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Swing Trade Idea – October 11, 2022

Color Key: Positive – Neutral – Negative

Market Setup- Pre 830ET 

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

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

•Yields: Yields lower

•US$ -.15% EUR +.2% YEN +.09% GBP +24%

•News: USA: Mester 12ET Europe: Italian Ind Prod +2.3%

•Stocks:  ZS -4%  CTO resigned; RBLX downgrade 20 target; AAL +5%  +guidance ; QRVO, SWKS downgrades; JOBY +19% Delta invest; COIN +4% Google deal LEG -10%  -guidance

•General: Leading: TLT Lit  Lagging: Energy, China Internet, Semis, Clean Energy

Indices: USA indices pulled back overnight and bounced since 7ET. SPY 359  is below 360 major gamma level with 361, 363, 365 resistance above and support at 356.3 premarket low and 355, 350 gamma levels. VIX 32.3  implies a 2% 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.  A short squeeze may be forming in the premarket with yields and US$ falling. If the squeeze continues Silver and spec tech may run today but watch for a pullback as indices short term extended.

Stocks to watch  AMGN AAL XBI TSLA AAPL SMH SPWR OVV Spec Names JOBY

Pre-800ET

Earnings

Indices TLT LIT /6e JETS XOP XLE KWEB SMH SOXX ICLN EWZ EEM QQQ ARKK XLK IWM SPY EFA

S&P500 AMGN DVN APA OXY SWKS QRVO FANG HAL MRO XOM SLB COP FCX QCOM BLK CVX

IWM ELF SPWR OVV NVAX PDCE TALO ESTE MGY DK PBF PTEN CVI X CRK

WSB COIN BABA NVDA HOOD AMD CLF RIVN TSLA PLUG F

Trade Idea: IWM
IWM is a trade idea that can run if markets squeeze higher. Premarket 168.1 with resistance 170 which can be used as a trigger for a move to 175.  Premarket low 165.71 target if premarket bounce fails