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Swing Trade Idea – June 14, 2021

Market View

World markets are mixed with USA mixed, Europe mixed, Japan green, Hong Kong green, China red and Asia mixed. Yield curve is slightly flatter which is better for tech than financials. US dollar lower is usually positive for commodities and equities; however commodities with the exception of oil are sharply lower.   FOMC meeting Wed likely leads to subdued trading in advance as market waits for comments on tapering.  Post CPI, yields fell and stocks shifted from the inflation/reflation trade back to the deflation (tech, utilities, bonds up).  In the premarket the trend is continuing with tech positive and meme stocks mixed.  Bitcoin bounced on an Elon tweet and the bitcoin related stocks (RIOT, MARA GBTC, BTBT etc) are all up (extended?). CRSR is the WSB name of the day after a weekend conference and SENS continuing to run. Both stocks are extended but can continue to run.  S&P500 positioning is expected to keep the index in a range 4225-4275 with 4200 the critical level where larger moves to the downside can occur.  Premarket the setup is favoring tech and the ARK style money losing growth stocks and the large cap FAANGMT. Watch the 10yr yield as it’s driving the market.

Stocks to Watch

Earnings EV HEXO UXIN

Indices /BTC ICLN ARKK TAN ARLG ARKF XLE QQQ IGV JETS SMH GDX GLD XLI DBC XLB XLF DIA

S&P500 WELL COP QCOM NVDA NOV PAYC AAPL MU DFS ATVI AMD EA MO NEM IRM CMA MRK GILD LEG

Movers CRSR SENS NVAX CLNE UWMC SI SSL WEN COIN WKHS RIDE PHG RACE CLB MRNA LYG CLOV

WSB SENS CRSR AMZN RIOT CLNE UWMC IVR WEN WKHS BARK AI PLUG OCGN CLOV GOEV HOFV CLF

Stock Idea; TSLA

TSLA is squeezing in a tight range with implied volatility at the lows and putting in a pattern of higher lows. Rotation from value/inflation names and uplift in bitcoin is positive for TSLA.

600 is a level to lean against with 633.57, 667 as targets.