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Swing Trade Idea – August 8, 2022

Market Setup: Pre FOMC

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

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

•Yields: Yields lower and flatter

•US$ -.28% EUR +.2% JPY +.2% AUD +.98%

•News: USA:  Inflation Reduction Act passed by Senate, House next. Alternate energy getting a further bid China: Crude imports 9.5% lower than 1 yr ago

•Stocks: Softbank  reported $23B loss Apr-June BABA sold to raise liquidity   PLTR -14% miss and lower guidance BNTX -6% miss GOLD +3% EPS miss  AMC +7% short squeeze after the announcement of special dividend GBT +4.3% PFE buying AVLR -3.7% going private $93.7 BRK +.62% beat

•General: Leading: Solar Bitcoin Gold Miners Biotech TLT ARKK Brazil  Lagging:  Energy Commodities

•Indices: USA markets rising since midnight and approaching short term oversold. SPY above 415 gamma level with support 415, 413, 410, 406.5,405, and resistance  420  QQQ below 325 gamma level with 321, 320, 318, 315 support and 325 resistance.  Market is set-up risk-on with no macro news until Wed. Growth and high short interest stocks are leading with alternate energy names leading.

•Stocks to watch: TSLA SEDG FSLR DIS PYPL COIN GOLD   PLTR BNTX Spec Names AMC BBBY RIOT FCEL PLUG

Pre-800ET

Earnings DINO GOLD BRK PLTR BNTX

Indices /btc icln tan gdx arkk xbi tlt qqq soxx gld kweb xle

S&P500 CEG SEDG TSLA PYPL TWTR DIS NCLH ALB ENPH F CZR GE FCX TSN

IWM AMC MSTR RUN RYTM MRTX BE PLUG SPWR NOVA LPSN VERU GRBK FRO

WSB AMC COIN PLUG TSLA F RIVN GME AFRM  PLTR BABA NIO

Trade Idea: TSLA
In play with passage of stimulus bill. Premarket high 893 and low 875. Straddle long over 900 and short below 874. TSLA usually positive on Mondays and risk on days but was sold on Friday with put buying.