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Swing Trade Idea – June 8, 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 higher and steeper

•News: Rates: RBI rates +50bps, Poland +75bps;  ECB hawks want +50bps In July China: Regulators issued licenses for new video games; Oil: OPEC warned supply-demand will worsen as China demand rebounds; Europe: Q3 GDP Q-Q est .6%vs .3%; Euro Parliament voting today on climate change policies USA: Mortgage Apps -6.5% vs -2.3% Macro Forecast: OECD: Global growth 3% down from 4.5%, inflation 9%; World Bank growth fct 2.9%

•Stocks: TGT DB target 198; Dollarama beat;  LOVE, SMAR, OLLI down on earnings; THO earnings beat; NVAX +7% Omicron vaccine FDA approval; CS cutting jobs-market conditions challenging – client deleveraging- widening credit spreads;  TSM positive guidance 30% growth 2022; WDC weighing strategic alternatives; BYD will soon supply batteries to TSLA

•Indices: USA equities minor pullback after Tues short squeeze. SPY below key 415 gamma level with 412 and 410 support and 415 and 418  resistance. QQQ below 310 gamma level with 305 and 300 support and 310, 315 resistance. VIX 25 -> SPY 1.6% move based on volatility. Market is set-up for a range day – lower USD may benefit ex-USA names but rising yields risk for USA equities.  Energy and soft commodities in play

•Stocks to watch: BABA BILI NTES TSLA TGT SPG TLT Spec Names: DOCU SHOP

Pre-800ET

Earnings SMAR BF CPB OLLI THO

Indices EEM DBC SLV EFA XLF XLB

S&P500 WDC MRNA FANG CRL MO INTC SPG CCL  NCLH TGT FCX

IWM NVAX KTOS BTU PLUG  FRO KTB GME SAVE AMC GLNG

WSB BABA NIO PLUG AFRM BROS GME COIN AMC
Trade Idea: FUTU
Futu Holdings Limited operates an online brokerage and wealth management platform in Hong Kong.  FUTU will benefit from China reopening.