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Swing Trade Ideas – March 29, 2021

Market View

World markets are mixed with USA red, Japan red, Europe green, Hong Kong green, China green, and Asia green. Yield curve is slightly flatter and US dollar is slightly higher. Bitcoin is up 4.6%.  Big news was the forced liquidation of the Archegos fund Friday and selling of VIAC DISCA FTCH and many China names including TME, IQ, VIPS, BIDU. Nomura and CS are reporting large losses due to the blowup and today USA money center banks (GS MS JPM) are down along with USA banks. There is uncertainty this morning as to whether additional liquidation is needed and the true impact on the USA banks. When the forced selling is complete, there may be a nice pop in BIDU, TME, IQ, VIAC, VIPS, FTCH  and DISCA. Nasdaq is the leading USA index due to a lack of financials. FAANGMT currently lightly traded but TSLA is weak and FB is outperforming. With financials weak, the S&P500 will be leaning on the FAANGMT so watch FAANGMT for market direction. Suez canal is still blocked and possibly helping oil, which is higher. The sharp move up late Friday appears to be associated with a hedge roll out versus fundamental hence creating an air pocket below to SPY 392.  Today will be watching USA financials, China internets, FAANGMT and for any sign that there is contagion from  the latest HF blow-up. Keep your head on a swivel

Stocks to Watch

Earnings CALM miss;  ETFs TLT ARKK XLF SLV EEM SMH IWM GDX SPY XLE ARKQ XLP S&P500  DISCA BA TWTR VIAC BWA NUE CARR MLM PWR JCI MS GS JPM FTI HWM BAC; WSB Names DLPN RIOT SNDL HOFV AMC NIO RKT RBLX TSLA PLTR Bitcoin CAN NCTY MARA MSTR XNET Relative Strength NUE STLD GLW AMAT LB

Stock Idea; PWR

Quanta services provides infrastructure contracting services and will be a beneficiary of a USA infrastructure plan.  Made a large move Friday and testing highs in premarket. TRP daily targets 92.29 T1 and 97.44 T2. Would look for a pullback intraday to VWAP for an entry.