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  • Swing Trade Idea – September 18, 2023

    Sep 18, 2023 Uncategorized Comments Off on Swing Trade Idea – September 18, 2023

    Date: Sept 18, 2023

     

    Color Key: Positive – Neutral – Negative

    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
    • Underlined text – higher volume premarket

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

    • Commodities:  Gold, Silver, Oil, natgas, Softs, Industrial Metals 
    • Yields: Yields higher     Currencies:  USA –.1%
    • News:  USA: Empire State mfg 830ET; Industrial Prod 915ET; Consumer Sentiment 19ET;  China: Retail sales and Industrial production better than expected
      Stocks:       ZIM +3.5%, AYX +3.5%,  SKX +1%, MU +1.5%, Upgrades PYPL -1.3% downgrade. Semis in general are continuing the weakness post Huawei 7nm, TSM and China AAPL news from last week. FAANGMT weak at key levels with AAPL potential support name
      Overview: USA SPY 442.5  support 440  and resistance   443 445 . SPY expected to move +/- 1.9  QQQ 369  with resistance   370 372  and support   369 365 . QQQ expected to move +/- 2.4. Premarket setup is negative with weakness in global equities, with USA tech i.e. FAANGMT leading USA to downside. Yields are rising which in theory is negative for equities but US$ is unchanged. No major economic news or earnings reports, hence market will be in the hands of the 0DTE traders. The next 2 weeks are a period of less support and with negative gamma potential for larger moves. Rotation into non-tech is the setup with Russell 2000, energy (extended), insurance and potentially AAPL serving as ballast should S&P500 hold up today
    • Stocks to watch: XOM, AAPL, DIS, SLV, C, TSLA, NVDA, AMD, F, JD, Spec Names: ARM, MSOS, RIOT  

    Pre-800ET
    Earnings:

    Indices; /btc, MSOS, VXX, GLD, JETS, SLX, euro, KRE, XLU, XLP, KWEB, XLF, SOXX, SMH, XLV, XLB

    S&P500: MU, NVDA, PYPL

    IWM: RIOT, MSTR, PTCT

    WSB: RIOT, MSTR, COIN, PTCT

    Movers: RIOT, AYX, ZIM, MU, COIN, GSK, BTI, NVO, LI, CRH, BEKE, BILI, JD, GFI, U, PYPL, PDD

    Trade Idea: AAPL

    AAPL is at a key support level and currently outperforming FAANGMT.  Straddle approach today with long > 175 and fade < 173.8.  AAPL may be used as a support stock with other FAANGMT weak. Expected move +/- 1.9

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