11/22/22 Black Friday, Black Gold, & Love/Hate CEOs


Markets moved somewhat lower on Monday as investors looked ahead to the Black Friday shopping spree that may or may not happen.

Image from AP

All 4 indexes posted modest losses…

  • Dow Jones -0.1%
  • Nasdaq -1.1%
  • S&P 500 -0.4%
  • Russell 2000 -0.6%

Sector Round Up

The sectors did not follow suit. 7 of 11 ended the day higher. 

Leading the charge…

  • Consumer Staples (XLP) +1.0%
  • Real Estate (XLRE) +0.7%

Fearing light spending in the holiday season, Consumer Discretionary (XLY) fell the most, losing -1.5%

The other losers…

  • Energy (XLE) -1.4%
  • Technology (XLK) -1.1%
  • Communications (XLC) -0.8%

Notable Names

OPEC+ is considering a significant production hike, according to the Wall Street Journal.

Image from Reuters
  • If approved, the hike will mark a sharp reversal from the 2 million barrel per day cut last month
  • 500,000 barrels per day is the proposed increase
  • The final decision will happen at OPEC’s December 4th meeting
  • The price of Crude Oil barely moved on the news

Tesla (TSLA^) fell 7% to a fresh two-year low.

  • CEO Elon Musk appears very distracted running Twitter
  • The carmaker recalled 321,000 vehicles to fix a taillight malfunctyion
  • Its stock price is down 62% from its all-time highs set last November

Disney (DIS) rose 6% after announcing former CEO Bob Iger’s return.

  • Shares of the entertainment giant fell about 14% after a poor earnings report earlier this month.
  • On news of Iger’s return, its price rose as much as 10% intra-day but settled well off the highs.
  • Iger, now 71, previously served as the company CEO from 2005-2020
  • During his previous stewardship, the stock price rose about 400% … The S&P 500 rose about 140% over the same period.


The Tech-heavy Nasdaq is looking attractive here…

QQQ Daily Candles – Chart via thinkorswim

We’re eyeing the marked rising channel, which could provide risk levels for short-term trades.

Over the summer, we saw a similar pattern that delivered spectacular results.


Only two full trading days remain this week.

Tomorrow we’ll get the Fed Minutes before heading into the holiday.

Futures are pointing higher this morning…


*Low Float
^Open Position

*CFMS is on watch
*NINE support at $10
*UCL on watch
PDSB resistance at $9
IMMR resistance at $7
PBYI support at $4
^IMVT support at $13
WNC support at $24
GLYC on watch
MGNX support at $6.50
^CROX support at $85
^RYAM support at $7
PRQR on watch
PRVB support at $8
IGT resistance at $25
ADMA support at $2.85
^ARDX support at $2
VVNT support at $9, resistance at $10
MMAT support at $2
TME resistance at $6
GILD resistance at $84

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