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Swing Trade Idea – August 11, 2021

Market View

World markets are mixed with USA mixed, Europe mixed, Japan green, Hong Kong green, China red and Asia red. Yield curve steeper is a negative for large cap tech. US dollar higher is a negative for foreign stocks and commodities. US markets are slightly negative but with very low volume ahead of the 8:30am CPI release. CPI print may move the yield curve with a higher 10yr negative for FANG and the converse true. News: Infrastructure bill passed in the Senate and moved to House; Weak DRAM pricing report hit MU AMAT, LRCX; recent IPO companies UPST, MRVI are up strong after earnings and LUV is warning that Q3 will likely not be profitable due to Delta related cancellations. S&P500 remains range bound with potential for a large move when range breaks. 4450 is a large gamma level which can act as resistance and 4400 a large support level.

Stocks to Watch

Earnings U FUBO UPST MRVI COIN PAAS RPRX PRGO

Indices /BTC GDX XME GLD KWEB XLB PRNT SLX JETS XLE TLT ICLN IBB QQQ XLK IWM XLY SPY

S&P500 NUE ALB NLOK ALB GPS WMT LIN MOS NEM PRGO LUV UAL DAL OXY KMX MRO CCL

Movers UPST LPRO BCRX PUBM ALIT NLOK LU WW ONTF PRGO WIX GTES GO ZEV DAL

WSB UPST LPRO FUBO BCRX PUBM MRVI LAC SKIN MCFE 

Stock Idea; UPST

UPST operates a cloud based lending platform. Beat earnings, raised guidance and upgraded with a 205 target. Premarket high 166.87 can be used for a momentum trade or look for a pullback which holds for a long entry.