06 Nov Weekly Stock Market Forecast and Swing Trading Ideas Report
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Weekly Stock Market Forecasts, Charts, and Swing Trading Ideas List and Strategies Report
Week of November 7th 2022
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General Market Summary plus Swing Trade Ideas List:
Updated Banister Market and Elliott Wave Views on SP 500 and more and weekly swing trade updated ideas list is at bottom of this report
Markets and more: 3650 now key support after hitting 3915 normal resistance to uptrend
FOMC whacked the markets after the Wednesday commentary from Powell, but we did recover a bit into Friday close. As long as 3650/3667 area holds any pullback is actually pretty normal after a rip to 3915 zone I had projected from 3500 lows. We have the mid-term elections on Tuesday and depending on the outcome we will see how the markets react. Still potential for 4000 and 4100 intermediately as long as 3650/3667 holds
Here is the chart I did on Friday morning pre-market for reference for The SP 500 futures :
Semiconductors Chart: SOX Index, 55% retrace of recent uptrend and a bounce on Friday
Also important to keep an eye on the Semiconductor names as they will often bottom out and lead a tech stock bull cycle first. AMD reported a poor outlook and the stock did not drop, also of late NVDA has been in an uptrend and the 3x ETF SOXL was ripping higher on Friday as well, so possible early encouraging signs, we will see.
Trading:
With stocks volatile and the market uncertain we did NOT put on any new trade alerts this past week on purpose. Several on the swing trade ideas do look attractive though so depending on action early this week we will probably get active again. We got washed out of DV for a loss on the final 1/2 of the trade but we made 8-10% on the front half. PERI, ESTE, TALO remain open positions along with our Biotech play BIVI which is up a bit for us as well with big news due on Dec 2nd.
Energy stocks holding up still while some tech names in software , advertising etc continue to get hit market wise.
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Swing Trade Ideas with a combination of strong fundamentals and attractive behavioral pattern charts combined. List is updated every Sunday, names removed if they broke out to the upside strongly and or broke down. New names added, many names repeated if still in a bullish pattern. A lot of stocks will pull back harshly right before a big breakout reversal, so be advised
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11/6/22: Updated Sunday 11/6
Updated list for the near term and intermediate window ahead based on sectors, individual stock fundamental strength, and Banister Behavioral Patterns lining up for strong probable upside.
CRK- Long base pattern here, on and off this list frequently. 10 week consolidation. Engaged in the exploration and production of oil and natural gas reserves primarily in Texas and Louisiana
SMCI- Breaks out of 9 week corrective base to highs then a pullback. One of the top growers in tech profit and sales wise. PE 9. Makes application-optimized server systems, chassis, server boards/power supplies for distributors/OEMs.
CCRN pulled back hard after great earnings late in week after hitting 40, back to 32’s. Could test low 31 area and may be an entry there. Provides staffing/outsourcing services, including staffing of travel/per diem nurses/temporary physicians.
CIVI- 3 weeks tight closings, looks close to a breakout in energy sector. Engaged in oil and natural gas acquisition, exploration, development and production in the U.S.
MRO- Close to breakout over prior June highs after multi month consolidation. Engaged in oil and gas exploration and production, oil sands mining and integrated gas services worldwide.
PARR- 3 weeks tight closings near highs. PE 4. Engaged in the refining, distribution and marketing of oil and gas,
commodity marketing
PBF- 5 week ascending base near highs. PE 2. Owns and operates Five oil refineries and related facilities located
in New Jersey, Ohio, Delaware and Toledo
LBRT- Close to a 6 month base breakout and 5 week ascending base. Provides hydraulic fracturing, wireline services to onshore oil, natural gas E&P companies in North America.
ESTE- Current SRP 1/2 position having taken profits on half… but nice 5 weeks tight closings, trying to push up off right side of a corrective base. Engaged in oil and natural gas exploration and production in the Delaware and Midland Basin of west Texas. PE 5
TALO- 4th week in a row on the list and current SRP position after coming back up from energy correction. Engaged in exploration and production of oil and natural gas in the Gulf of Mexico.
CPRX- 13 week overall base. SRP sold for profits two weeks ago but this still looks bullish. Develops prescription drugs for neuromuscular and neurological diseases and disorders. Earnings due Nov 9th.
AFYA- Volatile but now close to breaking out to 52 week highs. Brazil based Co provides medical and healthcare education through professional courses in 13 states.
OXY- Warren Buffet favorite, 10 week base, near a breakout and earnings this week. Engaged in the exploration and production of crude oil and natural gas worldwide. Cash flowing, stock buy backs, dividends…
DGII- Back on the list, 14 week overall base close to breakout. Manufactures connectivity/networking devices for telecommunication companies/internet service providers. Also one of fastest growing tech related names.
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