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Swing Trade Idea – June 27, 2022

Market Setup

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

•News: USA: Durable goods 830ET, Pending home sales 10ET Europe: Lagarde 1330ET G7: Trying to harm Russia: ban on imports of Russian gold, price cap on Russian crude, Iran nuclear talk revival; Russia bond default since cannot send $ to bond holders ECB: 3d meeting starting Wed Powell, Lagarde, Bailey panel  OPEC: Meeting this week, expected to increase output

•Stocks: NKE earnings after close; CHWY upgrade; COIN downgrade; NUTX joining R2K; DWAC Feds subpoena board members; HOOD upgrade; GIS NKE MU earnings this week

General: Bounce in shorted names/growth continuing, China strength continue, bounce in metals and energy contra the recession theme

•Indices: USA markets are continuing the Friday move which IMO is being driven by rebalance flows into month end. SPY above key support 390 Resistance  395 400. QQQ above support  295 resistance 300.  VIX term structure uninverted and <30 so improving,  1.7% move expected.

Look for potential pullback on open with index support levels bull/bear decision point. Fund flows lean bullish into EOD but still negative gamma

• Stocks to watch: NKE GIS MU  FCX TSLA FANG PAA TSLA TLT COIN Spec Names: NUTX ARKK ARKG

Pre-800ET

Earnings

Indices /KWEB XLE ARKK XOP SOXX SMH QQQ EWZ XLF FDN GLD XLK TLT AGG

S&P500 FCX TSLA FANG OXY NVDA MU ODFL AMD ADBE ETSY ALB

IWM POR APPS EYE SMPL BTU CLF X OVV SI AMC CMRE RUN SAVE EAT

WSB BABA CLF TSLA AFRM NVDA AMC CCJ AMD DWAC COIN

Trade Idea: CHWY
CHWY is in play with Needham upgrade with 55 price target. Premarket high 40.5 can be used for momentum breakout but very extended so one can look for pullback > 39.25. High short interest