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Swing Trade Idea – June 18, 2021

Market View

World markets are mixed with USA mixed, Europe red, Japan red, Hong Kong green, China red and Asia mixed. Yield curve is flatter with 30yr yields lower and 2yr higher which is negative for financials in particular. US dollar is higher which is a negative for equities. Commodities are mixed with precious metals and softs higher but oil lower. US indices are in the red with Nasdaq100 and tech in general outperforming much like yesterday. S&P500 weakened at 8am after Bullard interview on CNBC and comments on rate increases, MBS purchases and inflation interpreted as hawkish.  S&P500 is in negative gamma and SPX 4160 is a key level to hold as below that 4050 would be the next gamma level. Market has been holding steady with rotation between FANG and financials. If both sectors move in the same direction, we could see a large move in the index.  Major options expiration today so expect large moves at the open and potentially at the close so keep your head on a swivel.

Stocks to Watch

Earnings ADBE SWBI

Indices SLV GDX TLT KWEB /BTC JETS EWZ XLE XLF IWM SPY DIA XLI XLV XLB SMH XLP XLY ICLN

S&P500 ADBE LEN BIIB NVDA UAL OXY ALK DAL NEM LUMN EMN VTRS MU DVN HES FTI GS BAC XOM CVX DTE AXP

Movers SYKE SWBI TAL EDU CLNE CDXS MTOR ADBE BB LEN PRTA BIIB CLOV MT BP HSBC DVN WISH MRO XEC BNTX

WSB GEO CLNE BB WKHS CLOV UWMC OCGN TLRY PLTR RKT ARVL WISH SPCE SENS IVR GE

Stock Idea; AAPL

AAPL and FANGs have become the safety trade and likely the first to be bought if the market bounces. Premarket low is 130.8 which is a level that can be leaned against for a long. AMZN and GOOGL are also outperforming as of late.