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Swing Trade Idea – July 12, 2022

Market Setup

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

•Commodities:  Gold, Silver, Oil and natgas, Grains, Industrial Metals (Aluminum Copper Nickel Palladium Platinum Zinc)

•Yields: Yields lower 

•US$ +.1% Euro -.16%

•News: USA: 10Y Auction 1300ET Barkin 1130ET  Europe: ZEW econ sentiment -51 vs -32 Japan: PPI 9.2% vs 9.1%;

•Stocks: PEP raised forecast GPS CEO leaving PTON outsourcing mfg PRGO seeking FDA approval for OTC contraceptive pill USA USA govt still discussing Semi mfg bill TSM GFS INTC

•General: Leading: TLT KWEB ARKK GLD   Lagging: Bitcoin XLE XOP DBC LIT XLF DIA ITB IWM EEM SPY

•Indices: USA indices pulled back overnight and consolidating above key 380 gamma level which is potential support with 375 below and resistance 385 and 390. QQQ below 290 gamma level with support at 286, 290 resistance 288, 290, 295.  VIX term structure uninverted and at 27.38 is above Mon low,  1.5% move expected. Risk-off set-up but strength in QQQ and ARKK premarket points to move higher into open and potential short squeeze in weak stocks. Weakness in credit card companies COF DFS AXP V may create some short or bounce opps

•Stocks to watch:  OXY FCX GPS INVH COF DB PRGO TSM Spec Names: PTON DNA UPST

Pre-800ET

Earnings PEP

Indices TLT ARKK KWEB faangmt QQQ /btc XLE XOP DBC XLF DIA

S&P500 PEP DVN APA OXY AXP FCX COF MRO SLB HAL VLO NOW MA V UPS C KEY LEN

IWM PLAY VERU OVV MSTR ESTE NVAX SM HQY AMC AEO BTU AA CHK

WSB BABA GME COIN AMC NIO

Trade Idea: PRGO
PRGO is an Irish company which supplies health and wellness solutions. Catalyst today is submission to FDA for approval of OTC brith control pill.  Also baby formula supplier that is supplying USA which has shortages. Premarket extended with high of 43 which can be used for momentum breakout or look for pullback > 42.5