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Swing Trade Idea – August 9, 2021

Market View

World markets are mixed with USA mixed, Europe mixed, Japan closed, Hong Kong green, China green and Asia mixed. Yield curve slightly flatter supporting the tech stocks at the expense of financials. US dollar also slightly pulling back after the rise Friday post jobs report. News: Gold was slammed Sunday with a $4B gold contract sale; Oil down substantially on Covid concerns; China CPI/PPI above expectations (aka inflation); Goldman cut China growth based on Covid 19; China central bank plans to keep monetary policy flexible. USA markets are in the deflation set-up with Nasdaq stocks leading and Russell 2000 lagging. FAANGMT are flattish premarket with TSLA up on an upgrade Semiconductors are the new safety trade and getting a bid with QCOM. Large cap indices have pulled back Sunday and have been rising into the open. ES overnight low 4412.5 is a level to watch to the downside and 4424 potential resistance to the upside.

Stocks to Watch

Earnings BNTX ELAN DISH GOLD TSN TTD USFD

Indices /BTC KWEB ARKF ARKK EEM ICLN TLT FAANGMT QQQ XBI XLK XLE SLV GDX DBC GLD JETS IWM XLF XLB

S&P500 VTRS TSN TSLA BRK QCOM LUMN NVDA MNST LB MSFT MPC OKE FTI COP DLTR CVX IBM

Movers SAFM NVTA RBA USFD BNTX TSN EDIT TSLA BRK WKHS CVNA CZR FUBO ROKU ELAN KOS WYNN ONEM

WSB RIOT HOOD SENS SOFI TSLA PLTR WISH GSAT OCGN AMC SNDL BA GEO

Stock Idea; RIOT

Bitcoin is in play and Riot is a way to trade it should it continue. Premarket high us 37.64. Target 40 on a breakout higher.