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Swing Trade Idea – June 17, 2021

Market View

World markets are red with USA red, Europe red, Japan red, Hong Kong green, China red and Asia red. Post Fed the 10yr yield is higher which weighs on tech stocks. US dollar is the story of the day with it sharply rising, which is negative for equities and commodities. Commodities are generally very weak with the movement in the dollar. USA initial jobless claims will be released 8:30 and may move markets. USA indices are being led by the DJIA and S&P500 as financial stocks are outperforming large cap tech. 4200 is an important S&P500 level to hold as it’s a large gamma level and selling can increase below. SPY 419.5 is overnight low to watch. Financials are bullish premarket post FED and are important to watch along with the FANG. S&P can hold if financials are strong and FANG weak but not weakness in both.  Ford is a stock to watch on news that Q2 is ahead of expectations and is strong premarket. EV strength from established companies may be a drag for TSLA which is weak premarket and can act as a boat anchor for the QQQ.

Stocks to Watch

Earnings HRB LZB ORCL QD

Indices /BTC GBTC XLF TLT KWEB EEM JETS GDX SLV ICLN XLB ARKK IGV XME SMH QQQ IWM FANG XLE IPO XLY

S&P500 F KR LEN C BAC JPM BK RF WFC TFC GM MS O NEM FCX TSLA LIN NKE AAP UA CB AMT OXY AMT HAL MRO

Movers NNOX PDCO FSR MGNX CMC KR BOOT HAE GOEV AMC NCTY ERIC ESLT WGO GME RIO QS CLF THO DKNG

WSB F GOEV RIOT WKHS ITUB WKHS WOOF SOFI AMC BB SENS SNDL MVIS CLNE TTCF GME NOK HOFV DLPN

Stock Idea; F

Ford is in play today on news that EBITA will be significantly better than expectations. Premarket high is 15.52. Tends to move in 0.5 increments so above that level, 16 is possible. Expect resistance at 15.50. One can look at intraday pullbacks to VWAP for buys. Option flow has been high and may be a catalyst for a move higher. Caution is general market weakness can weigh on the stock.