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

News:

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.

Technicals:

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.

Timing:

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…

Watchlist:

*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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