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Swing Trade Idea – November 3, 2021

Market Setup 

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

•Yield curve flatter usually negative for financials

•US dollar slightly lower

•News: USA: ADP payrolls 8:15ET, ISM services and factory orders  10ET, FOMC 14:00ET; USA elections repudiated progressive agenda may make it harder to pass large reconciliation package;  Europe Lagarde speaking;

•Stocks: BBBY buyback and KR deal huge short squeeze; Z big EPS loss with house flipping; ATVI reduced forecast with 2 games delayed; TUP rev miss down big; LYFT surprise profit; CPRI big earnings beat; CWH beat and raise; RACE beat and raise

•Indices: US indices are flattish ahead of FOMC with Nasdaq leading;  SPX resistance 4650 and support to 4585 with 4500 large support. Volume is low ahead of FOMC meeting this week. The squeezing of shorted stocks appears to be continuing in the premarket

•Sectors: Leading: China internet, crypto stocks, long bonds Lagging: Clean energy and solar,  oil

•Stocks to watch: AMC BB CPRI TMUS BBBY CWH CCJ ATVI Z HUM CZR

Stocks to Watch

Earnings TMUS AMGN MDLZ ATVI DVN CZR SEDG AKAM EXAS LYFT MTCH PRU WU Z HUM EMR MAR BIP CPRI SMG WING CVS

Indices KWEB BLOK TLT SLV XLK ICLN TAN XLE IGV GLD

S&P500 DVN AES TMUS VRTX TPR FCX MDLZ DD MLM KR NVDA ATVI HUM CRL CZR DE NCLH ANTM CNC WU TTWO

Movers BBBY LYFT CPRI CWH RACE AMC GME DVN CCJ SHAK DD BABA JD Z ATVI TUP FRSH HUM EXAS AMRN APPS DCGN

WSB AMC WKHS BB GME SKLZ GME CCJ ITUB NVDA HUT OCGN MVIS UWMC PLUG DLPN CRSR F

Idea BB:

BB is a potential squeeze name as market is back into casino model Premarket high is 12.19 but currently pulling back to 11.68.  Day trade idea, looking for a trade back to the premarket high with a tight stop. Other squeeze names TOST BGFV TOST AMC HIBB