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Weekly Market Review and Swing Trade Opportunities December 4th, 2023

Brian PezimBrian PezimDecember 3, 2023
Weekly Market Review and Swing Trade Opportunities December 4th, 2023

Hi all,

The week ended on a high note with a Fed Powell speech where he seemed to imply that the rate hiking may be coming to an end. He did leave the possibility of further hikes on the table but that comment was largely ignored by traders and investors. 

The indexes all ended positive on the week and the bonds rallied higher sending significantly yields lower. Potential for rate cuts increased by mid 2024.

Tech stocks took a pause in buying while money rotated into other sectors such as the small and medium cap stocks and real estate for example.

Seasonally, December is not as good as November but there is lots of optimism in the markets so the bias is still to the upside with the Santa rally looking like it will continue this coming week.

Recap Video

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Watch the recap on YouTube

Sectors in Play Last Week:

  • Real Estate and Basic Materials were the biggest gainers this week.
  • Communication Services only sector down on the week.

Key Levels for this Week:

  • DOW (36,245) – support 35,400 and resistance 36,500
  • QQQ (390) – support 380 and resistance 394 then 400
  • SPY (459) – support 450 and resistance 460
  • IWM (185) – support 170 and resistance 185 then 190

What to Watch for this Week:

  • Monday – 10:00 Factory Orders
  • Tuesday – 9:45 US services PMI and, 10:00 ISM services
  • Wednesday – 8:15 ADP employment data
  • Thursday –8:30 Jobless claims and, 10:00 Wholesale Inventories and, 3:00 Consumer Credit
  • Friday – 8:00 Unemployment rate and wages data and, 10:00 Consumer Sentiment

Earnings this week:

  • Monday – GTLB post
  • Tues –NIO, AZO pre and MDB, TOL post
  • Wed – AI, GME, CHWY post
  • Thurs – DG pre and AVGO, LULU, DOCU post
  • Friday – nada

Tracking:

  • AAPL – range bound trading between $185 and $195. Potential to sell calls and/or puts.
  • AMD - range bound trading between $118 and $125. Potential to sell calls and/or puts.
  • AMZN - range bound trading between $143 and $148. Potential to sell calls and/or puts.
  • GDX – gold and silver breaking out and heading higher likely.
  • META – back into trading range between $310 and $325. Potential to sell calls and/or puts.
  • TNA – small caps breaking out and likely heading higher
  • TSLA – support $225 and resistance at $250
  • URA – uranium still looking strong and trending up.
  • WRK – breaking out and likely heading higher.

Positions:

  • HGU on TSX similar to GDX – long gold miner eft.
  • CCJ and URA – long uranium.
  • TLT – short 85 puts expiring in January 2024
  • TNA – long small caps etf
  • NVDA – short $485 calls this week – expired worthless kept premium
  • TSLA – short $255 calls this week – expired worthless kept premium

 

Note: These are investments I am in or watching however, they may not be suitable for all investors. The author of this email is NOT an investment advisory service, a registered investment advisor or a broker-dealer and I do NOT undertake to advise clients or recipients of this email on which securities they should buy or sell for themselves. This email is provided for information purposes only and traders should always consult with their licensed BIDO financial advisors and tax advisors to determine the suitability of any investment.

 

Brian PezimBrian Pezim

Brian (Randy) Pezim is a Canadian trader and investor, with a focus on swing trading equities as well as day trading.