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Swing Trade Idea – June 21, 2022

Market Setup

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

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

•Yields: Yields lower and flatter

•US$ lower: YEN- Swissie+ Euro+ GBP + CAD +

•News: Europe: Kalingrad route block; FOMC: Bullard warned inflation risk; Mester and Barkin 11ET, 12ET; Energy: Qatar LNG deal XOM 6% but 2026; WH potential gas tax holiday  USA: China tariff change delayed until G7 meeting

•Stocks: K split into 3 co’s; TSLA layoffs; LEN earnings beat but lower guidance; CHWY upgrade director bought $10M stock; SAVE JBLU offer $33.5; SHOP split June 28

•Indices: USA indices positive with positive global setup. SPY support 370 Resistance 375, 380. QQQ support  275 resistance 280, 285.  VIX term structure flattening but still inverted so still high risk 2% move expected. Market is setup for a trend day higher with speculative stocks bid; however, weakening in premarket. Look for support to hold on pullback. Watch US$, yields, and Vix for confirmation of a move higher as potential for a large move lower.

•Stocks to watch: AAPL TSLA XOM SAVE  GLD TLT Spec Names: CHWY PLUG MSTR

Pre-800ET

Earnings LEN

Indices ARKK /btc KWEB JETS EFA IWM XBI ITB XOP XLY SPY DIA QQQ XLE ICLN TLT KIE XME XPH XRT FEZ GLD

S&P500 L LEN FANG SLB DVN ECL BA XOM ETSY AAL CHD GE MRNA

IWM SAVE MSTR OVV PLUG RIVN PBF AI FATE AR AEO RC PTCT SPWR

WSB MSTR CCJ COIN PLUG NET AFRM BA DWAC GME CLF

Trade Idea: CHWY
CHWY is a risk-on idea. Wedbush upgrade to 35 and a director bought $10M in shares. Premarket high 30.2 is a trigger level for a break out with targets 31.72, 36, and 44. 23% short interest can act as a catalyst.