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Swing Trade Idea – July 8, 2022

Market Setup

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

•Commodities:  Gold, Silver, Oil and natgas, Grains, industrial metals (aluminum, copper, nickel palladium, zinc)

•Yields: Yields unch  2-10yr yield curve inverted

•US$ neutral: YEN+ Euro 

•News: USA: Non-farm payroll 830ET Williams 11ET Europe: Lagarde 755ET Canada: Employment 830ET

Stocks: UPST -16%  neg preannounce, watch AFRM;  GME -5% CFO leaving; TWTR deal questioned; LEVI earnings beat

•General: Leading: energy TLT Staples Utilities   Lagging: KWEB bitcoin ARK Semis

•Indices: USA consolidating ahead of employment report after Thur’s squeeze. SPY above key 385 gamma level which is potential support with 375 below and resistance 390 and 395. QQQ above 290 gamma level with support at 292, 290 resistance 298, 300.  VIX term structure uninverted and at 26.75 is above Thurs low,  1.5% move expected. Indices are extended ahead of the jobs report and statistically, the expectation would be a short-term pullback however risk of a squeeze remains. Growth may give way to value today after a few days of short squeeze

•Stocks to watch:  UPST AFRM TWTR GME OXY  Spec Names: BGEN

Pre-800ET

Earnings LEVI

Indices TLT GDX XLE XLP DIA /btc ARKK KWEB SOXX QQQ SMH XLK ICLN faangmt

S&P500 OXY HWM APA APA VLO TWTR A AMAT NVDA FCX PYPL

IWM SAVE NVAX GME AMC KMT LC MSTR

WSB BABA UPST GME AFRM AMC COIN NIO RIVN MSTR NVDA AMD

Trade Idea: OXY
OXY has rebounded with strong call buying and approaching a potential breakout on the hourly chart.  Long trigger  > 62.77. Pullbacks >61 may provide intraday buy opportunity.