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Swing Trade Idea – August 24, 2022

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

•Commodities:  Gold, Silver, Oil and natgas, Grains, Industrial Metals

•Yields: Yields flat

•US$ +.28% EUR -.36% JPY +.1% GBP -.39%

•News: USA: Durable goods 830ET; Pending home sales 10ET; Crude Inv 1030ET Oil: Saudi minister suggested production cut

•Stocks: BBBY +30% WSJ- found a lendor to pay suppliers; JWN -13% guidance cut; INTU +5.8% beat and raise; TOL -2.7% lower guidance; LZB +6.6% beat; IIVI +5.6% beat; EAT -8% EPS miss and –guide; CCJ +5% DENN +5% UEC +5% Uranium; RY missed, raising reserves due to economic concerns

•General: Leading: Energy, ARKF, TLT, biotech, semis, financials Lagging: China Internet, emerging markets, European stocks, bitcoin

•Indices: USA Markets neutral after an overnight dip and recovery. Some indication of buying in high beta risky assets. USA durable goods premarket may move markets. US$ and energy higher not positive for equities.  Indices are negative gamma leading to larger moves. SPY building puts 415-410 which can act as support or lead to larger downdrafts. Resistance  415, 420 QQQ below 315 gamma level with  310 305 support and 315, 320, 322 resistance. VIX 23.7 implies 1.5% daily move. Indices oversold but negative gamma so both breakdown or squeeze up possible. SPY > 415 or < 410 are key levels

•Stocks to watch: RRC HAL INTU ARKK  TSLA TOL  Spec Names BBBY FTCH SOFI GETY 

Pre-800ET

Earnings INTU IIVI TOL LZB  EAT JWN

Indices XLE ARKK XOP XBI XLK XLF IWM TLT QQQ MSOS KWEB EEM /BTC FEZ euro GDX XLB

S&P500 LZB IIVI FRO OEC GME CRK CVI RRC PBF EAT CPRX URBN VERU M X

IWM LZB IIVI FRO OEC GME CRK CVI RRC PBF EAT CPRX URBN VERU M X

WSB CCJ GME TSLA PLUG COIN AFRM RIVN F BABA NIO CLF

Trade Idea: SOFI
SOFI is a speculative name in the event that markets squeeze today. High call flow out of the money at 6, 7, 8 strikes. Premarket high 6.86 can be used for a momentum long or pullback >= 6.43. Targets 7, 7.8 and 8