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Swing Trade Idea – August 25, 2021

Market View

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

•Yield curve steeper with long rates higher which is positive for cyclicals including financials

•US dollar is higher which is weighing on soft commodities and precious metals.

•News: German business climate survey fell; USA congress advanced a $3.5T social budget; USA durable goods report 10am EDT

•Highly shorted names were squeezed Tues and potential for more squeezes today. AMC leading the squeeze names

•USA indices are over bought technically after the recent bounce and some digestion is expected. S&P500 range into Sept OPEX currently forecast to be 4400 to 4500 with Jackson Hole later in the week the potential to cause a large move

Earnings movers:  DKS beat and special dividend. HIBB, ASO and BIGV sympathy movers

Stocks to Watch

Earnings DKS INTU TOL MDT JWN

Indices EWZ ICLN TAN XLF KWEB /BTC XPH GDX SLV JETS ARKK

S&P500 INTU F JNJ MDT CRM LUMN BAC FTNT MU BBY MRNA CPB NVDA LIN UAL PFE DAL AAL ENPH

Movers DKS LX OKTA AMC INTU ATEC VLDR VNET RCII COTY JNJ  MDT CRM JWN EH KC URBN SAM GOEV

WSB AMC SPCE BB PLUG SOFI GME RBLX NVDA NIO TLRY PLTR

Trade Idea – OKTA

OKTA is a security name which is a follow-up to the security stock idea from Tuesday. Security stocks started moving Tues with the large beat by PANW. Today’s catalyst is an upgrade and target raise to 310. Stock is extended so look for a pullback. Daily chart is prime for a daily breakout which can lead to higher prices