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Swing Trade Idea – July 22, 2022

Market Setup

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

•Commodities:  Gold, Silver, Oil and natgas, Grains, Industrial Metals (Aluminum Copper Nickel Palladium Platinum Zinc)

•Yields: Yields lower and flatter

•US$ +.13% Eur -.3%

•News: USA: Service and MFG PMI 9:45ET Europe: MFG PMI 49.2  and Services PMI 50.6 miss Japan : MFG PMI 52.2 miss

•Stocks: SNAP -30% reduced advertising spend and competition META GOOGL TTD ROKU lower in reaction; STX weak results and guidance WDC and MU sympathy; ISRG -11% miss;  VZ -4.5% miss and guidance cut; HCA THC beats, big reactions COF miss;  AXP beat raise

•General: Leading: TLT GDX Lagging:  Social media tech, energy, semis

•Indices: USA indices consolidating at highs premarket at the upper range expected for week. SPY above 395 gamma level (resistance) with 400 next higher level above and 390/385 support below.  QQQ above 305 gamma level (resistance) with 300/295 support.  Indices are very extended and statistically more likely to pullback; however potential to squeeze higher if SPY > 400.

•Stocks to watch:  TSLA TLT HCA THC GFI  META GOOGL STX TWTR  Spec Names Can Short Squeeze: COIN

Pre-800ET

Earnings COF ISRG MAT RHI SNAP STX AXP CLF HCA SLB

Indices TLT GDX QQQ XLE SOXX SMH FDN

S&P500 HCA AXP UHS SLB NEM STX ISRG SIVB WDC META MU COF GOOGL ETSY TWTR PARA NVDA AMD EW INTC

IWM THC LTHM GME MSTR CLF APPS X

WSB GME MSTR COIN CRSR CLF DWAC UPST NVDA AMD AFRM

Trade Idea: PYPL
PYPL is an unusual option name with chatter that Ackman may be involved.  Premarket high 83.24 can be used for a momentum trade or pullback > 81. Calls building at 85 which can be an initial target.