.

Swing Trade Idea – August 23, 2022

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

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

•Yields: Yields lower

•US$ -.03% EUR -.07% JPY +.12% GBP +.18%

•News: Europe: Mixed PMI most < 50 UK: MFG PMI 46 vs 51 Service PMI: 52.5 vs 51.5 USA: PMI 945ET;  New Home Sales 945 Oil: Saudi minister suggested production cut

•Stocks: PANW +9.8% Beat, guidance+ target raises; ZM -11% guidance cut; BNS -1% Missed EPS, weaker investment banking, increase in provisions, mortgage lenders HCG raised provisions; M +1.5% beat, guidance- DKS +2.5% beat and raise AERI+35% acq by Alcon ABST+8.7% earnings AMC TWTR -4.6% whistleblower

•General: Leading: bitcoin China Internet, Energy, Biotech, Lagging: ARKK

•Indices: Markets neutral after an overnight dip and recovery. Some indication of buying in high beta risky assets. USA PMI 945ET will likely be market moving so take care.  Indices are negative gamma leading to larger moves. SPY building puts 415-410 which can act as support or lead to larger downdrafts. Resistance  415, 420 QQQ below 315 gamma level  with  310 305 support and 315, 320, 322 resistance. VIX 23.5 implies 1.5% daily move. Indices oversold but negative gamma so both breakdown or squeeze up possible. SPY > 415 or < 413 are indicators.

•Stocks to watch PANW CRWD ZS JD DKS RRC ZM  Spec Names TLRY 

Pre-800ET

Earnings PANW ZM BEKE BNS BZ DKS JD M MDT XPEV DLO

Indices /btc KWEB XOP XLE DBC XBI GDX TLT XHB JETS EFA ARKK

S&P500 APA WBD MRO FTNT OXY SJM SLB TWTR LIN

IWM AMC PLUG M GME MSTR CHK RRC BTU RRC FRO

WSB PLUG AMC AFRM CCJ GME RIVN COIN NIO

Trade Idea: VET
Vermillion is a Canadian O&G company. Premarket high 27.4. High call activity at 30 and 35 strike. VET is extended so pullback may be a safer way to enter.