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Swing Trade Idea – May 4, 2022

Market Setup pre-800ET

•Global Markets:  USA, Europe, Japan, China, Hong Kong Asia – Mixed  global set-up

•Commodities:  Gold, Silver, Oil and natgas, Grains, industrial metals (aluminum, copper, nickel palladium, zinc)

•Yields: Yields curve unchanged

•News: USA: FOMC 1400ET, Biden speaking 1400ET ADP 8:15ET ; Europe: Services PMI 57.7, Retail sales -.4% vs -.3; EU phase out purchase of all Russian oil by EOY but needs approval by all 27 countries – good for energy but will it actually happen?  China: Caixin Services 2145ET; India: Rate increase; 

•Stocks: SBUX  mixed report short squeeze; AMD beat raised guidance; ABNB  beat; MRNA big beat;  CVS beat and raise; LYFT, UBER guidance -, UBER $5.9B loss; AKAM miss; OTLY beat; JCI guidance cut; LTHM beat and raise +22% Lithium moving

•Indices: USA indices muted ahead of FOMC between 420 and 415 gamma levels. QQQ at 320 gamma level with 315 a key support level and 325 and 330 resistance. Look for acceleration or bounces at the gamma levels. VIX futures are inverted and with VIX > 30 risk is high.  Vix level corresponds to a > 2% daily move. Potential for a bounce post FOMC as volatility drops and puts are closed if FED does not  have a negative surprise

•Stocks to watch: AMD SBUX CVS EURN  UBER  JD AKAM Spec Names:  LAC LITE

Pre-800ET

Earnings ABNB AIG AKAM AMD CRK CZR FRSH HLF CVS EAT EXPI HZNP JCI JHG LNG

Indices /BTC XLE XOP DBC SOXX IBB LIT IWM XBI XLF KWEB EEM

S&P500 MRNA GNRC PAYC SBUX AMD CTRA ALB MAR MRO OXY IPGP CZR DVN AKAM IDXX JCI MTCH SWKS ZTS VRSK

Movers LTHM MRNA PAYC SBUX AMD ABNB USO OXY ODP CRUS NVDA CVS THRM MPC LYFT AKAM HLF WK IDXX RVLV TEVA SWKS

WSB AMD NVDA PLTR GME CLF NET BABA NIO

Trade Idea: ZIM
Dry bulk shipper breaking out on daily chart. SBLK is another name. China ending lockdowns should open up marine transport. Oil tankers are another option LNG EURN. Premarket high 63.2 potential target 70 from volume profile