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Swing Trade Idea – September 29, 2022

Color Key: Positive – Negative – Neutral

Market Setup- Pre 830ET

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

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

•Yields: Yields higher

•US$ +.24% EUR -.1% YEN -.5% GBP -.28%

•News: USA: GDP q/q, UE claims, Bullard 930ET Mester 1300ET  Canada: GDP m/m Europe: Spanish CPI 9% y/y

•Stocks:  Metals: FCX AA CLF X  Energy: RRC GLNG OXY  Earnings: KMX -14% BBBY +4%

•General: Leading: Metals Energy Lagging: China Europe Bonds SpecTech

•Indices: Global assets broadly lower as yields and US$ higher following Wed short squeeze. SPY 366.5  is above the 365 gamma level which can serve as a pivot level with  370, 375 targets above and support 365, 360. VIX 30.5  implies a 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.  Commodities are strong premarket which is at odds with the stronger US$. AAPL key name to watch today with 145 important support. The British pound is worth watching as markets are now correlated with the pound. The market may react to Bullard at 930 and GDP premarket so take care as the market is volatile and will move on headlines.

•Stocks to watch AA TECK FCX AU GFI MP KMX CS AAPL TSLA Spec Names CVNA

Pre-800ET

Earnings JEF KMX

Indices XME XLE KWEB FEZ TLT ARKK EEM ARKF EFA XLK ICLN SMH FAANG MT

S&P500 FCX KMX AAPL BEN F NVDA CPRT HST META GM TSLA MU LIN PENN WDC ALB

IWM AA AXSM GLNG RRC X NEOG CLF AR RC ADC PRTA SAVA ORA FRO RUN PLUG APPS

WSB CLF RIVN NLY BABA NIO PLUG NVDA AFRM TSLA

Trade Idea: X
Metals are bid today with a weak tape and a higher US$. X premarket high 19.2 with a gap above. X has 16% short interest so potential to squeeze. Volume resistance 20.34.  Other metal names: AA CENX FCX TECK