.

Swing Trade Idea – July 7, 2022

Market Setup

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

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

•Yields: Yields higher 

•US$ Lower: YEN  Euro+ GBP + CAD+  Swissie –

•News: USA: UE claims 830ET, Bullard/Waller 13ET Europe: ECB policy meeting UK: Boris Johnson resign China: Potential $220B fiscal stimulus

Stocks: SGEN MRK acq; HELE eps miss fct-; GME 4:1 stock split; Samsung beat – server mkt good, cellphone slowing; CPG Div+

•General: Leading: Metals Semi China Energy Solar Biotech  Lagging: TLT

•Indices: USA indices holding post FOMC squeeze. SPY above key 380 gamma level which is potential support with 375 below and resistance 385 and 390. QQQ below 290 gamma level with support at 288, 285 resistance 290, 295.  VIX term structure uninverted but high at 27,  1.5% move expected. Bullish set-up with bounces in stocks hurt by recession meme but with indices at gamma levels potential for pullback or squeeze higher. FED speakers at 13ET may move markets so take care

•Stocks to watch:  FCX AMD NVDA BP AA SPWR PDD BAC  Spec Names: VERU GME ADVM High Short Interest: BBBY GME RKT AMC AAL

Pre-800ET

Earnings HELE

Indices XME SOXX SMH KWEB LIT /BTC XLE XOP EWZ FEZ TAN XBI EFA

S&P500 FCX CMI CAT NUE AMAT KLAC MRO MOS LRCX AMD NVDA VLO MRK K VZ OTIS

IWM VERU GME AA CLF X BTU OPCH ONEM ATI GFF

WSB GME CLF COIN NIO NVDA AMD CCJ RIVN

Trade Idea: FCX
Metals are bouncing from oversold conditions with meme that China stimulus the catalyst. Extended in premarket with high 28.75 for momentum trade or pullback > 28. Targets 30, 32,  34