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Swing Trade Idea – August 20, 2021

Market View

•Global markets are red with USA large tech leading and China lagging

•QQQ is the strongest index and premarket AAPL, MSFT  and TSLA are all moving up into the open

•US dollar, Yen, Swissie and long bonds higher is a risk off signal

•China enacted a new data protection law  which is negative for companies like BABA that use customer personal data

•Oil and gasoline lower on demand concerns and a higher US dollar. Metals bounced after dropping on China cutting steel output

•Earnings names: FL BKE DE trading higher ROST lower

•News: TSLA held AI Day Elon talking robots; SPOT announced a 1B buyback program; UK raising concerns with NVDA purchase of ARM

•SPX 4400 is a key gamma level and a good bull/bear line. 20% of gamma is reduced after the close, increasing volatility next week. There is usually a reduction in volatility into the Friday close and a drop below 20 can attract buyers.

Stocks to Watch

Earnings BKE DE FL ROST

Indices /BTC GLF TLT YEN ICLN AGG KWEB XLE EEM XLF XLI DIA IWM XLB ARKG SPY

S&P500 MOS TSLA DE REGN AMD NVDA MU TPR ROST MRNA SLB MRO CCL HAL APA FANG XOM

Movers FL FGEN BKE SPOT BJ HOOD M REGN ROST SNOW MUDS BILI AMC PDD

WSB WOOF TSLA TLRY PLUG NVDA SOFI AMD AMC

Stock Idea; FL

FL reported earnings that were 2x expectations and currently trading higher in the premarket.  Stock is extended so one could look for a pullback after the open for an entry. TRP targets 64 and 68