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Before you Trade Today: Know the Economic Calendar! Also See This Weeks Most Anticipated Earnings (Note: Red on the Earnings Calendar Indicates an Earnings Loss [Not Miss] Consensus), & Yesterdays Insider Buys. NEVER BE SURPRISED BY EASILY ANTICIPATED MARKET BREAKING NEWS. That’s our goal here.

TODAYS COMMENTARY Get a Cup of Coffee & Enjoy Catching Up! If you aren’t reading this daily you are missing out on a wealth of information that could prevent unforced & unnecessary trading errors.

TODAY’S MORNING EARNINGS: ZEPP DAO YSG XYF SOTK RL WOOF PTNR NTES ITRN IMBI FRO ESLT ECC DSX CTRN CSIQ BBY AZO ATHM RERE ANF

TODAY’S AFTERNOON EARNINGS: VNET URBN TOL SBLK OOMA JWN RAMP INTU GRIN CAL ARCE A QFIN

IT’S A BATTLE OUT THERE: Shorts are looking for catalysts to take the market lower & longs are looking for catalysts to squeeze the shorts out & take the market higher. On the whole, the market is bearish. Yesterday pumped on Biden’s comments on possible reduction of China tariffs, just like the catalysts of Target & Walmart’s earnings were all the shorts needed to take the market lower. Now with uncertainty in the air & a plethora of market moving news on the economic calendar, we are once again facing red futures. Yesterdays pump was largely on tariff reduction speculation that has not been realized … which makes it a pump of no consequence. Seems this morning we’re going to pay for it as poor SNAP earnings provide the downside catalyst prior to housing data & a speech from Jerome Powell. FOMC minutes are due out tomorrow followed by the revised Q1 GDP read on Thursday, & personal income/spending on Friday.

BIDEN TO DO AWAY WITH TRUMP/CHINA TARIFFS?: Yesterday President Biden claimed with regard to repealing China tariffs, "I am considering it. We did not impose any of those tariffs. They were imposed by the last administration and they're under consideration.” The question as to if Biden follows through will demonstrate whether Biden is an animal of ideology or practicality when it comes to this issue. Practically it makes sense to reduce or eliminate tariffs on China. It would certainly help ease inflation OVER TIME. Politically, it both makes him look weak on China & runs the risk of angering both unionized labor & farmers. Indeed if he repeals some tariff’s I am certain there will be some industries harmed which will provide plenty of red meat for his opposition to hit him over the head with … which is odd … because prior to President Trump, the Republican Party was the party of free trade. Political & economic considerations aside, Biden’s statement yesterday was enough to gain us a market rally. However there are plenty of traps left in this week’s minefield as the economic calendar demonstrates. In short, yesterdays deep green day was a “pump of no true consequence.”

What do I think he’s going to do with respect to China tariffs? Well seeing as he isn’t going to get anything but a negligible economic response between now & election day, he may implement some measures of no true substance to mitigate some criticism on the economic front. But the longer he waits to do so the less likely he is to do it prior to the midterm elections. It is obvious that his political staff & his economic advisors disagree on the way forward. Still, they will not want to reduce tariff’s without getting some like concessions from China. So it would surprise me if he did anything substantive on these tariffs prior to the midterms.

So what do a reduction in China tariffs mean to you? A temporary short opportunity in Vietnamese related stocks & ETF’s & a temporary market rally like the one we saw yesterday. Great for day traders … but not much use for long term investors in the short run.

UPCOMING MARKET MOVING ECONOMIC NEWS:

• 1000ET TODAY: April New Home Sales (Consensus 0.75m)

• 1220ET TODAY: Fed Chair Powell Speech

• 0830ET Wednesday May 25th: April Durable Goods Orders MoM (Consensus 0.6%)

• 1400ET Wednesday May 25th: FOMC Minutes (This Will Move Markets)

• 0830ET Thursday May 26th: GDP Growth Rate Q1 2nd Estimate (Consensus -1.3%)

• 0830ET Friday May 27th: April Personal Spending MoM (Consensus 0.7%)

• 0830ET Friday May 27th: April Personal Income MoM (Consensus 0.5%)

Significant News Heading into 05.24.2022:

• Stock futures fall after Dow’s 600-point comeback

• Chinese stocks little changed as investors weigh possible U.S. tariff cut on China goods

• European markets fall as comeback rally remains out of reach; Stoxx 600 down 1%

• Snap plunges 30% after CEO warns company will miss revenue and earnings estimates, slow hiring

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PAID CONTENT IN THE PAYWALL BELOW: (BUY LIST WILL BE UPDATED SOON)

• A Detailed Breakdown of Yesterdays Earnings Beats & Misses

• Most Recent Insider Buys/Sells

• IPO Lockup & Quiet Period Expirations

• 1 Stocks near/at/above the Buy Zone (Waiting to Swing).

• 1 Options Strategy

• 19 Stocks on the Price Based Assessment Watchlist 3 Stocks on the Stocks Under $20 List (Read the Warning/Disclaimer) 3 Stocks on the Highly Speculative Highly Volatile Small Cap List (Read the Warning/Disclaimer) 5 Stocks on the short possibilities list

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