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Swing Trade Idea – June 21, 2021

Market View

World markets are mixed with USA green, Europe green, Japan red, Hong Kong red, China green and Asia mixed. Yield curve is slightly steeper with 30yr yields rising more than 2yr which is positive for financials in particular. US dollar is lower which is a positive for equities. Commodities are mixed with precious metals green, aggs red, oil slight green, and metals red.  USA markets are being led by the small caps and DJIA as the non-FANG stocks bounce after being killed last week.  MEME stocks are still in play in the premarket with WISH, AMC, BB and F trading the highest volume. FAANGMT are flat after big moves last week and must be on watch if money is going to rotate. Bitcoin has pulled back on news that China is cracking down on crypto processing. NVDA, which had a squeeze up last week is pulling back potentially with the news that graphic card prices are falling on the reduction in crypto mining.  Premarket is set-up for a reversal of Friday which would mean IWM and DIA may outperform but would look for premarket highs to be exceeded. Indices have bounced since the Friday close so would look for some giveback at the open so keep your head on a swivel.

Stocks to Watch

Earnings Indices GDX GLD ICLN IWM ARKQ DIA SPY JETS ITB XLB XLI FANG /BTC KIE XLP TLTT XLE XME XLV XPH

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 RAVN ENOB AKTS AMC PRTK  BFLY LIN CLNE GME BB WKHS CLOV FISV GS C RAD NVTA

WSB CLNE MVIS BB WKHS ARVL CLOV GE F CLF CRSR BBBY RIOT HOFV SOFI IVR OCGN TLRY NVDA

Stock Idea; SWBI

SWBI had a large move up on earnings with a beat, raise and dividend increase.  Trade idea is to look for a continuation higher with long above 23.6 and targets 25.28 27.20. Would be likely for a pullback that should  be no more than ½ of Friday’s candle for the thesis to be valid.

AMMO and AOBC are other names to watch in the space