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Swing Trade Idea – November 2, 2021

Market Setup 

•Global markets are mixed  with USA mixed, Japan red, Europe mixed, Hong Kong red, China red and Asia green.

•Yield curve flatter usually negative for financials

•US dollar higher  vs Euro but lower vs Yen Commodity currencies lower

•News: TSLA: Musk tweet HTZ deal not finalized and recalling 12k cars; Nintendo Switch production cut due to supply chain; Iron ore futures falling as China reduces demand

•Stocks: TSLA recalling 12k vehicles; PFE beat and raise; UAA beat and raise; DELL VMW spinoff special div issued; ANET beat and raise plus 4:1 stock split and buyback; CAR beat and buyback; CHGG miss and lower guide; EL cuts forecast due to supply chain

•Indices: USA indices are mixed led by R2K with Nasdaq lagging. TSLA trading lower is weighing on the large caps and given the latest move, one to watch  Indices remain statistically extended.  Volume is low ahead of FOMC meeting this week

•Sectors: Leading: bitcoin, telecom, airlines, cloud, healthcare  Lagging: China, Brazil, silver, clean energy, gold miners

•Stocks to watch: ANET UAA PFE MQ HUT CAR CHGG TSLA

Stocks to Watch

Earnings BRX CAR CHGG CLX FANG AME APO BHC BLMN BP COP VRSR DD EL EPD ETN ETRN GPN INCY KKR LPLX UAA PFE ANET

Indices /BTC yen BLOK fang KWEB XLY EWZ EEM ICLN SLV ARKK GDX XLE QQQ

S&P500 ANET UAA SPG IT PFE ROK CLX HSIC  ZBRA F MCK DFS INCY GNRC TSLA DD MOS EL GPN MOS EL NUE

MoversROG ANET TEVA ZI IT PTEN UNG EXLS MQ CLX MCK CHGG GNRC YY DD RIO DQ RDS CLF XOM LU

WSB RKT RIOT HUT OCGN ANY F GSAT TSLA WISH SPCE NIO CLF PLUG SKLZ

Idea UAA :

UAA beat earnings by 3x and raised guidance with the upper level 50% higher. Stock is trading 24.4 premarket Recent high is 25.84. Potential day trade with 25.8 as a target and possibility for continuation. Pullback can be used for an entry or use the premarket high for a momentum trade. NKE is worth watching for a sympathy move.