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Swing Trade Idea – August 26, 2021

Market View

•Global markets are mixed with USA mixed, Europe red, Hong Kong red, China red, Asia red

•Yield curve steeper with long rates higher which is positive for cyclicals including financials

•US dollar is higher which is weighing on soft commodities and precious metals.

•News: US GDP estimate 6.6%, USA initial claims 353k; Korea raising interest rates; China stocks weak

•Highly shorted names were squeezed Tues and Wed, not seeing overt signs in premarket but worth watching

•USA indices are over bought technically after the recent bounce and some digestion is expected. S&P500 range into Sept OPEX currently forecast to be 4400 to 4500 with Jackson Hole later in the week the potential to cause a large move

Earnings movers:  PSTG, WSM, ULTA, SNOW

Stocks to Watch

Earnings PSTG SNOW SPLK CRM NTAP TD ULTA WSM ADSK DG DLTR XPEV ANF

Indices XPH XLF  XHB DIA XLV XLP /BTC KWEB SLV EEM ICLN XRT EWZ DBC TLT GDX XBI

S&P500 ULTA NTAP CRM WDC BAC WFC JPM ATVI C MS ADSK DLTR DG PNR SJM YUM MRNA PSX NCLH OXY FCX

Movers DKS LX OKTA AMC INTU ATEC VLDR VNET RCII COTY JNJ  MDT CRM JWN EH KC URBN SAM GOEV

WSB DNUT MVIS RKT PLTR CLNE BA NOK WKHS RIOT TTCF AMC RBLX CLOV SNDL SENS 

Stock Idea; SPRT

SPRT provides customer and tech support to home-based employees. Stock has been in a gamma squeeze which makes it a day trading candidate. Stock is elevated in the premarket, look for a pullback for a long. Premarket high is 14.63 for a momentum trade.