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Swing Trade Idea – September 22, 2021

Market View

•Global markets are mixed with USA green, Europe green, Japan red, China green, Asia mixed

•Yield curve steeper with long yields higher.  Positive usually for financials

•US dollar slightly higher

•News: Fed policy statement 2pm EDT, taper and inflation key topic; Evergrande vague report of an agreement to avoid default; Germany growth forecast reduced

•Stocks: FDX earnings miss and lowered guidance citing supply chain disruptions and higher costs; ADBE beat and raise; SFIX beat and trading sharply higher due to high short interest; GIS beat. SFIX is a potential runner and ADBE & FDX are potential bounce trades

• S&P futures pulled back after the close and bounced at 9pm possibly on the China news and are currently consolidating into the open. SPY 436.5 is the overnight high and 432 the overnight low. Expecting choppy action ahead of the Fed with the potential of large moves post FOMC

•Cyclical stocks are currently leading, most oversold names and China didn’t collapse overnight

Stocks to watch: SOFI SFIX ADBE FDX LCID HOOD FCX BAC AMBA

Stocks to Watch

Earnings ADBE FDX GIS SFIX

Indices XLE KWEB XLF XME EWZ MSOS SLV XLB EEM /BTC TLT Yen GLD

S&P500 FCX OXY DVN MRO SLB NUE CCL XOM RF SPG IVZ C BAC  DIS FDX INCY ADBE BIIB UPS DXC UNH HUM

Movers SFIX SOFI DVAX TTE AMBA LCID BP GIS VALE ADBE FDX

WSB SOFI CLF NOK CCJ NIO HOOD AMC

Stock Idea; SOFI

SOFI is a fintech company which is popular with hedge fund call buyers. Catalyst today is a $25 upgrade following a $28 upgrade last week. Premarket high $15.98 can be used for a momentum trade or look for a pullback for a safer entry.