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Swing Trade Idea – January 26, 2023

Color Key: Positive – Neutral – Negative

Market Setup Pre-8:30 AM ET

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

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

•Yields: Yields are higher

•Currencies:  US$ +.15%, Euro -0.2%, Yen -.17%, AUD +.32%

News:  USA: GDP, Durable goods, UE claims 830 AM ET Europe: Spanish UE rate 12.9%

•Stocks: TSLA +6.8% Elon bump; DOW -3.3% earnings miss, layoffs; LVS confident in recovery; NOC beat and raise; IBM EPS miss; CVX +3% div raise and buybacks; LRCX -1% lower guide SAP -4% cut 2.5% of their staff

•General: Leading: Spec tech, China Internet, Consumer Discretionary  Lagging: Materials, gold miners, binds

Indices: USA indices are higher pre-GDP reports led by Nasdaq. Macro setup slightly negative with yields higher and US$ slightly higher and energy higher but global equities are positive. SPY 402 with support of 400, 395 and 390 with a resistance of 402, and 405. QQQ 290 with a resistance of 290 and 295 with support of 288, 285, and 280. Market short squeezed Wednesday and positioned for a squeeze today ahead of GDP and UE claims with S&P500 at resistance. Potential pullback if GDP better than expected and UE claims low and conversely squeeze higher toward SPY405. USA traders are looking for any excuse to buy; hence dips likely bought.

Stocks to watch TSLA, STX, LVS, AAL, NVDA, IBM, DOW, SHW  Spec Names XM, NIO, BILI, ARKK

Pre-800ET

Earnings IBM, LC, LEVI, LRCX, LVS, NOW, CMCSA, CNX, DOW, LUV, NUE, SHW

Indices ARKK, KWEB, XLY, XLE, QQQ, SOXX, ARKF, EEM, faangmt, XBI, XLB, GDX, TLT, euro

S&P500 STX, TSLA, AAL, CMCSA, CVX, TSCO, NVDA, WDC, WYNN, AMD, MU, LVS, MU, NKE, SHW, DOW, IBM, LUV, LYB, PFE, ON

IWM GME, NTLA, SAVA, RUN, EXTR, LC

WSB TSLA, NIO, RIVN, AFRM, COIN, NVDA, UPST, AMD, GME

Movers XM, STX, DV, TSLA, GDS, BILI, LEVI, CNX, LI, NIO, MBLY, STM, RIVN, CHPT, RBLX, CVX, TSCO, AFRM, SHOP, SHW, LC, WOLF, PPG, SAP, HUN, DOW, LUV, TER, PFE

My Trade Idea: TSLA
In my opinion, TSLA is squeezing in premarket post conference call. Premarket high 157 with potential for 160 and 165 if squeeze continues.  Fade potential below 153.  Move higher appears to be largely based on Elon’s commentary versus actual company performance and short squeeze.