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Swing Trade Idea – September 07, 2022

Market Setup- Pre830

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

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

•Yields: Yields lower

•US$ +.45% EUR -.24% YEN -1.4% GBP -.85%

•News: Europe: GDP 0.8% vs 0.6%; USA: 4 FED speakers Brainard 1235ET Beige Book 14ET Canada: Rate statement 10ET

•Stocks: NIO -5% lower forecast; COUP +9.9% EPS beat and target raise; ASO EPS beat, Sales miss; AAPL Iphone release, ordered to suspend sales in Brazil without battery charger; NWL guidance cut; CHPT CS 50% target raise

•General: Leading: TLT, GDX, LIT, GLD  Lagging: ARKK ARKQ XLE EWZ XLF IWM XBI

•Indices: US indices dipped and rose overnight and pulling back in premarket. SPY below  390 gamma level with resistance 390, 395, 400;  support 388, 385, 380.  QQQ  290 support 295 300 resistance. VIX 27 implies 1.6% daily move.  Macro set-up is not favorable with US$ higher and global equities lower. Yields slightly higher is a positive as stocks have traded inverse to yields SPY 390 is a line in the sand for direction today with potential for squeeze to 395 or pullback to 385/380. 4 FED speakers today may move markets. AAPL in play with iPhone announcement

•Stocks to watch  AAPL MSFT TSLA JD NIO Spec Names: COUP COIN MSTR

Pre-800ET

Earnings COUP ASO PATH NIO

Indices LIT GDX TLT GLD ARKK EFA EWZ EEM /btc XBI SMH

S&P500 NWL EA

IWM HCC FRO ISEE GME FOLD GME

WSB ASO CCJ NIO FIGS MSTR COIN GME 

Trade Idea: MSFT
MSFT is a trade idea based on strong options flow with high open interest in next weeks 260 and 265 strikes. Market is not positive but MSFT is outperforming in premarket.  Premarket high 254.9 can be used for a momentum trade or pullback and bounce. Risky trade as contrary to market trend