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Swing Trade Idea – June 7, 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 slight lower

•News: Aussie: RBA raised 50bps vs 25bps ; German factory orders -2.7% vs 0.4%;  Yellen speaking 10ET; SEC planning to force more competition for order fulfillment

•Stocks: TGT Q2 margin forecast 2% from 5.3% – excess inventory; broadly impacting retailers; AAPL entering BNPL negative for AFRM; KSS in talks with FRG for $60/share; HOOD SEC impact; TWTR Elon might walk; SJM cut forecast

•Indices: USA equities pulled back overnight. SPY below key 410 gamma  level with 405 and 400 support and 410&412  resistance. QQQ testing Thurs 303.5 low with 300 gamma support and 305 and 310 resistance. VIX futures uninverted and 25 which is supportive to equities. SPY 1.6% move based on volatility. Market is set-up risk-off but look for bounces should SPY 400 and QQQ 300 be tested 

•Stocks to watch: TLT KSS ARCH  AMZN AAPL COIN HOOD AFRM Spec Names: GTLB VERU DIDI MRTX

Pre-800ET

Earnings COUP GIII GTLB ASO PLAY

Indices KWEB GLD TLT GDX /BTC XRT XLY ARKK XLP ARKF SOXX QQQ SMH XLK JETS faangmt EFA SPY EWZ

S&P500 TGT WMT COST DG BBY DLTR AMZN TJX TWTR WBA UAA MU ROST NVDA CCL NKE CRM LOW AMD CVS

IWM VERU GIII NVAX MRTX ARCH BTU MSTR FRO M SI BJ SAVE AEO APPS EBS PLUG GT SPWR AMC

WSB MSTR COIN AFRM AMZN TSLA RIVN NVDA PLUG NIO AMD

Trade Idea: XRT
XRT holds an equal weighted basket of retail stocks that will be trading lower on TGT warning. Premarket XRT 64.24 and low 64. One can consider short < 64 or wait for a bounce to 65. Minor support at 63, 61 and 58.