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  • Swing Trade Idea – December 12, 2022

    Dec 12, 2022 Uncategorized Comments Off on Swing Trade Idea – December 12, 2022

    Color Key: Positive – Neutral – Negative

    Market Setup – Pre830ET

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

    •Commodities:  Gold, Silver, Oil and natgas, Grains, Industrial Metals

    •Yields: Yields are Lower

    •Currencies:  US$ -.07%, Euro +.17%, Yen -.25%, GBP +.16%

    News: UK: The Econ data is improving  China: Covid cases are rapidly increasing

    •Stocks: HZNP +15% acquired by AMGN COUP +27%, Taken private QCOM -2.4% ACN -2%, downgrade MNDY +4%, upgrade to NVDA +.7% leading faangmt

    •General Leading: TLT, XBI, XLB, faangmt Lagging: bitcoin, Brazil, China and Gold Miners.

    •Indices: The US indices are rising overnight with a pop at the European session. The SPY 394.5 displays a resistance of 395 and support at 394, 392.25, and 390. The QQQ 282.9 displays a resistance of 285, with support of 282.5, 281, and 280.  In my opinion, today’s set-up is neutral with US indices outperforming but the remainder of the globe is negative. In my analysis, I am expecting US indices to pullback in the morning as the US$ is strengthening. The volume in the premarket is low, so I anticipate a lack of conviction with AMZN, TSLA, QCOM, and NVDA most active in the S&P500.

    Stocks to watch:  EQT, FRO, BTU, BA, TSLA, QCOM, MU, BABA, NEM   Spec Names XBI

    Pre-800ET

    Earnings

    Indices TLT, XBI, XLB, faangmt, XLU, SPY, euro, QQQ /btc, EWZ, KWEB, UUP, GDX

    S&P500 EQT, CTRA, LIN, LRCX, QCOM, CAN, MU, ULTA, ILMN, MU, KLAC, NCLH

    IWM FRO, CRK, AR, INSM, RRC, BOX, SWTX, NX, CHK, BTU, CHX, EAT, RH

    WSB RIVN, CCJ, NIO

    Movers COUP, HZNP, FRO, EURN, CRK, AR, MNDY, EQT, RRC, BOX, FLNG, SBSW, GPS, TCOM, CNX, CPRI, XPEV, RIVN, EDURH, QCOM, CAN, BILI, ULTA, BIDU, CCJ
    My Trade Idea: FRO
    FRO is an oil shipper. The idea is based on the oil futures in contango and are lower which in my opinion, is an incentive to store oil for a later sale. Sanctions are forcing more seaborne transport of oil and Russia is scrambling to buy up old tankers. The premarket high displays $13.63 and my swing target is $14.85. I will be looking for a potential pullback of> $13.08.

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