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Swing Trade Idea – July 15, 2022

Market Setup

•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 Platinum Zinc)

•Yields: Yields lower

•US$ -.2% Euro .2% Cad .2%

•News: USA: Retail Sales 830ET Empire State Mfg 830ET UofM Consumer Sentiment/Inflation Sentiment 10ET China: GDP well below expectations

•Stocks: UNH beat WFC miss; PINS +15% Elliot Mgmt took 9% position ENPH SEDG Solar lower on potential that solar subsidy will not be part of next bill. Semiconductors NVDA MU higher on potential that semi subsidy bill might be voted on next week

•General: Leading: /btc energy semis  Lagging: solar clean energy China

•Indices: USA indices are rising premarket and testing overnight highs. SPY below 380 gamma level which is the bottom of the expected move for week. SPY resistance 280/285 Support 376.9 QQQ above 285 gamma level and 286.4 VPOC. QQQ resistance 290/295 and support 285, 280.  Premarket seeing strength in bitcoin and speculative names which may lead to a short squeeze higher; however important data released at 830ET and 10ET will be market moving. SPY closing > 280 would be a significant improvement.

•Stocks to watch:  PLUG ENPH WFC DVN UNH MU VG Spec Names Can Short Squeeze: CVNA FTCH CVNA BB CROX

Pre-800ET

Earnings BK C HDB PGR PNC STT UNH USB UNH WFC

Indices /btc XOP SOXX TLT SMH XLV ARKF IWM XBI DIA TAN ICLN KWEB

S&P500 MU CSX UNH OXY LIN DVN XOM SLB ENPH SEDG WFC RHI

IWM VG ALLO CHX MSTR SM GME RUN NOVA BE SPWR PLUG

WSB GME COIN NVDA NET AFRM AMD F  PLUG

Trade Idea: MU
Semis are potentially bid on news that the USA govt will pass a subsidy bill. MU is looking positive in premarket. Breakout level 60