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Swing Trade Idea – March 7, 2022

Market Setup

• Global Markets:  All red USA, Europe, Japan, China, Hong Kong Asia

•Commodities:  Precious metals, oil and natgas, Grains, industrial metals

•Yields: higher and curve steeper

•News: Russia-Ukraine: Diplomatic talks 9ET boosting markets. USA considers sanctioning Russia oil which is boosting prices. Already transport ships are not sailing to the Black Sea which is pressuring wheat, fertilizer and energy prices. IMO risk of food shortages and persistently high prices in medium term. Financial contagion risk is high due to Russia sanctions and to the traders on the other side of the commodity trade. China/Hong Kong: Markets very weak due to rising Covid cases and commodity prices.

•Stocks: BBBY +70% Ryan Cohen 9.8% stake; CIEN EPS beat Rev miss; VET +10% beat; 
AAPL event Mar8 may lead to buying; TSLA typically call buyers on Monday. Strength in energy, fertilizer, metals, defense, precious metals and weakness in tech and financials. Expect news to move markets – positive news: tech+ commodity-  negative news reverse

Indices: USA indices pulled back 1.7% and then bounced 1.4% on report of talks. SPY key levels Support: 424 Resistance: 430 435 440 445.

Sectors: Leading: commodities,  gold miners, US dollar Lagging foreign stocks, airlines, financials, technology

•Stocks to watch: BBY OXY CCJ AU AAPL TSLA C NVDA Spec Names:  VVV

Pre-830ET

Earnings CIEN VET

Indices DBC XOP XLE ICLN GDX XME GLD TAN UUP SLX JETS /btc EEM XLF IBUY XLK ARK IWM QQQ

S&P500 OXY CTRA DVN APA MRO CF HAL SLB FANG WMB COP PSX MOS FCX LMT RCL AAL UAL LUMN CCL C DAL GPS

Movers BBBY OXY VET WLL OAS XOM TSLA SQSP ALC C HCM AZN AXP SOFI V BA JPM NVDA GME

WSB CCJ CLF PLUG PLTR RTX HOOD NIO BABA AFRM BA NVDA NET F GME RIVN AMZN

Trade Idea FSLR
Solar stocks are showing signs of life. FSLR reported earnings beat Mar 1 and moved up Friday on elevated volume. FSLR has moved up to 75.2 in the premarket. One could look for a break above 76 or a pullback for a long entry.