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  • Swing Trade Idea – October 21, 2022

    Oct 21, 2022 Uncategorized Comments Off on Swing Trade Idea – October 21, 2022

    Color Key: Positive – Neutral – Negative

    Market Setup- Pre 830ET

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

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

    •Yields: Yields higher

    •US$ +.49% EUR -.36% YEN -.93% GBP -0.92%

    •News: USA: Williams 910ET UK:  Retail sales -1.4% m/m, New PM  contest  Canada: Retail sales 830ET

    •Stocks: CSX IBN SLB Positive EPS reaction SNAP THC AXP HCA RHI SIVB WHR Negative EPS reaction SNAP -28% zero revenue forecast – impacting META, GOOGL, PINS, ROKU  RHI -12% EPS/Rev miss Adidas –revenue guidance THC -20% EPS miss, guidance cut

    •General: Leading: US$, Healthcare, staples Lagging: China, Bonds, ARKK, semis

    •Indices: Global indices are weak with rising US$ and yields.  SPY 362.6  is below 365 gamma level with 365 and 370  resistance above and support at 360 gamma levels. VIX 30.3  implies a 1.9% daily move. VIX futures are inverted which is a warning flag today.  Markets are in negative gamma which can lead to larger than expected moves. Key bounce/breakdown levels: SPY 360, QQQ 265. Options expiration today will increase volatility with a potential sharp move later in the afternoon.  Fridays have been down the last 5 weeks so take care.

    •Stocks to watch  SLB CSX META SNAP AXP GOOGL AAPL TSLA Spec Names MRNA PINS TTD

    Pre-800ET

    Earnings CSX IBN SLB SNAP THC AXP HCA RHI SIVB WHR

    Indices XLE XLP KWEB EFA ARKK TLT FDN XHB QQQ FAANG MT ITB

    S&P500 CSX JNPR SLB SIVB RHI TWTR HCA AXP WHR META UHS AAL GOOGGL CTSH DVA  NVDA AMZN

    IWM THC APPS SEM KBH RPD

    WSB NIO AFRM NET BABA UPST

    Trade Idea: SPY
    Global indices are weak and SPY moving lower with US$ and yields rising. Premarket 362.5 with volume support 361.9 and 358. Gamma level 365 can be used for a long with a target of 370. Gamma level 360 is a potential bounce or breakdown level. Look for larger moves late in the day with options expiration. Note last 5 Fridays have been down days.  347 is the bottom of the expected move for the week and 367 is the top.

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