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Swing Trade Idea – November 29, 2022

Positive – Neutral – Negative

Market Setup- Pre 830

Market Setup- Pre-830ET

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

•US$ -.26% Euro +.23% Yen +0.46% GBP +.38%

•News: USA: Consumer sentiment 10:00 AM ET, House price data 9:00 AM ET  Europe: CPI lower m/m •Canada: GDP 830ET China: Will speed up vaccination

•Stocks: BNS -1.6% beat but display lower EPS; RY buying HSBC Canada; HIBB -5.7% EPS miss and displays a high inventory, BILI +10.7% EPS miss

•General: Leading: China Internet, Emerging Markets, Gold Miners, Energy, Spec Tech Lagging: US$, bonds,

•Indices: The USA indices show a modest bounce overnight but the USA indices are pulling back since the European open. The US$ and yields are lower and improved with China sentiment lifting commodities. The SPY $396 is above $395 support with a $398 and $400 resistance. The major gamma level resistance displays $398 and $395 support. The QQQ displays $283.6  with a support of $282, $280, and a resistance of $280 and $285.  The market is mildly risk-on with FAANGMT stocks, with spec tech and commodities leading.  The US$ is lower and in my opinion, this would normally lead indices higher however, I will have caution ahead of Powell Wed following Bullard’s comments, there may be a blunt move. The ARKK is up in the premarket which is usually a risk-on signal in my analysis.

•Stocks to watch:  LVS FCX OXY AMZN TSLA AAPL BABA CP BNS Spec Names SHOP BZ

Pre-800ET

Earnings AZEK BILI BNS

Indices KWEB EEM /btc GDX XOP XLE EWZ ARKK LIT SLX LD ICLN SOXX UUP

S&P500 LVS WYNN FCX OXY DVN FANG EOG HAL TSLA NVDA UPS MRNA GNRC EVRG

IWM GEO BTU AA PTEN OVV CLF X PLUG LTHM

WSB BABA NIO GEO COIN TSLA AFRM CLF RIVN PLUG NVDA UPST

Movers GDS BZ BILI SBSW JD BIDU BABA PUK GEO EDU WYNN AU FREY CC SBLK GNRC ROKU MANU 

My Trade Idea: AAPL
AAPL has been pulling back on concerns of China production. I am going to take the straddle approach with a long > $145.5 and a fade < $143. The premarket low is $143.8.