.

Swing Trade Idea – June 2, 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: Job Cuts 730 ET; ADP Jobs 815ET; Factory Orders 10ET  Europe: PPI 1.2% vs 2.3% China: Caixin 48.1 vs 49.1; FED Mester 13ET;

•Stocks: FB  COO leaving;  CHWY PATH PSTG MDB  earnings beat;

•Indices: USA slightly higher with uptrend starting Wed evening. SPY above 410 gamma level with 405&400 support and 412, 415 resistance. QQQ above 305 gamma level which is support with 310&315 resistance and 300 lower support. VIX futures uninverted and < 30 which is supportive to equities. SPY 1.6% move based on volatility.  Set-up for a risk-on day with high short interest stocks strong if SPY > 412 but will depend on reaction to ADP report. Potential squeeze in shorted names but caution that sellers lurk nearby.

•Stocks to watch: CHWY MDB SEDG GFI BILI FCX  ALB DVN HPE   Spec Names: ARKK

Pre-800ET

Earnings CHWY PSTG PATH MDB DBI ESTC VEEV PVH NTAP GME S AI

Indices SLV KWEB GDX FEZ ARKK IGV XLK QQQ XOP XLE

S&P500 FCX NTAP SEDG F XRAY NCLH V NVDA HPE PARA OXY ALB MRO XOM FANG DVN COP SLB

IWM DBI LTHM RUN CLF PLUG FRO OSTK AI MGY SM OVV PTEN CHK CRK

WSB NIO F BABA CLF PLUG

Trade Idea: BILI
BILI is a Chinese online services company providing video services and games. Midcap stock (risky). Higher Beta way to trade a pick-up in China stocks. $23.80  breakout level