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Swing Trade Idea – October 4, 2021

Market View

•Global markets are mixed with USA red, Japan red, Europe red, Hong Kong red, China red and Asia mixed.

•Yield curve  steeper with the 10yr yield falling, usually negative for tech

•US dollar lower which is positive for equities and commodities

•News: OPEC meeting to discuss Nov output; Evergrande shares halted in HK; China markets shut; Congress is still haggling over spending bill; FB whistleblower on 60minutes

•Stocks: TSLA Q3 deliveries ahead of expectations; MRK momentum continues higher and MRNA,BNTX,NVAX lower; Reopening stocks are continuing to run today: airlines, movie theatres, restaurants; GM investor meetings this week EV news

•Sectors: Airlines strong; Automakers TSLA GM F TTM.

•Indices: US indices are being led by small caps with Nasdaq100 lagging. S&P500 and Nasdaq100 are in negative gamma which leads to higher volatility. SPX 4380 is an important level for SPX to move to gamma neutral

•Stocks to watch: TSLA MRK MRNA LUV PAG GM Uranium

Stocks to Watch

Earnings ROP

Indices XLE JETS ICLN KWEB /BTC XLK SLV EEM SMH IBB GDX SPY

S&P500 TSLA MRK DD LUV ROP MRO SLB UNP EOG F APA GM COG DAL MRNA MMM AKAM WY CACO NVDA TSCO

Movers GH TSLA PERI SUNL DD HIVE LUV GM ROP UNP SKIN AZN ESTE AAL SPI PLTR FB GME AMD IDA WYNN LAC

WSB GSAT TSLA OCGN NOK CCJ F WKHS CLF ITUB WISH SENS PLTR ASTS NVDA PLUG HUT AFRM NET GME

Stock Idea; GM

GM broke out Friday and is moving higher in the premarket. Catalysts are activist Engine No. 1 revealing its stake and investor day Oct 6. Premarket high is 55.91. Stock is extended so would look for a pullback for entry. GM is a long term idea but may provide short term trading opportunities this week with investor day news.