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Swing Trade Idea – August 27, 2021

Market View

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

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

US dollar slightly lower. Commodities mixed with energy, metals higher but softs weak

News: Powell speaking at Jackson Hole; HPQ warned that shortage of semis will impact coming quarter; China Cyberspace regulator will outlaw algos designed to encourage addiction; Libya cutting oil production and storm headed for New Orleans boosting oil

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

Yesterday’s idea SPRT is 55.6 in premarket, high risk of halts and reversals today. If entered yesterday at 14ish protect profits.

Earnings movers:  BILL WDAY GPS PTON

Stocks to Watch

Earnings BILL WDAY GPS BZ PTON HPQ MRVL DELL

Indices /BTC XLE ARKF EWZ EEM ARKK XME XLB GDX IGV QQQ KWEB ICLN YEN

S&P500 GPS OXY MRO CZR FCX NUE TSLA ALB AMAT PENN UA FTNT CAT HPQ LUMN ULTA TAP  AAP

Movers SPRT BILL MOGU UI WDAY MPLN GPS BZ PLAY HIBB FTCH BLNK OLLI BIG PTON DOMO MRVL BABA DELL COTY AAP

WSB RBLX PLTR CLF GME AMD TSLA 

Stock Idea; ETSY

ETSY operates an online marketplace with crafts a major product.  ETSY has been having high UOA with high activity at the 215-220 price on Thursday.  ETSY is pulling back in the premarket. Could look for a pullback for a long entry with 215 as a first target. Pullback should hold 208 to validate the idea