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Swing Trade Idea – August 11, 2022

Market Setup: Pre FOMC

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

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

•Yields: Yields lower

•US$ -.18% EUR +.17% JPY +.37% GBP -.19%

•News: USA: PPI, UE claims 830ET  Oil: IEA  forecast supply tightness, EIA-inventories +5.5MB last week

•Stocks: DIS +9% more streaming customers than NFLX, raising prices; NVTA -20% rev miss; SNY -8% GSK -8% Zantac litigation MTTR +18% beat; SONO -17% guidance-;

•General: Leading: bitcoin, Spec Tech, China Internet, energy, lithium Lagging:  healthcare

•Indices: USA markets are ramping premarket to overbought levels as PPI came below expectations. SPY above 420 gamma level with support 420, 415, 410,  and resistance  425  QQQ above 325 gamma level  with  325, 320 support and 330 resistance.  Markets are statistically stretched and likely to consolidate or pullback however short squeezes and momentum trading with short term calls is rampant so higher levels are possible. Premarket the most speculative stocks are leading and market leaning to risk-on with meme that FED will be less aggressive inspite of Fed speakers saying that the CPI report has not impacted their plan. FOMO rules for another day?

•Stocks to watch:  DIS OXY BAC PFE Spec Names ENVX VCSA MTTR HUT

Pre-800ET

Earnings DIS CPNG APP MQ CAH

Indices /btc ARKF KWEB XOP XLE LIT JETS EEM XLF ARKK IWM SOXX XLV

S&P500 DIS CCL RCL FISV MRO OXY DVN HAL IVZ PFE CAN LOW

IWM STAR MSTR BOOT GLNG FRO AMC SWTX SONO CVI RVNC CPRX

WSB COIN AMC HOOD AFRM RIVN 

Trade Idea: DIS
DIS is in play with market squeezing and DIS beating estimates. Premarket high 123.6 can be used for a momentum long or look for a pullback to >=120. Expect a pullback which can be used for a long