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Swing Trade Idea – June 1, 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: USA: ISM PMI, JOLTS 10ET;  Europe: German retail sales -5.4% vs -.5% EUR PMI ok China: Caixin 48.1 vs 49.1; FED Williams 1130ET, Bullard 13ET; QT begins today;  Canada: BOC expected to raise +50bp to 2%

•Stocks: CRM  marginal beat lowered Q2 guide;  SPGI  suspended 2022 guidance due to weak debt issuance;  CPRI, VSCO beat; MANU beat; AMZN stock split Jun6 might be running into split;  

•Indices: USA slightly higher with up move starting @ 7ET. SPY above 410 gamma level with 405&400 support and 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.  Expecting a range day with FAANGMT and especially AMZN dominating as long as SPY 410 holds

•Stocks to watch: CRM VSCO CPRI AMZN BILI AAL IGV DVN PBR   SPGI MCO  Spec Names: APPS AMBA

Pre-800ET

Earnings CRM CPRI VSCO WB HPQ CHPT APPS YY

Indices XOP XLE KWEB FAANGMT EWZ  yen HYG /btc

S&P500 CRM MRO LVS APA WYNN OXY SLB AMZN ETSY DVN XOM SPGI MCO ALB SEE NEM

IWM OSTK GLNG SM TEN NEX OVV AMBA APPS AMC LTHM GME AA

WSB NIO AMZN GME AMC

Trade Idea: AMZN
AMZN is attracting flow ahead of the June 6 stock split. Long idea into June 5 using dips, ideally ~2390. Premarket high 2440 is momentum breakout level.