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Swing Trade Idea – September 6, 2022

Market Setup- Pre NonFarm payrolls

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

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

•Yields: Yields higher

•US$ +.38% EUR -.45% YEN -1.28% GBP +.5%

•News: Europe: Service PMI 49.8 vs 50.2, ECB rate decision Thurs Energy: Nordstream still down; OPEC small cut China: stimulus

•Stocks: BBBY -14% CFO suicide; CSGP +7% INVH +5.7% add to S&P500; ARCH +7% BTU +6% coal; CCJ Uranium; SQM ALB Lithium

•General: Leading: Lithium, Clean energy, Biotech, R2K Lagging: China Internet, TLT

•Indices: US indices mildly higher since Fri. SPY at  395 gamma level with resistance 400, 405;  support 395, 390.  QQQ  295 support 300 305  resistance. VIX 25 implies 1.5% daily move.  Macro set-up is not favorable with yields and US$ higher. SPY 395 is a line in the sand for direction today with potential for squeeze to 400 or retest of 390. All forms of energy are bid premarket with energy shortage the meme du jour.

•Stocks to watch:  ARCH ALB CCJ TSLA AAPL OXY  BABA Spec Names: AAL BBBY GME

Pre-800ET

Earnings

Indices LIT ICLN XBI IWM XLV XLB SOXX XLK XLU EFA KWEB TLT /6E AGG

S&P500 ILMN ALB ROL NEE NCLH FCX OGN GM FDX CHD

IWM ARCH BTU STNG AEO VERU LTHM SIGA GLNG IRWD BE CLF GME SWAV APLS ONEM AR CRK

WSB GSAT CCJ NLY TLRY NOK CLF GME BABA 

Trade Idea: ALB
Chile voters rejected new constitution positive for ALB and SQM. Premarket high 268.70 can be used for a momentum long or pullback > 260. Target 275 and 280