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Swing Trade Idea – December 19, 2022

Color Key: Positive – Neutral – Negative

Market Setup – Pre830ET

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

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

•Yields: Yields are higher

•Currencies:  US$ -.11%, Euro +.06%, Yen +.11%, GBP +.14%

•News:  Europe: German biz climate+ Canada: Ind. product price index 8:30ET USA: NAHB Housing index 10:00ET

•Stocks: TSLA +2.3% Elon’s twitter shows “renew CEO for TWTR”; MRNA +2.9% 270 price target; AJRD  +1.79% L3H buying;  META -1.4% EU antitrust

•General: Leading: China Internet, biotech, emerging markets, spec tech •Lagging:  Steel, gold miners, bonds, retail

•Indices: The USA indices rose overnight but are falling in pre-market. The Macro setup is mixed with global indices higher and the US$ is lower but yields are higher. The SPY 383.9 shows a resistance of 385, and 390 and support of 383.5 and 380. The QQQ 274 displays a support 272.6, 270 and resistance 275, 277.5, and 280. Post opex tends to be volatile and liquidity is low so expect large intraday moves. Large cap tech which has been distributed is leading at the expense of value stocks with MSFT AAPL and TSLA in focus

•Stocks to watch  BABA, ENPH, TSLA, MRNA, META  Spec Names PLUG

Pre-800ET

Earnings

Indices KWEB, XBI, EEM, ARKK, faangmt, EFA, ICLN, IWM, SLX, GDX, TLT, XRT, UUP, XLU, XOP, XME, KIE, XLP

S&P500 TSLA, MRNA, ENPH, MRO, SLB, META, WYNN

IWM AJRD, PLUG, AKRO

WSB BABA, TSLA, NIO, UPST, PLUG, CLF

Movers EDU, MRNA, TSLA, BABA, AU, LI, SBSW, XPEV, JD, SHEL, NIO, BILI, AJRD, UPST, AKRO, GDS, MLCO, META, WYN, NVO, GMAB, FLNG
My Trade Idea: TSLA
In my opinion, TSLA in play after Elon’s tweet about potentially stepping down as CEO. In my analysis, the premarket 158.3 high can be used for a short squeeze long. Friday’s low 149 can be used for a short below or a bounce trade. I feel that 150 is a high open interest level.