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Swing Trade Idea – June 28, 2022

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

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

•Yields: Yields higher and steeper;

•US$ higher: YEN-  Euro- GBP – CAD +

•News: USA: CB consumer sentiment, Richmond mfg Index 10ET Europe: ECB Sintra ongoing G7: Focus on Russia and China

•Stocks: NKE earnings beat, China and US$ weighing; TCOM beat; ERIC buying VG; MS GS BAC WFC Div Increase JPM C no increase;

General: Energy, China, Financials leading sectors; FTNT SNOW OVV upgrade

•Indices: USA indices bouncing overnight with S&P Monday low tested overnight. SPY above  key support 390 Resistance  393 395 400. QQQ above 291 support  resistance 295 300.  VIX term structure uninverted and <30 so improving,  1.7% move expected. Premarket indices leaking – Euro is falling and coupled with higher oil and yields,  is not a positive macro set-up so some caution around support levels is advised.

• Stocks to watch WYNN OXY DVN OVV MCHP  MS FTNT TLT NKE Spec Names: TCOM HTHT SNOW PLUG

Pre-800ET

Earnings JEF TCOM NKE

Indices XLE XOP KWEB EFA ICLN XLF EWZ SOXX IWM ARKK JETS /6e TLT

S&P500 WYNN LVS OXY DVN MRO DVA MGM MS APA FTNT FCX VLO MCHP DIS SLB HES EBAY NKE

IWM VG OVV SAVE RRC ESTE PBF CLF GFF AR OII BTU CEIX

WSB CLF NIO MSTR BABA BA CCJ

Trade Idea: OVV
OVV is a nat gas name moving higher with nat gas and oil. JPM upgrade by JPM with $64 target is an additional catalyst. Premarket high 49.87 can be used for a momentum trade or look for an intraday pullback to VWAP. Note: Natgas is very volatile