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Swing Trade Idea – May 3, 2022

Market Setup pre-800ET

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

•Commodities:  Gold, Silver, Oil and natgas, Grains, industrial metals (aluminum, copper, nickel palladium, zinc)

•Yields: Yields higher curve steeper

•News: USA: JOLTs, Factory Orders; Europe: Lagarde speaking, talking further Russian sanctions Australia: 25bps raise, Aussie +.7%

•Stocks: CHGG weak guidance; CAR beat; EXPE Rev beat, trajectory good; CLX lower guidance; WDC Elliot calling for separation of Flash biz $100 target; EL Rev miss; ROK cuts guidance; PARA guidance-; CC beat; NTR EPS miss guidance+; DD guidance-; PFE guidance-

•Indices: USA indices spiked higher Monday on short covering  and have pulled back overnight. SPY is between 410 and 415 gamma levels with 410 a key support level; QQQ between 320 and 315 levels with 315 a key support level. Look for acceleration or bounces at the gamma levels. VIX futures are inverted and with VIX > 30 risk is high.  Vix level corresponds to a > 2% daily move. US$ falling in premarket as of 7:30ET, positive for foreign stocks

•Stocks to watch: AMD WDC TLT EEM EWZ  AMZN AAPL CHGG Spec Names:  SOUN

Pre-800ET

Earnings BIGC CAR CC CHGG CLX CTRA DVN EXPE FANG FLS BIIB BP CNHI CTLT DD EL HLT KKR

Indices TLT EEM KWEB ARKK ARKF IWM XLE QQQ SPY DIA faangmt XLP XLI XLK

S&P500 MPWR DVN CTLT SEDG MRNA CTRA WAT CCL EL MOS CLX TSN K DD BIIB PFE HLT

Movers WDC ASTS MPWR BP OHI ARGX EXPE ABNB AMD CHGG LOGI ORA DOCU CVNA FRPT AI MTTR

WSB AMD CCJ HOOD NIO PLUG AMZN AMC CLF RBLX PLTR NVDA RIVN GME BABA

Trade Idea: NTR
NTR is a fertilizer supplier that raised guidance for 2022. Premarket high 105 can be used for a momentum trade or look for a pullback>=102 for a bounce.  Target 113 for a swing trade. Caveat that inflation trade needs to resume.