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Weekly Market Review and Swing Trade Opportunities August 14th, 2023

Brian PezimBrian PezimAugust 13, 2023
Weekly Market Review and Swing Trade Opportunities August 14th, 2023

Hi all,


This earnings season is starting to wind down but we still have a few notable companies to report such as NVDA. 


On Thursday we got CPI data that came in slightly lower than expected at 3.2% versus 3.3% on an annual basis. Prices rose 4.7% year over year on items excluding food and energy. However, Friday was a different story with the PPI data surprising to the upside with a 0.3% increase in the price of raw materials paid for by wholesalers versus 0.2% expected on monthly basis.


 This data pointed showed that inflation still seems to be sticky and the Fed may continue to raise rates.  


Another unsettling trend for the bulls is the price of crude which continued to move higher this week. Oil prices can impact the cost of many products and this steady increase could fire inflation back up again. 


Technology should remain under pressure and volatility will likely continue next week as we remain more range-bound. 


Recap Video: 

image

Watch the recap on YouTube

 

Sectors in Play Last Week:

  • Energy and Healthcare sectors were the biggest gainers for the week.
  • Consumer Discretionary and Technology were the biggest losers on the week.

Key Levels for this Week:

  • DOW (35,281 now) – support level 34,600 and resistance is at 35,600
  • QQQ (366) – support level 360 and resistance is at 380
  • SPY (446) – support level 445 and resistance is at 460
  • IWM (191) – support level 189 and resistance is at 200

What to Watch for this Week:

  • Monday – nothing
  • Tuesday – 8:30 retail sales and import prices
  • Wednesday – 8:30 housing starts and permits then 2:00 PM July minutes from the FOMC mtg
  • Thursday - 8:30 Jobless claims the 10:00 leading economic indicators for US
  • Friday – nothing

View the Economic Calendar on Trading Terminal

 

Earnings this week:

  • Monday JKS pre and CRSP post 
  • Tues HD pre and SU post
  • Wed TGT, JD, TJX pre and CSCO post
  • Thurs WMT pre and ROST, AMAT post
  • Friday XPEV, VIPS pre and PANW post

View the Earnings Calendar on Trading Terminal

 

Tracking:

- AAPL –Sell off after earnings - $175 looks like support for now.

- ABNB – Sell off ager earnings - $130 looks like support and place to sell puts.

- AMZN – Top is $142.5. Sold $143 calls last week and kept premium. May reload this week.

- BA - $240 is resistance for now. May sell some calls there next week.

- GOOG – Topping action after earnings. Will look again to sell puts $126 or sell calls $135.

- LYV – looks like a double bottom at $85 – possible long.

- NVDA – Reporting in over a week - $380 is major support but might not get there next week.

- TSLA - $235 is the gap fill. Watch for support there.


Sector Watch

- XLE – energy sector continues higher on supply/demand concerns We are close to $90.00 with $91.38 being the high from January. 


Positions:

AMZN – sold $143 calls last week and kept premium

DKNG – sold $27.5 puts expiring this coming Friday.

NVDA – sold $440 calls expired and kept premium.

RIVN – long small position as long as it holds $24. Sold rest on breakdown as per trade plan.

TSLA – sold short $270 calls.  – expired 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.