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Swing Trade Ideas – April 16, 2021

Market View

World markets are positive with USA , Europe, Japan, Hong Kong, China all green but Asia mixed.  Yields are bouncing from Thursday’s large drop, providing a boost to financials and small caps. US dollar is lower which is positive for markets. Crypto assets are lower on news that Turkey is banning crypto currency payments. Gold and silver are up, perhaps with cryptos down. Leading USA sector is the small caps, which have lagged the large caps.  Large cap indices,  SPY and QQQ are short term extended so upside may be limited. Today is options expiration and potential SPX pinning levels are 4150 and 4100. Next week one  should expect an expansion of volatility with larger moves. Markets have been rotating and the premarket rotation appears to be into clean energy, gold miners, biotech, financials, commodities. FAANGMT have been driving the indices and TSLA in particular. Given the correlation with yields and bitcoin, TSLA is one to watch if trading large cap indices.

Stocks to Watch

Earnings AA beat; ALLY beat;  BK beat; EH miss; JBHT beat; KSU miss;  MS beat;  PNC beat; PPG beat; Indices ICLN GDX SLV GLD XBI XLB XLF XLE XME EEM IWM JETS EWZ XLV TLT Goldminers AG GFI CDE GOLD HL SBSW AU NEM WPM Movers GFN WIT RUN RSI BTG EH COIN AMC ALLY AFRM SPG  AMD GME CMCSA VLO SPWR CMG LLY NFLX TMO Bitcoin EBON BTBT RIOT MARA CAN SOS MSTR NCTY GBTC GROW R2K GFN LSCC TGTX PGNY UFS BE CWBR RUN AA APPS TEX CDE

Stock Idea; AMD

AMD is a potential day/swing trade idea which crossed above the 50sma Thursday. AMD has been attracting high call volume ahead of the earnings report April 27. Premarket high is 84.7. Expected move is to a high of $90 in the earnings week.  Suggest watching the QQQ and SMH for confirmation.