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Swing Trade Idea – August 29, 2022

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

•Commodities:  Gold, Silver, Oil and natgas, Grains, Industrial Metals

•Yields: Yields higher

•US$ -.06% EUR +.25% JPY -.89%

•News: USA: Brainard 2:15ET; Powell “pain

•Stocks: PDD potential CTLT -guidance

•General: Leading: China Internet Lagging: Bitcoin Ark Solar Gold Miners Semis

•Indices: USA indices dropped lower Sunday night and consolidating. SPY low 400.5 is at a critical gamma level which is major support. Support below 395 and 390.  QQQ above critical 300 gamma level with  298, 295 support and 305, 307 resistance. VIX 27 implies a 1.7% daily move. Indices are negative gamma which can lead to much larger moves.  Indices at major gamma levels can lead to a large decline if breached or a rebound driven by short covering. Brainard at 1415ET is the major catalyst today, she is traditionally dovish and may stabilize markets if it gets ugly today. AAPL and TSLA are 2 key names to watch today as they have been relative outperformers

•Stocks to watch: PDD CF  TSLA AAPL NVDA SARK ARKK Spec Names: BBBY

Pre-800ET

Earnings HTHT PDD CTLT

Indices Euro KWEB Bitcoin ARKK ARKF TAN ICLN GDX SOXX XBI JETS XLB XLK QQQ SMH

S&P500 CTLT LUMN LYB FCX NCLH SEDG KEY DOW TSLA DAL F RCL PYPL

IWM SIGA MSTR LTHM PLUG APPS GME NVAX NOVA VERU SI RUN

WSB GEO RIOT AFRM UPST COIN AMC PLUG NET RIVN GME SOFI

Trade Idea: AAPL
AAPL is a proxy for the S&P. Pre-market low 160.3 (200sma) premarket high 163.16 and currently 161.4. One can use a straddle approach: short below 160.3 and long above 163.16. There is a downside gap below 159.5 with the potential to reach 147