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Swing Trade Idea – July 6, 2022

Market Setup

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

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

•Yields: Yields unch  2-10yr yield curve inverted

•US$ Higher: YEN+  Euro- GBP – CAD  Swissie –

•News: USA: Williams 9ET Services PMI 945ET Jolts ISM Services PMI 10ET FOMC minute 14ET Europe: German factor orders +.1% vs -.5%  Retail sales +.2% vs .4% UK: 2 ministers resign

Stocks: AMZN buy 2% of Grubhub from TKWY – negative for UBER and DASH; Rogers takeover of Shaw still blocked by regulator; MO FDA suspends Juul ban; Domtar buying RFP

•General: Leading: energy TLT  Lagging: KWEB bitcoin euro GLD ARK

•Indices: USA indices squeezed Tues led by tech and small cap growth and consolidating overnight. SPY above key 380 gamma level which is potential support with 375 below and resistance 385 and 390. QQQ above 285 gamma level with support at 282, 280 resistance 288, 290.  VIX term structure uninverted but high at 28.3,  1.8% move expected. Mildly bearish set-up with US$ strength but lower yields and higher European equities balance the picture.  Major market moving macro data today @10 and 14ET. May see rotation into value today after Tues growth squeeze.

•Stocks to watch:  DASH UBER COIN AAPL BAC   MO Spec Names: BGEN

Pre-800ET

Earnings

Indices DBC TLT KWEB /btc EWZ /6e GLD QQQ ARK XBI

S&P500 MO HCA UHS AAL MKC NCLH

IWM MSTR SCS RUN PLUG

WSB CCJ COIN MSTR NIO BABA AFRM PLTR

Trade Idea: ORCL
ORCL is an old style tech company approaching a breakout level which moved above the 50sma Tues.  Calls building at 75. Note potential resistance at 73.15.