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Swing Trade Idea – May 6, 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 higher curve flatter

•News: USA: Non-farm jobs 830ET; Williams 915ET Bullard Waller 1915ET Europe: German Ind Prod -3.9% vs -1.3%, Italian retail sales -0.5% vs 0.5% Canada: Employment 830ET  EU: Working on sanction – Hungary and Slovakia exemption (long energy short Europe)

•Stocks: UA  -17% miss- lower Asian sales & production issues- NKE sympathy; SQ +5% Missed and lowered guidance Rev -21% CashApp transactions for bitcoin dropped; NET -11% small beat and raise;  DASH Rev beat; BILL beat  DKNG +5% beat; FLR EPS miss; Z -13% -guidance; CFLT -11% beat; Fubo -20% miss;

•Indices: USA indices consolidating after Thurs broad based equity/fixed income selling. SPY between 410  and 415 gamma levels. Below 410, 400 is support. Above 410, 415 and 420 are targets. VIX futures are back inversion indicating high risk.  2.0% move based on volatility. Small Opex today can lead to sharp move into close.

•Stocks to watch: SQ BKNG RUN OXY DVN  AMZN UA  Spec Names:  NET Z

Pre-800ET

Earnings DASH SQ DKNG PBR BILL NET Z UA VRTX CFLT

Indices XLE XOP euro GLD /btc XBI SOXX ARKK EEM ICLN XLK QQQ IBB SPY TLT XLY

S&P500 PXD CTRA OXY DVN MRO PSX APA XOM UA DVA VRTX MNST LIN NKE CZR VNO NVDA ETSY AMZN GOOGL

Movers FNKO IRTC OPEN DASH SQ STLA GTN EQNR HT FUBO Z UA NET SPCE IRBT GPRO ING OCGN VRTX W GME

WSB NIO  NET BABA PLUG AFRM NVDA GME AMC AMD F HOOD

Trade Idea: CI
Cigna beat and raised guidance. Defensive stock for weak market. 255.50 can be used as a breakout level. Caution that all stocks can move down with a weak market