Swing Trade Idea -March 03, 2022
Market Setup
• Global Markets: USA, Europe, Japan, China, Hong Kong Asia
•Commodities: Precious metals, oil and natgas, Grains, industrial metals
•Yields: unchanged
•News: USA: UE claims 830ET, Powell 10ET, ISM services PMI 10ET; Russia-Ukraine negotiating – expect market to move on news
•Stocks: BBY +7% sales miss weak forecast; KR beat; SNOW -18% miss; Positive earnings move BOX CHPT PSTG PLAN Negative earnings move VEEV BJ BURL AEO
•Indices: USA indices are rising in premarket to important breakdown/breakout levels SPY key levels Support: 437 430 Resistance: 440 445. SPX 4400 is a significant gamma level and potential for a large move above or for resistance. USA markets broadly bounced on expectations of a 25bps cut. Vix futures remain inverted with Vix elevated indicating risk high. Premarket volume light with commodity related stocks leading. SNOW, OKTA, VEEV results will affect cloud stocks but may provide bounce opportunities
• Sectors: Leading: metals and mining, energy, commodities Lagging recent IPOs, semiconductors, clean energy
•Stocks to watch: BBY PLAN KR PSTG SNOW VEEV BJ OKTA Spec Names: IOT
Pre-830ET
Earnings AEO AI BOX CHPT CPNG IOT NTNX OKTA PLAN PSTG SGFY SNOW SPLK SQM BBY BIG BILI BJ CNQ KR LAC SBSW PSTG VEEV BJ BURL
Indices XME XLE DBC TLT EWZ XOP GDX GLD ICLN IPO EEM FDN /btc SMH LIT QQQ
S&P500 BBY EPAM BIIB MOS FCX NUE F OXY MGM LUV MPC DVN APA INTC QRVO TER KMB MU C GPC LVS TPR
Movers PSTG BILI CHPT WB STNG SPLK VALE SNOW BJ BURL VEEV BIG AEO GRAB KGC SAFE AI
WSB RIVN F CLF NET NIO AMC
Trade Idea MAXR
MAXR provides earth intelligence and space infrastructure. Dual listed company that is moving on the Russia crisis as they sell intelligence to US DOD and CAN ND. Extended but moving with defence stocks and needs to be treated as a momentum name.
