.

Swing Trade Idea – April 19, 2021

Market View

World markets are generally weak premarket with USA red, Europe mixed, Japan red, Hong Kong red, China green, and Asia red. Yields are flat but rising in the premarket.  US dollar is sharply lower which is boosting the commodities ex-oil.  Bitcoin had a 14%  drop Sunday on speculation that the USA treasury is looking into money laundering with crypto assets and a black out in China affecting bitcoin mining. Stocks correlated to bitcoin, TSLA, SQ and PYPL are weak premarket.  US large cap indices are stretched by most technical and fundamental metrics so a pullback prior to earnings releases is not unexpected. The week after options expiration is usually more volatile so look for larger moves this week. TSLA was a major driver for the QQQ and SPY last week so worth watching given the weakness in crypto.

Stocks to Watch

Earnings HOG beat;  KO beat; Indices GDX SLV FXY GLD TAN TLT ICLN KWEB EWZ ARKK IWM XLF XLY SMH XLI QQQ XLE SPY Goldminers GOLD HL NEM WPM AG CDE FNV SBSW

Movers NSPR HOG GME MANU CLOV XBIT MNKD STL AMC DOCN SNY GLW KO CARR MDLY BB  Bitcoin PYPL DPW BTBT SOS MSTR CLSK EBON NCTY CAN RIOT MARA

S&P500 ALB FCX GLW TXT BKR DHI NEM KO CTVA LUMN CFG TSLA CHD PYPL QCOM USB ADI MXIM

Stock Idea; AAP

Auto retailers have been strong performers with the elevated auto demand. AAP has an analyst meeting Tues which is a catalyst for higher prices. Technically breaking out with caveat that all stocks will be affected by general market weakness. Ideal entry is a pullback that stays above 190.