Market Observations & Charts 11-21-22
Quick observations (attached audio message for TTG Members, note TTG members receive this email Mon, Wed, Thurs and Midday Live Session Tues)
- Breadth weak but off worst levels of day
- Bonds up on day TLT +0.5%
- US Dollar stronger +0.9%
- VIX -1% 23
- Crude -0.6% Nat Gas +7%
Bottom Line: Defensives lead (as they did on Friday) with SPLV (Low Volatility Equities ETF) +0.8% the best performing group and higher beta groups lagging ARKK -4.6%. We have been covering this in detail over the last week... the level of interest rates is causing investors to buy the dip in Lower Volatility groups after they dipped on CPI / PPI #'s. The positive here is there are trading opportunities in these areas.
Market Breadth:
% Change From Open:
Charts
$NQ_F Nasdaq futures 1hr & Daily Chart
Price got rejected at the bottom of this week's Value Area & is trending lower for the day.. on the Daily chart watch 11,544 as price looks vulnerable here...
NUE- Nucor
This was a name I tried trading 2 weeks ago and actually added it to the TTG Trend Portfolio as the chart looked good but the timing was a little off for the swing trade. Now , if NUE can close around here, next stop is $150.33 VPOC on 1hr chart
AEHR- Aehr Test Systems
Love the relative strength here... watch for a move above Friday's candle.. dips continue to get bought.
BMY- Bristol-Myers Squibb
New position for me (added on the open) as this was one of the Health Care group that I wanted to buy the dip in, 1st tgt is $79, then $80.
ALB - Albemarle
Nice reversal today following a decent pull back in an uptrend. Watch for a move out of the Nov Value Area for confirmation, $285.8
XLE - Energy ETF
Nice rebound today from these Saudis headlines that they are not changing their policy on production. For confirmation, watch for a close > 20d MA.
Call buying:
>> 5634 XLE Jan23 105 Calls $0.646 ASKSIDE 12:16:41 IV=32.8% +1.9 OI=40k Premium=$364k
IT - Gartner, Inc.
Watch for a break out of 1hr Value Area for upside continuation $340.87
MNST - Monster Beverage
New long from Friday and price is now breaking out.
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