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Swing Trade Idea – August 10, 2022

Market Setup: Pre FOMC

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

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

•Yields: Yields higher and steeper

•US$ -.35% EUR +.42% JPY +.21% GBP +.33%

•News: USA:  CPI 830ET, Inventories 10ET, Crude Inventories 1030ET China: CPI 2.7% vs 2.9%, PPI 4.2% vs 4.9% Japan: PPI 8.6% vs 8.5%

•Stocks: TWTR +3.8% Elon sold $6.9B TSLA shares (aug5-9) in case forced closure. TSLA selling over?  RBLX  -14% bookings down; TTD +16% beat;

•General: Leading: euro faangmt materials Lagging:  china energy

•Indices: USA markets higher in premarket pre CPI report. SPY below 415 gamma level with support 412,  410, 408, and resistance  415,420  QQQ below 320 gamma level  with  318, 315 support and 320, 325 resistance. CPI report will be the driver today. Higher: potential risk-off with US$ higher and defensive assets outperform Lower: Risk-on with US$ lower and high beta outperforming. SPY410 and QQQ 315 two major levels to watch today. Note PCE Thurs will be the next big datapoint.

•Stocks to watch:  TSLA TWTR CF META RBLX COIN KWEB Spec Names BARK JMIA

Pre-800ET

Earnings TTD CELH JMIA CYBR INVZ RBLX COIN WYNN U AKAM REAL PLBY BE VIR

Indices Euro faangmt QQQ XLB XLK SPY XLF ICLN KWEB XLE EEM MSOS ARKK

S&P500 TWTR CF TSLA META WYNN SEDG

IWM CPRX CELH SMCI RUN VIR NVAX BE GME ALLO

WSB TSLA COIN BABA GME NIO

Trade Idea: TWTR
TWTR is in play with a pending court decision which could force ELON to complete the transaction. Elon recent large sale of TSLA stock is fueling speculation. Premarket high 44.8 can be used for a momentum long or pullback > 44. First target 46