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Swing Trade Idea – January 11, 2023

Color Key: Positive – Neutral – Negative

Market Setup Pre-8:30 AM ET

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 lower

•Currencies:  US$ +.20%, Euro -0.06%, Yen -.43%, GBP -.41%

•News:  USA: Crude oil Inventories 10:30ET, 10y Bond Auction at 1:00 PM ET, USA airlines are grounded due to FAA issue in Europe: Italian Retail Sales display 0.8%

•Stocks: AAPL +.02% and my price target is lower;  BA +1% and my price target is lower;  MASI +9% win patent suit vs AAPL, WWE +4% McMahon is Back COIN -3% 35 price target

•General: Leading: TLT, Oil Producers, Gold Miners, US$ Lagging: Emerging markets, China Internet, Airlines

•Indices: USA indices are mildly positive. Macro setup is mixed with yields displaying lower. The US$ is higher and energy is higher. SPY 391.7 has support of 390 and 385 with a resistance of 393 and 395. Vix futures 20.7 implies a 1.3% daily move.  QQQ 274 has resistance of 275 and support of 270 and 265.  Indices are extended after yet another short squeeze where GS high short basket was up 4%. In theory, the squeeze can potentially continue, I will be watching IWM and ARKK for a signal. The bond auction is at 1:00 PM ET may be a trigger for a reversal if yields reverse higher.

•Stocks to watch: TSLA, BA, ENPH, AAPL, AMZN, KMX, CRM, META, Spec Names: WWE, HKD, SHC, WBD

Pre-8:00 AM ET

Earnings

Indices TLT, XOP, BLOK, GDX, XLY, XLE, XLB, XLU, UUP, IWM, EEM, KWEB, /btc, JETS, GLD

S&P500 EXPE, WBD, TSLA, EMN, BA, ENPH, CTRA, KMX, CRM, LUV, LRCX, MAS, META, AMAT

IWM LTHM, GME, AXNX, SPWR, RUN, BY, PLUG, CORT, HALO, FRO, MC, ROIC

WSB WWE, GME, COIN, TSLA, PLUG, BA, PLUG

Movers WWE, HKD, SHC, LTHM, CVAC, INMD, GFI, GME, TSLA, PHG, EURN, BJ, JKS, WBD, GMAB, EQNR, COIN, KMX, CRM, FRO, MT, LUV, CSIQ

My Trade Idea: AMZN
In my market analysis, I think that AMZN is a name that is being squeezed which in my opinion, can be traded with a straddle approach. There is a potential fade below 89.80 with institutional blocks traded. Long over 90.21 which is premarket low.  High call open interest at 90 which can act as resistance but could lead to a squeeze above. Call buyers are very bullish into Friday expiration which could lead to a higher level or a sharp pullback should momentum stall.