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Swing Trade Idea – October 22, 2021

Market Setup

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

•Yield curve unchanged

•US dollar lower which is positive for assets

•News: USA: PMI 9:45EDT Powell speaking 11EDT; Europe: mfg PMI+ service PMI-;  Dems tax increase plan under pressure; Evergrande default avoided somehow;

•Stocks: DWAC rocket ship after mention in  ATR open house; SNAP rev miss blamed AAPL privacy settings. FB TWTR GOOG PINS TTD fell for same reason; INTC rev miss and lower guidance AMD rose which has been a common reaction. Look for bounce trades in the stocks that fell

•Indices: IWM is leading and Nasdaq due to FB/GOOGL pullback; SPX 4550 remains a major resistance level and 4450 support with additional downside below 4450. Small cap growth outperformed Thurs and may continue today. Macro setup is positive but a range day expected. PMI data and Powell speech intraday could impact markets

•Sectors: Leading: China , bitcoin, Silver, Gold Miners, Small caps

•Stocks to watch: MAT CLF SNAP FB GOOGL INTC NIO AMD Metals/Steel(AA X) DWAC

Stocks to Watch

Earnings INTC MAT OLN SNAP AXP CLF GNTX HCA HON IBN RF SLB STX VFC CMG

Indices KWEB /BTC SLV GDX XLF XLE GLD ICLN IWM EEM XLB SOCL FDN faangmt EWZ ARKF QQQ

S&P500 AMD AMAT MRO NVDA IVZ HCA KLAC INTC VFC TWTR FB WHR GOOGL MRNA ROP ETSY FCX CAT LUV F SO

Movers DWAC ALV KOS QGEN WH SNY ET HAS SNAP  TWTR FB GOOGL MRNA HON SLB UNG HON

WSB CLF AMD NVDA NOK PLUG TLRY DNUT OCGN ANY AMC SENS SDC SNDL BARK MVIS WISH BB SOFI GME

Stock Idea; CLF

CLIFF is a flat rolled steel and iron pellet mfg. Catalyst today is record earnings which has the stock moving in the premarket. Premarket high is 22.27 which is a level for a momentum trade. Alternative is a pullback > 21.8. One can use the TRP or volume by price levels for target. Note that recent iron/steel weakness is due to China slow down so trade may be short lived.  BHP and RIO are alternative names and STLD MT NUE in the steel industry