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Swing Trade Idea – October 14, 2022

Color Key: Positive – Negative – Neutral

Market Setup- Pre 830ET  Note CPI is leading to a market pullback

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

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

•Yields: Yields lower

•US$ +.51% EUR -.54% YEN -.38% GBP -0.57%

•News: USA: Retail Sales 830ET, UofM Consumer Sentiment 10am Europe: French CPI -.6% UK: Truss addressing budget ahead of Fri BOE deadline

•Stocks:  C HDB JPM +1.23% PNC UNH +.56% WFC positive earnings reactions MS -3.1% USB negative earnings reaction NTNX +16% potential takeover

•General: Leading: bitcoin, clean energy, TLT, airlines, Lagging: Energy, gold miners,  euro, spec tech

Indices: USA markets are consolidating ahead of retail sales and UofM data. UK is in focus as Friday is the date for BOE to stop QE as spiking UK rates can impact USA markets.  SPY 365.2 is at a major gamma level with 368 and 370 resistance above and support at 364.3 premarket low and 360 and 355 gamma levels. VIX 30.75  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.  Retail sales 830ET and UofM 10ET will be market moving. Reaction to bank earnings is generally positive; however, results are not good IMO and a fade is a possibility today. Thurs was primarily short covering and can continue today but take care @SPY 365 and 360 with 360 an important level to hold for bulls. Strong US$ is a concern to watch today.

Stocks to watch  C JPM DAL UNH MS Spec Names NTNX WLK

Pre-800ET

Earnings C HDB JPM MS PNC UNH USB WFC

Indices JETS IWM XLE DIA SPY XLV XLB EFA XLU XOP ICLN BTC KWEB GDX

S&P500 DPZ WBA DAL UAL PFE AMCR AAL CMCSA MRNA CL CVS BAC KEY BA DVN AOS AMAT

IWM AXSM NVRO RARE SAVE CRK AR AA PZZA PLUG CMC CLF PMT NVAX

WSB OWL BA PLUG NET 
Trade Idea: JPM
Banks are in focus after earnings reports. JPM is currently high post the earnings report which was not positive IMO. Premarket high 113 can be used for a momentum long and premarket low 108 for a fade. Given the Thurs pop, the potential for the fade if markets pull back