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Swing Trade Idea – June 17, 2022

Market Setup

•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$ higher: YEN- Swissie+ Euro- GBP – CAD –

•News: Japan: BOJ did not tighten -> YEN, USA rates –  Europe: Russia cut natgas to France entirely, reduced Italy to 50% USA: Powell 845ET; Industrial Prod 915ET

•Stocks: BABA Report ANT group application to set up a financial holding co. approved- hope for ANT IPO; ADBE -3.7% lower Q2 guide; RIO, BHP China demand concern; ROKU WMT partnership; NIO $1500 subsidy for China EV; X analyst price cuts

•Indices: USA indices are trading higher in a slight overnight uptrend. Today is a major option expiration with a setup with leans higher but large downside risk.  SPY support 365 Resistance 370, 375. QQQ support  270 resistance 275, 280.  VIX term structure inverted indicating high risk 2% move expected. Market is setup for a trend day higher with speculative stocks bid; however SPY and QQQ are at major resistance so would look for SPY > 270 and QQQ > 275 to confirm. Watch US$, yields and Vix for confirmation of a move higher as potential for a large move lower

•Stocks to watch: BABA NIO LI CS AAPL TSLA BAC   ADBE RIO Spec Names: CHPT OPEN PLUG ROKU X

Pre-800ET

Earnings ADBE

Indices KWEB ARKK LIT XBI /btc FEZ QQQ JETS SOXX XLF /6e GLD GDX

S&P500 LVS NCLH WYNN CNC COF AMAT AXP WFC BA NVDA NFLX AMZN ETSY DVN META ADBE DOW

IWM X CLF LTHM BTU APPS RUN CMRE PLUG MSTR CROX  M  MDC

WSB BABA NIO CLF AFRM COIN RIVN NET PLUG TSLA

Trade Idea: SGEN
SGEN is a biotech in the cancer space. Volume is growing indicating institutional accumulation. Look for price > 150 for breakout confirmation.