mortar retail strong with M KSS results. JWN reports Nov23 with a 17% short float. JWN is a run into earnings idea and a candidate to beat on earnings. Up 4% in the premarket so one could look for a pullback.