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Swing Trade Idea – September 9, 2021

Market View

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

•Yield curve flatter with long yields rising, usually positive for tech and negative for financials

•US dollar sightly lower and falling in premarket

•News: China CCP temporarily froze new game approvals, TCEHY and NTES most affect but other USA listed China stocks affected; ECB will taper bond purchases due to inflation concerns but will continue support. Euro rose slightly on the news

•Stocks: LULU EPS beat and raise; RH beat and raise; LOVE beat; DGX beat and raise; CPRT beat; GME EPS miss; DSGX beat; UAL forecast Q3 to be down 33%

•USA indices negative in premarket with Nasdaq leading and Russell/DJIA lagging. USA markets bouncing in the premarket after new lows overnight.  SPX range into Sept OPEX 4450-4550 with 4500 a key transition level

•FAANGM stocks are flat in premarket and appear to be the goto names with market risk-off

•Leading sector ETFs are SLV GLD TLT XLE

Stocks to watch: LULU NKE UAA ASO BABA 

Stocks to Watch

Earnings GME ASO LULU

Indices SLV GDX GLD TAN YEN TLT XLE KWEB EEM ARKK IWM ARKG ARKF /BTC XLF XLV SLI

S&P500 NKE SLB FCX NEM MRO MRNA LUMN LIN UA  DLR TMUS WMB PPL CSCO ES PRGO UAL NVDA PENN

Movers LULU LOVE BLDE ASX RH RIOT BMRN AFRM CLOV BASE GE DLR GOGL BABA S AMC NIO CRSR UAL ALK

WSB ASO RIOT ROT AFRM GME AMC TTCF ASTS NIO GOEV RBLX CRSR

Stock Idea; NKE

NKE has pulled back to a volume by price support level and is moving higher in the premarket. LULU earnings beat and raise is positive for LULU which is reporting earnings late Sept.  This is a long term swing idea with a target 50% higher. 160 is a key level that should hold to validate the thesis.  LULU and UA are two other names to watch today.