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  • Swing Trade Idea – May 11, 2023

    Laurie’s Abbreviation Index:

    ‘div’ – dividend 

    ‘m/m’ – month over month

    ‘y/y’ – year over year

    ‘Inven’ – inventories

    ‘mfg’ – manufacturing 

    +/- – plus or minus, positive or negative

     

    Color Key: Positive Neutral Negative

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

    ·         CommoditiesGold, Silver, Oil and natgas, Softs, Industrial Metals 

    ·         Yields: Yields are lower

    ·         Currencies:  US $ +.37

    ·         News: USA: PPI, UE claims at 8:30ET; Waller FOMC 10:15 ; China: PPI -3.6% vs -3.3%; UK: 25bps rate increase

    ·         Stocks FLNC, ING, DNUT, TPR, JD, APP, MAXN, TPR, U, FVRR, TTD, SONO, MARA, RIOT, DIS, NTR, EPS
    DIS -5.5% streaming losses;  JD +3.6% lifting China Internets [BABA, PDD] PACW -15% last week lost 10% of deposit base weighing on regional banks

    ·         General: Leading: volatility, bonds, China Internet, gold, lithium   Lagging:  regional banks, bit coin, energy

    ·         Overview: USA SPY 412.9 displays support of 412.35, 410, and 405 with resistance at 415, and 417.3. SPY expected move +/- 2.1. QQQ 326.6 with resistance 330, and 328 displays support of 325, 320, 316, and 315. QQQ expected move +/- 2.2.  Global equities are neutral/weak ahead of the PPI print with USA indices led by Nasdaq and small caps lagging due to renewed weakness in financials after PACW disclosure. China weak PPI/CPI is weighing on commodities but strong JD results is supportive to stocks like BABA, PDD indicating that consumer is resilient. FAANGMT are the premarket support for large cap indices whose breadth is shrinking with GOOGL, AMD, NVDA 3 of the chosen ones. EV data from China positive for the space. PPI premarket will be market moving and FED speakers at 8:45, 10:15ET.

    ·         Stocks to watch TPR, ALB, GOOGL, AMD, NVDA, JD, DIS, NFLX, PACW     Spec Names  U, TTD, MAXN, FLNC

    Pre-800ET
    Earnings FLNC, ING, DNUT, TPR, JD, APP, MAXN, TPR, U, FVRR, TTD,  SONO, MARA, RIOT, DIS

    Indices VXX, TLT, KWEB, UUP, GLD, LIT, ARKK, QQQ, KRE, PRNT, /btc, USO, EEM, XLE, GDX, IWM, XLF, XLB

    S&P500 TPR, ALB, GOOG, NSC, DIS, ZION, CMA, TFC, MOS, CF, FCX, SCHW, FITB, PNC

    IWM FLNC, ING, DNUT, CPRX, FRO, JXN, LTHM, COOP, ORA, SONO, BE, MARA, TGTX, RIOT

    WSB DNUT, BABA, RIVN, BROS, UPST, RIOT, WEN, CLF

    Movers APP, MAXN, TPR, LI, U, FVRR, CPRI, TTD, LI, ING, JD, RBLX, BABA, FRO, SONO, WAL, BE, DIS, MANU, REXR, BP, UPST, RIO, MT, VALE, TWLO

     

    Trade Idea: GOOGL

    In my analysis, GOOGL is on fire premarket following burst Wed. Premarket high 114.5 with large options positions at 115. Overbought short term premarket but > 115 can squeeze. Dips > 112 are likely buyable for long. 

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