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Swing Trade Ideas – February 14, 2022

Market Setup – Pre730 Russian news. Major flip of market set-up

•US markets red, Japan red, Europe red, Hong Kong red, China red, Asia red

•Yields: Yields lower but bouncing in premarket

•US dollar higher but pulling back in premarket

•News: 7:30ET Russia foreign minister says USA has put forward concrete proposals on reducing military risk. Bullard speaking 11ET – may walk back the comments from last week. SF Fed head Mary Daly dovish on weekend. Lagarde speaking 1115ET which can impact the US dollar and yields.

•Stocks: LMT not buying AJRD due to regulators; SPLK higher on rumor CSCO offer to buy

•Indices: Indices pulled back at 2ET and started bouncing 730ET when the Russia comment was reported. SPY bottomed at 435.3 (gamma level) and currently 441 (Fri close). VIX futures are currently inverted indicating high risk and potential for large moves. Short covering rally is a potential this morning as is a retest of the lows. SPY upside targets: 442, 445, 450 downside targets: 435. Market is moving on headlines so keep leash short today.

•Sectors: Leading: EWZ /btc JETS SOXX IWM Lagging XLE XOP GLD TLT faangmt

•Stocks to watch: SPLK MU LMT NEM XOP Spec Names: GFI BE BOWL

Pre-730ET setup

Indices GDX SLV TLT UUP ARKK JETS LIT faangmt ARKF XLK QQQ SOXX

S&P500 MU LMT NEM DUK  MRNA CCL NVDA TSLA CAN SEDG LIN PRU NFLX DAL ADBE AMD BA PYPL

Movers SPLK GT LMT MU HUT MARA BX TSLA AZN OPEN DKNG VOD AJRD BA JPM

WSB BARK IVR REE SENS AFRM NIO PLUG CCJ HUT NET NVDA

Trade Idea MU
MU has been a target of call buyers and has been outperforming tech stocks. Today Wedbush has increased the price target to $120. Storage stocks have been strong (STX WDC) relative to other semis. Earnings March30. Caveat is NVDA reporting this week which can move semis and general market weakness. Options market is targeting 95 this week so could be a short term or longer term trade