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Swing Trade Idea – July 30, 2021

Market View

World markets are generally weak with USA red, Europe red, Japan red, Hong Kong red, China red and Asia red.  US dollar and Swiss Franc are flattish to up so the currency market is not signaling strong fear. Yield curve is flatter with long yields falling. News: European  GDP generally higher ex-Germany and CPI ahead of expectations; USA core PCE below expectations which if coupled with GDP below expectations can raise the economy slowing narrative; China stocks lower with news that assets of Evergrande have been frozen; and AMZN missing on revenue and projecting slower growth. USA markets are all in the red and being led by DJIA and Russell with Nasdaq lagging.  ES has gamma resistance at 4405 and negative gamma at 4375 which can lead to 4330. End of month and beginning of new month are typically bullish with a lift today coming in late in the afternoon. An ES close below the 20sma by 2pm  may negate the expected move up late in the afternoon.

Stocks to Watch

Earnings TEAM CPRI CRSP KLAC CVX EW ENB PG PINS AMZN SWKS UPWK CAT

Indices TLT XLE XLP FXC KWEB GBTC XLY FAANGMT ARKF EWZ EEM QQQ JETS ARKQ SMH SPY

S&P500 KLAC DXCM CVX FTV CERN PG XOM LYB VTRS AMZN SWKS ETSY IDXX QRVO GWW NWL CAT MTD EBAY KMI CCL

Movers TEAM CPRI CRSP DXCM QSR PG LYB XOM PINS SAVA FUTU AMZN DIDI SWKS TAL IDXX MGI BABA

WSB AMZN TLRY WISH RIOT SOFI PLTR PLUG SPCE CLOV

Stock Idea; NOK

NOK is one of the leading wireless infrastructure companies. Outperforming with a weak tape. Catalyst for today is an upgrade. This is a long term idea for 5G build outs and an alternative to Huawei. Alternative company is ERIC.