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Swing Trade Idea – September 2, 2022

Market Setup- Pre NonFarm payrolls

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

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

•Yields: Yields neutral

•US$ -.30% EUR +.53% CAD .23%

•News: USA: Non-farm payroll 830ET, UE rate Europe: PPI 4% vs 2.5% Energy: Nordtream expected to resume tomorrow, OPEC+ meeting Sept5, oil moving higher on the expected price increase

•Stocks: HCP LULU AVGO  PD positive earnings move

•General: Leading: Energy, bitcoin, gold miners Lagging: China Internet, Faangmt

•Indices: US consolidated overnight ahead of the jobs report. SPY above 395 gamma level with resistance 400, 405;  support 395, 390.  QQQ  295 support 300 305  resistance. VIX 25 implies 1.5% daily move. Jobs report will be a catalyst for a market move. Falling Vix will be a catalyst for a move higher which is typical before a long weekend. Indices negative gamma can lead to large moves. SPY < 390 is a major level which needs to hold, 400 is likely resistance, and above, a squeeze can develop.

•Stocks to watch:  AVGO LULU OXY AR CCJ NEM BABA Spec Names: MSTR ARKK 

Pre-800ET

Earnings HCP LULU AVGO

Indices XLE XOP /btc GDX GLD XBI KWEB ICLN faangmt

S&P500 AVGO OXY DVN EOG MRO HAL APA XOM PXD LYB DOW

IWM DK PBF CHX CVI ARCH OVV

WSB CCJ AMC GEO BABA NIO

Trade Idea: META
META potential breakout with a positive move in markets today. META QCOM chip deal is a potential catalyst. Trigger price > 168.