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Swing Trade Idea – August 6, 2021

Market View

World markets are mixed with USA mixed, Europe green, Japan green, Hong Kong green, China green and Asia mixed. Yield curve large steepening with long rates increasing, which is positive for financials and reopening stocks and negative for large cap growth. US dollar higher is usually negative for commodities and equity. Dollar and yield move is usually very negative for precious metals. News: USA jobs report will be released at 8:30 and will be market moving. USA markets are flattish with Russell 2000 leading and Nasdaq lagging and slightly negative. Jobs report may reverse the premarket set-up which would prefer the small caps and financials. SPX resistance 4425 and 4375 support with daily move expected to be .82% as market remains pinned with volatility dropping.

Stocks to Watch

Earnings CVNA PLUG EXEL CTVA NWSA DKNG MP SPCE DBX Z MNST AIG AU BIGC BYND COLD EXPE MGA NET NVAX RUN TSP

Indices KWEB ICLN XLE IBUY XLF XLB IWM XLI XLP TLT EWZ GDX IBB EEM SLV GLD ARKG

S&P500 NWS CTVA MNST MRO AIG VNT APA HST ETSY AES EXPE VNO FLIR FLS COF PEAK AMP NSC ADI

Movers GRPN PLUG MGNI CVNA VIR GPRO PRTS MP DKNG DRNA ZNGA FEYE AU COLD NET BYND MGA BIGC ICAD

WSB PLUG HOOD AMC SPCE ARVL GME NIO RIOT GSAT CLNE DNUT NOK OCGN BB

Stock Idea; BAC

Jobs report beat, 10yr increased, therefore market rotates from tech back into financials, energy, reopening names. BAC is a name that is moving in the premarket and can continue. Look for a dip that holds for entry. Alternate choices would be MS, GS in financials or IWM.