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Outlook for Tuesday 5/17

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SpyderCall wrote a column · May 17, 2022 03:55
We need this rally to hit so I can get back on my shorts.
We have some economic data that might cause some price moves in the markets today. Retail sales and inventories come out before market open. If we get some better than expected data it could be good for the retail sector. Fed chair Powell speaks at 12:00 ET. You already know how J Powell can move the markets. He better not kill the markets again.
Mega cap market movers earnings releases today are from $Walmart(WMT.US)$ and $Home Depot(HD.US)$. These two companies have not been performing well lately so they need some good earnings reports with positive forward audience. Anything other than positive forward guidence has killed all share prices this earnings season. Even if the company made record profit. Some other notable earnings to watch are listed below. These are some low priced meme stocks so be careful. I only mention these because in the past they have made really big one day moves. You might find a good day trade if they get some volume.
$Jumia Technologies(JMIA.US)$ $Genius Brands International(GNUS.US)$ $Borqs Technologies(BRQS.US)$
Oil spike monday and headed to the all time highs . screaming breakout. over night the EU gave companies permission to buy Russian gas. this should effect oil prices slightly. China possibly reopening major cities out of lockdown will cause some moves in crude possibly. Watch the big oil companies for some sentiment in the spike in crude prices. We did get a spike in some oil related companies yesterday. So watch for the big oil companies that have been just rallying the past few months.
Major indices closed monday mixed but mostly in the red. $SPDR Dow Jones Industrial Average Trust(DIA.US)$ managed to hold on to a 17 basis point gain while $Invesco QQQ Trust(QQQ.US)$ greatly underperformed and closed 1.16% in the red. It was a bad start to the week and it appears that the melt down of the indices will continue. But it is still early in the week and the Market is aching for some relief. But if there is any sign of relief for the markets then it will almost surely be short lived. They are starting off in pre market very green so far. We will see what happens at open.   $VIX Index Futures(MAY4)(VXmain.US)$ is dropping so everything is looking good for a short term relief rally. Very short term.
    Gold and Silver are getting a bounce off of a strong support level. They have plenty of room to run back up so the very short term bearishness on the precious metals is now bullish.
$SPDR Gold ETF(GLD.US)$ $iShares Silver Trust(SLV.US)$
    Chinese markets opened in the green. Possibly due to the prospect of the expected reopening of lockdown cities next month. But nothing is set in stone yet. I mean how often do they lock down cities. All they need is one single virus transmission in their zero covid policy and then boom, another lockdown. So be careful with these chinese equities at the moment. $Alibaba(BABA.US)$ $Baidu(BIDU.US)$ $JD.com(JD.US)$ $PDD Holdings(PDD.US)$ $Tencent(TCEHY.US)$ $NIO Inc(NIO.US)$ $Li Auto(LI.US)$ $Bilibili(BILI.US)$ $XPeng(XPEV.US)$ $BABA-SW(09988.HK)$ $JD-SW(09618.HK)$ $TENCENT(00700.HK)$
Bitcoin has been exhibiting whipsaw price action around the 30,000 dollar level for the past few days. Looks like we will have to wait for it to pick a direction. I’m hopping it will jump back well above 30,000 but I’m thinking it will take another leg down within the next few weeks. The price action looks very good for bitcoin so far this morning. It does have a range it needs to break out of on the 1 hour candles before i buy in again though.
Outlook for Tuesday 5/17
Pay attention to some of the companies in the food industry as well. Wheat futures prices have been spiking since the beginning of the week. And food commodity related companies have been performing exceptionally well due to the high prices in food commodities. So watch for sentiment in that sector. Here are a few to look out for.
$The Kraft Heinz(KHC.US)$ $Hormel Foods(HRL.US)$ $Kellanova(K.US)$ $General Mills(GIS.US)$ $Mission Produce(AVO.US)$ $McDonald's(MCD.US)$ $Hershey(HSY.US)$ $Sysco Corp(SYY.US)$ $McCormick & Co(MKC.US)$ $Coca-Cola(KO.US)$ $PepsiCo(PEP.US)$ $Flowers Foods(FLO.US)$
Some of the low priced meme stocks had a great day yesterday. Could this be the start of another squeeze in these penney stocks? Pherhaps if we get a rally in the major indices but that isn’t looking like the case so far this week.
$Indonesia Energy(INDO.US)$ : up over 27%
$Houston American Energy(HUSA.US)$ : up over 14%
$Redbox Entertainment(RDBX.US)$ : up 7.46%
$Mullen Automotive(MULN.US)$ : up 18.25%
$AMC Entertainment(AMC.US)$ and $GameStop(GME.US)$ are the ultimate meme stocks but they finished slightly in the red on Monday.

Good Luck Trading. Let’s get this CASH!! v
$SPDR S&P 500 ETF(SPY.US)$ $Invesco QQQ Trust(QQQ.US)$ $SPDR Dow Jones Industrial Average Trust(DIA.US)$ $Crude Oil Futures(JUN4)(CLmain.US)$ $SPDR Gold ETF(GLD.US)$ $iShares Silver Trust(SLV.US)$ $VIX Index Futures(MAY4)(VXmain.US)$ $iShares 20+ Year Treasury Bond ETF(TLT.US)$ $iShares Russell 2000 ETF(IWM.US)$ $Tesla(TSLA.US)$ $Apple(AAPL.US)$ $Microsoft(MSFT.US)$ $Twitter (Delisted)(TWTR.US)$ $Netflix(NFLX.US)$ $Meta Platforms(FB.US)$ $NVIDIA(NVDA.US)$ $Advanced Micro Devices(AMD.US)$ $Alphabet-A(GOOGL.US)$ $Amazon(AMZN.US)$
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SpyderCall
Trade the trends via technical, fundamental, and macro analysis. Day Trades, swing trades, and long-term investments.
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