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Swing Trade Idea – June 10, 2022

Market Setup pre-CPI

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

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

•Yields: Yields lower and flatter

•US$ +.3%

•News: Europe: Lagarde 9:45ET; USA: CPI 830ET UofM Consumer Sentiment 10ET Canada:Employment report; China:New loans+

•Stocks: DOCU -24% EPS miss in-line guidance;  RBLX -5% NFLX -4% EBAY -3.5% GS Sell reco, BILI +7% target raise, AMD +1% upgrade; SAVE JPM upgrade; SFIX -13% miss lower guidance; ILMN -4% CFO leaving

•Indices: Negative setup ahead of USA CPI. USA indices unchanged after Thurs late day drop.  SPY above key 400 gamma level with 405, 410, 415 resistance. QQQ above key 300 gamma level with 305 and 310 resistance. Indices are at levels with high put open interest which can lead to large moves post CPI.  Outcomes: US$ down, equity up, bonds up or opposite. Once can straddle to trade either direction.  VIX 25 -> SPY 1.6% move based on volatility.

•Stocks to watch: SAVE BILI BABA  AAPL TSLA DOCU RBLX EBAY NFLX Spec Names: SFIX

Pre-800ET

Earnings DOCU SFIX

Indices KWEB EEM XOP EWZ yen ICLN TLT fangmt SLV EFA GLD GDX euro ARKK

S&P500 OXY AMD WBD CCL MRO NFLX ILMN EBAY DVN ADBE LIN ETSY

IWM SAVE SAVA BPMC KTB

WSB BABA NIO AMD

Trade Idea: AAPL
AAPL is a proxy for the QQQ and SPY indices. One can straddle with long > 143.5 with first target 145 and short < 142.5 with first target 140. Expected move for week 140-150