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Swing Trade Idea – August 12, 2021

Market View

World markets are mixed with USA flat, Europe green, Japan red, Hong Kong red, China red and Asia mixed. Yield curve and US dollar are unchanged so currently not a factor.  News: US PPI and UE claims to be released premarket and may move yields and hence equities; PLTR large move on earnings beat; BIDU down post earnings on reduced outlook due to Covid; MU down on MS downgrade of memory market ; CLOV up on revenue double; RIDE up on plans to enter contract mfg.  OPEC is releasing a monthly oil market report today and IEA cut its oil demand outlook for the year. USA indices appear setup for a range day with low volume. S&P500 top of range 4450 with a large call wall and 4400  support. With volatility low the potential for a large move out of range is possible due to low liquidity. Potential parabolic move candidates CLOV, PLTR  and OPEN

Stocks to Watch

Earnings OPEN PLTR AZEK BMBL WEN CELH BEKE CPNG RIO BIDU EBAY VRM

Indices PRNT ARKF IBB XLV XLB IWM XLF DIA XLI XLK QQQ GBTC KWEB ICLN SLV EEM TLT GLD

S&P500 PWR NVDA STX  CAT WBA LVS LIN FTI AMD TGT BA CMI BAC  ATVI MU EBAY XOM FLIR DUK TFC SJM WEC

Movers OPEN PLTR AEG ESLT UP PAYS GDRX THC LYFT BOX PSFE WIX WEN CGC GOCO LFST SDGR CYBR MU V

WSB CLOV PLTR WISH WKHS WEN TTCF NIO SOFI RIOT HOOD OCGN CLNE HOFV BB

Stock Idea; CAT

CAT has broken out on the daily chart and is up in the premarket. It is a traditional infrastructure stock and will benefit if the rotation into value/dividend payers continues. TRP target 1 225.15 and 236.23.  CAT has moved up quickly so a pause/pullback would not be unexpected.