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  • Swing Trade Idea – March 2, 2023

    Laurie’s Abbreviation Index:

    ‘div’ – dividend 

    ‘m/m’ – month over month

    ‘y/y’ – year over year

    ‘Inven’ – inventories

    ‘mfg’ – manufacturing 

    +/- – positive or negative

     

    Color Key: Positive Neutral Negative

     

    Market Setup Pre-8:30 AM ET

    Global MarketsUSA, Europe, Japan, China, Hong Kong Asia  Negative equity global set-up

    CommoditiesGold, Silver, Oil and natgas, Grains, Industrial Metals

    Yields: Yields are higher

    Currencies:  US$ +.44%; $EUR -.5%

    News: USA: UE Claims 8:30 ET Europe: CPI 8.5% y/y vs 8.3%

    Stocks: TSLA  -8% investor day disappoints;  CRM +15% EPS beat buybacks; OKTA +14% EPS beat M +6% EPS beat; BBY -2% -guidance; SNOW -8% -growth fct; TD EPS beat; SI -43% may no longer continue as a business-crypto bank

    General: Leading: Software, US$, Oil, DJIA  Lagging: Spec tech, Semiconductors, consumer discretionary

    Overview: USA indices moved lower starting at 19:30 ET Wed.  Macro negative with European indices lower, US$ higher, yields and oil are higher. SPY 393 with support at 390 and resistance at  395, 400,  and 405. SPY expected move +/- 2.5 today. QQQ 289 with resistance at 290, and 295  with support of 288, and 285. Higher bond yields sparked by higher inflation is weighing on indices which are in negative gamma and are below major support levels.  Positive CRM earnings providing support to software, OKTA supporting security stocks, TSLA meeting comments weakening ON, WOLF, MP and TSLA stock in danger zone for further decline. FAANGMT stocks in danger of breakdown today. In my opinion, SPY 390 is a potential target should market decline where support or major decline may be found today.

    Stocks to watch CRM, OKTA, M, VEEV, TSLA, SNOW Spec Names WOLF, MP

    Pre-800ET

    Earnings AEO, AGL, BOX, CRM, DV, OKTA, PBR, PLUG, PSTG, SNOW, SPLK, SQM, BBY, BILI, BUD, HRL, KR, M, SIX, TD

    Indices IGV, UUP, USO, DIA, ARKK, SOXX, XLY, SMH, ICLN, QQQ, LIT, IWM, ARKQ, euro, EFA

    S&P500 CRM, NOW, SBNY, ON, TSLA, HRL, WYNN, FANG, DLTR, BBY, WHR, FCX, BAC, AMAT

    IWM NTLA, AEO, RADI, ARRY, BOX, RVMD, CELH, SEM, NE, KAR, BGS

    WSB TSLA, PLUG, COIN, BGS, NET, UPST

    Movers OKTA, CRM, CRH, M, NTLA, VEEV, RADI, AEO, ARRY, BURL, NTES, FHN, SQM, NOW, WDAY, ZS, BHP, TS, WOLF, MP, PSTG, BOX, HAYW, SNOW, ON, SBNY, TSLA, RVMD, CELH, SEM, COHR, SPLK



    My Trade Idea: TSLA

    In my analysis, TSLA is trading lower post investor day. Premarket low 185.4. TSLA moves in increments of $5. Straddle approach can be used: below 185 look for 180 and 175 and above 185 also look for 190 and 195. Volume support is light below current price with 170 the next big support level.

     

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