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Swing Trade Idea – September 28, 2022

Color Key: Positive – Negative – Neutral

Market Setup- Pre 830ET

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

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

•Yields: Yields lower

•US$ -.43% EUR -.36% YEN +.01% GBP -1.47%

•News: USA: Bullard Powell 1010ET Bowman 11ET; Pending Home Sales 10ET;  UK: Buying GILTS

•Stocks: AAPL -3.4%: Dropping plan to increase production Affecting QCOM QRVO SWKS MU BIIB +55%: Alzheimer trial positive LLY sympathy;

•General: Leading: Biotech Healthcare Bonds Lagging: Semiconductors China Internet Technology

•Indices: Global assets lower. SPY 362.7 is rising since 6ET after bottoming at 358.7 on AAPL news. SPY is above 360 gamma level which can serve as a pivot level with  365 and 370 targets above and support 360, 358. VIX 31implies 1.9% daily move. VIX futures are inverted which is a warning flag today.  Markets are in negative gamma which can lead to larger than expected moves. IWM and DIA are the strongest indices and SPY/QQQ are stronger than expected given the AAPL report.  BIIB news is uplifting biotechs which may outperform today. EV companies are weak and TSLA needs to be watched today

•Stocks to watch  BIIB LLY SAVA AU GFI TSLA AAPL SWKS QRVO DB CS Spec Names GFI

Pre-800ET

Earnings PAYX BB

Indices IBB XBI XLV TLT AGG  SMH KWEB SOXX XLK FAANG MT ICLN QQQ EEM ARKK

S&P500 BIIB LLY ULTA ILMN AAPL SWKS QCOM QRVO CRM LRCX AMAT TSLA MU KLAC COP STX PYPL

IWM SAVA OPCH SHOO AXSM FRO PLUG LTHM ORA SPWR CLF X AI AA

WSB NIO BABA TSLA GME PLUG COIN NVDA CLF AMD

Trade Idea: AAPL
Negative production news puts AAPL in play. Premarket low 145.61 is premarket low. Straddle approach, short below 145 and long above 147.3 with a target of 150. 150 is a major resistance level.