.

Swing Trade Idea – August 23, 2021

Market View

••Global markets are green with bounces in most markets

•IWM is leading USA index and QQQ lagging. Market shifted to value aka beaten down stocks

•US dollar lower and yield curve steeper positive for cyclicals and commodities

•China had no new Covid cases for first time in August positive for commodity traders

•FDA is expected to give full approval to PFE/BNTX vaccine after Millions of dosages given. Stocks higher premarket. Sell the news?

•Earnings names: JD trading slightly higher

•News: Euro PMI services & mfg ok;  Cali court blocked exemption for Gig companies for drivers – Uber, Lyft trading lower; GM recalling Volts

•SPX gamma lower which increases implied move to 1.1%. ES resistance at 4486 and 4509 and support at 4425 and 4400. Call wall at 4500/450 should hold back S&P into Friday.  Volatility should tick higher below 4425 

Stocks to Watch

Earnings JD

Indices /BTC GBTC DBC XLE SLV GDX KWEB JETS XBI XME ARKK TAN EWZ TLT

S&P500 XLNX MXIM OXY APA PFE FANG MRO DVN ALB EOG MRNA FCX DAL LVS  GM PRU TJX JNJ GILD

Movers BNTX FINV CLR HOOD DY PFE SKLZ AMC PDD GPS

WSB RIOT HOOD AMC SOFI DNUT CLF SENS 

FCX is a copper producer that is popular with option traders. If they continue to buy commodities today, FCX has the potential to move higher. Volume by price gap to 37.50. Premarket 32.80 and overbought so look for pullback that holds.  Watch TNX and USD in parallel as higher yields and lower dollar are positive for FCX