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Swing Trade Idea – October 7, 2021

Market View

•Yield curve  steepening in premarket

•US dollar lower  which is positive  for equities and commodities

•News: USA UE claims premarket;  Current meme that USA debt ceiling will be short term suspended; Europe natgas prices dropped 49% on news Russia could increase supply on shipment through Nord Stream 2; Oil lower on reports that USA may release stock from the Strategic Reserve

•Stocks: LEVI earnings beat and forecast raise; TWTR selling MoPub biz to APP; AFRM squeezed on TGT news; NIO upgrade; China stocks in general

•Sectors: China, emerging markets, momo tech, heavily shorted names; Autos [GM F NIO LCID LI

•Indices: USA moved up steadily overnight led by the Nasdaq stocks. SPX 4400 is a major resistance level where the market will shift to positive gamma. SPX 4450 is the next resistance above. SPX support is 4365. SPX daily move expected to be 1.65%

•Stocks to watch: LEVI NIO FUTU RKLB BBIG ASAN TLRY

Stocks to Watch

Earnings HELE LEVI TLRY

Indices KWEB EEM ARKK SMH XLK QQQ TAN fang  EWZ ICLN ARKF JETS SPY TLT GLD

S&P500 NUE TER TWTR NVDA FCX  PYPL NXPI AMAT CCL LRCX AAL FTNT ETSY AMD ADBE BMY T CTXS OXY VZ GIS DRI

Movers AZPN APP TWTR CLNE HELE SDC  TAK CCL AMZN  NOK FB UNG BMY USO

WSB NIO ROOT CLNE NVDA WISH WKHS SPCE HOOD MVIS PLUG NET ANY

Stock Idea; ASAN

ASANA is a software company that operates a work management platform.  Stock has been consolidating while the indices have been weak. TRP target 2 112.43 on hourly chart.  CEO continues buying in size on dips.