Swing Trade Idea – August 01, 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
•Yields: Yields higher and steeper
•US$ -.35% EUR +.22% JPY +.66%
•News: USA: ISM mfg, Construction Spendinf 10ET Europe: German retail sales -1.6%, MFG PMI 49.8 vs 49.6 China: Caixin Mfg PMI 50.4 vs 51.6
•Stocks: BA 787 FAA approval; BLDR big beat; AJRD miss; BEAM -11% FDA clinical hold; NIO +2.8% July shipments +27% TTM +5.7% strong demand LI +3.8% m-m deliveries lower HSBC beat reinstate dividend GPN +6% beat and buying EVO ON -5.6% beat
•General: Leading: LIT GDX KWEB FEZ Lagging: Bitcoin, XLE, XOP, ARKK, IWM, faangm, EEM
•Indices: USA indices consolidating slightly down from Friday close. SPY at 410 gamma level (support) with support 405,400, 395 and resistance 413, 415 QQQ at 315 gamma level (support) with 310, 305, 300 support and 317, 320 resistance. Indices are extended so pullback is dominant thesis with alternate thesis a SPY breakout > 413. ISM report at 10ET likely market moving.
•Stocks to watch BA BLDR SPWR GE HEI GPN ON BABA Spec Names SIGA AMTD
Pre-800ET
Earnings BLDR GPN HSBC ON
Indices LIT GLD GDX KWEB MSOS TLT /btc HYG XOP faangmt ARK IWM
S&P500 BA GPN TGT PYPL TSLA AMD NEM L HSIC
IWM SIGA BLDR PTEN SPWR TGI BEAM MSTR LPSN POR
WSB AMZN AFRM NET TSLA RIVN BABA NIO PLUG
Trade Idea: BA
BA is in play with FAA approving 787. Premarket high 168 can be used for momentum long or pullback > 163. GE may get a bid on BA news.