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Swing Trade Idea – August 13, 2021

Market View

World markets are mixed with USA mixed, Europe green, Japan green, Hong Kong red, China green, and Asia mixed.  Yield curve is flatter but long yields are rising in the premarket.  US dollar is lower which has lifted metals, which are dropping in the premarket. USA markets are flattish with DJIA leading and Nasdaq lagging. News: China has closed the busiest port in the world due to Covid which will disrupt supply chains and increase container shipping prices; USA Covid cases are rising which leads to booster discussion and hence positive for vaccine producers; Earnings: DIS higher with higher Disney+ growth boosting the DJIA; SOFI, WISH, TTCF large declines on earnings and may be bounce opportunities; USA consumer confidence is the only Econ data to be released.  S&P should be range bound between 4500 and 4400 into Opex but there is potential for a large move given low volume and low volatility.

Stocks to Watch

Earnings DIS RKT ARVL SOFI FIGS DASH ABNB TTCF

Indices /BTC GDX SLV TLT GLD IBB DIA EEM KWEB JETS XLE IWM FANG

S&P500 DIS ATVI ALB MU LIN NEM VTRS WMT SYY SO NCLH IP FTI CF DRE CCL RCL LUV

Movers ZIP CODX DIS RKT PVG ERJ UPST AEG MRNA WISH CRCT SOFI TLMD PPTA HNST DASH ABNB BEKE ROOT BIDU

WSB RKT RIOT UWMC ARVL GOEV WISH SOFI TTCF SNDL SPCE GEO CLOV AMC CLNE NIO WKHS

Stock Idea; ATVI

ATVI is a bounce candidate. Company has been under pressure due to some internal legal and China regulatory issues but stock is starting to bounce and today’s catalyst is C upgrading with $105 target. Premarket high 86.75 for a momentum breakout or conversely look for a pullback for a long entry.