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Swing Trade Idea – May 24, 2022

Market Setup pre-800ET

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

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

•Yields: Yields lower and flatter

•Macro: Lower US$ is the main driver of equity commodity strength – caution that Euro short term extended

•News: Europe German MFG PMI 54.7 vs 54.1, Services 56.3 vs 57.2;  Lagarde 14ET USA: Powell 12:20ET Japan: MFG PMI 53.2 vs 53.8; CPI 1.4% vs 1.1% China: Fiscal stimulus deemed insufficient; FED: Bostic: May be able to pause rates after 2 rate 50bps cuts; George: pause possible when target hits 2%

•Stocks: SNAP revenue warning, will slow hiring – citing weakening macroenvironment, inflation, impact of AAPL privacy changes. Negative impact to FB GOOGL TTD TWTR and other social media related companies;  PDD DXCOM acquisition;  BBY beat, guidance cut; ANF margin miss;  ZM  EPS beat; PBR CEO fired on diesel shortage warning

•Indices: Negative global equity set-up with Nasi leading to downside due to SNAP impact. SPY below key 395 gamma level – above look for high gamma 400 and below look for support at 390. QQQ below 290 gamma level – above look for 295 and below look for support at 285, 280. VIX futures partially uninverted and < 30 but close to inversion. SPY 1.8% move based on volatility.  Potential for trend day down if selling should continue in tech on the open. Premarket indicates potential for correlated selling – look for key gamma levels for support/acceleration

•Stocks to watch: PDD NTES ZM  FB  GOOGL  TSLA TTD APPS SNAP PINS AEO PBR  Spec Names: WOOF

Pre-800ET

Earnings ZM ANF BBY BZ NTES WOOF

Indices /btc TLT SLV yen GLD euro faangmt ARKK FDN KWEB QQQ EEM SOXX SMH XBI

S&P500 BBY ALB DXCM FB GOOGL TWTR TSLA AMZN BBWI NFLX IPG AAPL OMC AMD HPQ

IWM SWTX EBS SPT APPS AXSM MXL NVAX PLUG RUN SAVE ANF GME RUN MSTR CELH AMC AA

WSB NIO AFRM TSLA RIVN HOOD PLUG NET AMZN BABA CCJ

Trade Idea: FB
FB is lower sharply after SNAP warned on quarterly revenue and earnings.  FB is trading at 180.8 at present and day trade candidate. Look for bounce towards premarket high 184.56 or breakdown towards premarket low 177.8 and below the premarket low 169 is a target.  Other names: SNAP, TTD, PINS, GOOGL can be looked at