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Swing Trade Idea – June 13, 2022

Market Setup pre-CPI

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

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

•Yields: Yields higher and steeper

•US$ +.6%

•News: China: Beijing cluster of Covid cases raising concerns of reopening – impacting commodities; Bitcoin: Celsius Network freezing withdrawals. Bitcoin drop impacting MSTR SI COIN HOOD;

•Stocks: MSTR -24% Potential margin call as bit coin falls; TSLA  -4% 3:1 stock split; DRE Prologis acquisition;

•Indices: Bearish set-up with spike in US$ and yields weighing on global markets. China, bitcoin drop and upcoming FOMC meeting leading to general derisk. SPY 380 is a gamma level where support can be found and rate of descent should slow. SPY support 380, 375 Resistance 385 390. QQQ 280 is a level where descent should slow.  QQQ support 280,  275 resistance 285 290 295.  Strong potential for bounces but one should monitor action at resistance levels. Typically markets have been positive into Wed Vix expiration. Risk is continuation of put buying.

Semis are leading to the downside so AMD and NVDA in play.  TSLA in play with the stock split.

•Stocks to watch EDU AAPL TSLA NVDA AMD Spec Names: SFIX

Pre-800ET

Earnings

Indices SMH SOXX ICLN XLY QQQ ITB FEZ XLK EFA GDX XLE EWZ EEM IGV

S&P500 NVDA AMD AMZN IPGP MU NCLH ETSY GNRC ENPH CCL DVN ADBE NFLX F FCX LRCX OXY CZR CRM

IWM MSTR SI GME AMC APPS AI PLUG OSTK CLF BTU BE PBF CROX RUN SIG SAVA

WSB MSTR COIN DWAC GME AFRM NET AMC BROS

Trade Idea: SPY
SPY premarket low 379.81 current level 381.35.  380 is a major gamma level and can be used as a line in the sand.  Long with premarket low as stop and short below premarket low with tight stop. Bounce is likely with 385 and 390 as targets on the upside and 375 on the downside