Swing Trade Idea – April 21, 2021
Market View
World markets are generally mixed with USA mixed; Europe mixed; Japan red; Hong Kong red; China green; and Asia red. Yield curve is slightly steeper which is positive for financials and small caps. US dollar is higher which is usually negative for equities. Cryptos are weak premarket which can weigh on TSLA, PYPL and SQ. SPY and QQQ pierced and bounced above the bottom of the weekly expected moves Tues but IWM is currently below. Premarket the oversold IWM is leading the USA markets followed by DJIA which holds defensive stocks which have been rotated into. NFLX reported lower than expected subscriber growth and very weak projected which led to a sharp price decline which has hit the QQQ and related stocks like ROKU. Covid issues ex-USA, in particular India and Japan is weighing on those markets and the reopening stocks in particular. ASML reported strong earnings and raised guidance, which is lifting the semiconductor equipment stocks such as AMAT, KLAC. USA large cap indices are pulling back in the premarket and suggest watching the Tues lows as large cap indices are still extended on the daily charts but at the expected week lows. Typically the expected move holds; however if it does not, there is the potential for much larger moves down. TSLA has been driving the large cap indices so remains a key indicator for direction.
Stocks to Watch
Earnings ANTM beat; ASML beat; ERIC miss; HAL beat; IBKR beat; ISRG beat; NDAQ beat; NFLX beat; RCI rev miss; THC beat;
Indices SLV IWM GLD XLF XLV SMH XLB IBB JETS GDX ARKK EWZ FDN EEM QQQ ARKG ARKF DJIA NKE UNH CAT JPM PG INTC AAPL CRM Bitcoin MARA SOS RIOT CAN EBON NCTY MSTR GBTC BTBT PYPL Movers ATHE WBT ERIC ZLAB ASML TRIP NCLH SNDL MAT LRCX GME LAD PEP AAP SAVE AAL SLB NFLX MIDD CPSH BFI FUTU NCTY CLOV NEE SNAP
Stock Idea; SLV
Silver is a day trade idea with weakness in the equity markets. Rising premarket momentum but resistance at 24.33 and 24.42. May be extended in the premarket so caution is suggested.