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Swing Trade Idea – May 27, 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

•News: USA: PCE 830ET; Personal Spending FED: Bullard 735ET

•Stocks: DELL beat;  ULTA beat and upgrade; PDD beat (Unaudited results LOL);  COST tiny beat,  targets lower; AEO -12% GPS -18% misses ; ZS beat and raise MRVL tiny beat; WDAY -9% miss, targets lower; ADSK beat tepid guidance, targets lower CGC -12% revenue decline

•Indices: Moderately positive global set-up ahead of PCE print which can move markets. Indices are above expected move for week after 2 days of short covering with retailer moves the greatest 2d move since 2008. SPY above key 405 gamma level with 400 support and 410 resistance. QQQ above 300 gamma level which is support with 305 resistance and 300 lower support. VIX futures uninverted and < 30 which is supportive to equities. SPY 1.6% move based on volatility. Pre-market, QQQ outperforming. Weakness in bitcoin potential warning for the spec stocks which have squeezed last 2d.  PCE may change the sentiment today.

•Stocks to watch SLV (HL SBSW WPM) ULTA PDD  WDAY COST Spec Names: GPS

Pre-800ET

Earnings DELL PDD ULTA MRVL ZS ADSK AEO GPS WDAY COST

Indices SLV ARKK EEM SOXX LIT XLY TLT QQQ GLD XLY QQQ /btc XBI EWZ euro

S&P500 ULTA HPE HPQ BSX TSLA LYB PXD LUMN COST VFC CRM

IWM GME BOOT OI LTHM AEO MRTX SWTX

WSB GME AMC TSLA CLF COIN

Trade Idea: SBSW
Precious metals popping ahead of PCE data.  Premarket high 13.15 can be used for a momentum breakout or pullback > 12.75. Other movers are HL CDE