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Swing Trade Idea – June 16, 2021

Market View

World markets are mixed with USA mixed, Europe red, Japan red, Hong Kong red, China red and Asia mixed. Yield curve and US dollar are unchanged ahead of the FOMC. US housing starts and import prices will be released at 8:30AM and may move markets. FOMC statement at 2pm will keep markets subdued until the news release and conference call.  USA indices are muted with Nasdaq leading and Russell2000 lagging with financials weakness the primary culprit. SPX gamma levels lead to 4275 resistance and 4225 support with the FOMC a catalyst for a range break.  Very little movement in the premarket however semiconductors (AMAT ASML MU LRCX) and AAPL are attracting a bid and maybe the where the algos play at the open.  RBLX is the trade idea, online gaming company that is down on May useage data; however it’s an ARK names and traders will expect Cathy to buy the dip.  Take care around the FED announcement and note that the conference call is more important than the news release.

Stocks to Watch

Earnings HRB LZB ORCL QD

Indices TAN SLV ICLN XLB XLE TLT /BTC GDX EEM ARKK GLD MSOS IWM XLF XLY DIA

S&P500 DISH LIN EVRG NCLH AMAT RCL CCL PRGO HAL OXY BDX ORCL RMD KMI AEE FCX ED FTI BBY AAL HBAN JPM NVDA

Movers MNKD APPH FBNC DISH SOFI MP ZOM ENS BNGO MAXR VEON TAL EDU ORCL CRSR BNTX CLNE RMD SAGE CAN

WSB OCGN SOFI BARK WISH IVR CLF AMC  RBLX SENS RIOT SNDL GOEV MVIS CLNE BB WKHS PLTR SPCE NOK PLUG

Stock Idea; RBLX

RBLX is an online gaming company that reported May user growth dropped and stock is down 7% in premarket. RBLX is an ARK holding and a popular WSB name.  Trade idea is to buy the bounce with thesis that WSB will be buyers and Cathy Woods will be a buyer today just like DKNG Tuesday.  Premarket low is 79.56 is a level that one can lean against for a long.