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Swing Trade Idea – June 23, 2022

Market Setup

•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;

•US$ higher: YEN+ Swissie- Euro- GBP – CAD –

•News: USA: PMI 945ET; UE claims 830ET FOMC: Powell 10ET Europe: PMI below expectations Japan: PMI below expectations

•Stocks: DRI beat lowered fct; SNOW upgrade; ACN guidance-; KBH beat; TSLA Elon TX and Berlin factories losing $Bs; OXY Warren bought more; 

•Indices: USA markets are reflecting recession/risk-off premarket and rising since 4ET. SPY above  key support 375 Resistance  380. QQQ above support  280 resistance 285.  VIX term structure becoming uninverted and <30 so improving,  1.7% move expected. Market is being driven by yields lower and hence high beta/growth stocks outperforming. Market is expecting a move higher on fund rebalance before month end so look for breakout above resistance with caveat that Powell and other econ data can move markets.

•Stocks to watch NIO LI OXY SNOW DB TECK AU Spec Names: COIN HOOD ARKK

Pre-800ET

Earnings ACN DRI

Indices /btc KWEB XBI ARKK QQQ BLOK XLK SMH SOXX faangmt XLY LIT GLD GDX euro

S&P500 DRI OXY LUV TSLA GM NVDA CZR ENPH WYNN AMD PYPL ACN EBAY RHI

IWM MSTR KBH RUN PLUG LPSN BE AI SI AMC  LPX

WSB BABA NIO MSTR COIN RIVN PLUG NET AFRM TSLA AMZN AMD

Trade Idea: SNOW
SNOW is moving higher in premarket with JPM upgrade catalyst and target 30% higher. Premarket high 135, which can be used for a momentum trade or look for pullback >131.  High call activity Wed for Aug.