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Swing Trade Idea – September 14, 2022

Market Setup

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

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

•Yields: Yields higher

•US$ -.5% EUR +.15% YEN +.76% GBP +.42%

•News: USA: PPI  Europe: Industrial production -2.3% vs -1.1% Japan: Machinery Orders 5.3% vs -0.6% Jawboning Yen UK: CPI 6.3% vs 6.2%  PPI lower; Rail unions strike risk

•Stocks: SOF +3% BAC $9 target ; SBUX investor day;  PYPL +.8% $123 target

•General: Leading: Brazil Gold Miners Lagging: Spec tech, Bonds, Metals, Biotech

•Indices: USA indices muted ahead of PPI report. SPY 393.8 with 395 resistance and 390 support.  QQQ  294 with resistance 295 and 300 and 290 support. VIX 26.8 implies 1.7% daily move. Macro setup is negative with yields higher, US$ lower, and global indices weak. SPY 390 is a key support level with a break below significant. SPY/QQQ below the expected move for weak hence potential for squeeze higher into Friday as long as SPY 390 holds. Defensive stocks outperforming

•Stocks to watch  SBUX PYPL WMT KO  SQ X CLF UNP Spec Names: SOFI 

Pre-800ET

Earnings VWE -21% DOOO +8.8%

Indices EWZ GDX EEM euro faangmt ARKK TAN TLT XME XBI ICLN XLB

S&P500 SBUX PYPL MRNA NUE MO CSX UNP EOG EMN

IWM CPRX CWH FRO X CLF PLUG AKRO AA

WSB AMZN CLF NIO PLUG AFRM NIO COIN BABA

Trade Idea: SPY
SPY currently 394 post PPI print. Straddle approach today with long > 296 with target 398 and 400. A pullback to 390 is a potential long with target 395. A decisive break below 390 is a potential short for a move towards 385 and 380.