Lucid Motors Confirms SPAC Merger With CCIV | Best Stock Picks Today 2-23-21

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Lucid Motors Confirms SPAC Merger With Churchill Capital Corp IV

Electric vehicle company Lucid Motors is going public in a SPAC merger with Churchill Capital Corp IV CCIV. The deal has been rumored since January.

The deal will value Lucid Motors at a transaction equity value of $11.75 billion based on the $10 share offering price. Churchill Capital Corp IV is contributing an existing $2.1 billion to the deal.

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TSLA NIO and XPEV broke lower and took out weekly support. TSLA broke below the 50sma. All bearish signs in need of fresh positive news. TSLA comes into 680 support this morning, a key level to see if buyers make a stand.

We've been calling for a short-term top in the stock market and it's here. Despite the selling we had a solid game plan yesterday - specifically WYNN TRIP and the energy stocks mentioned.

One of my top picks today is SCHW (Schwab). Clear bullish order flow and one of my favorite entries signals. Not to mention the relative strength when compared to yesterday's selling.

PLAY (Dave & Busters) broke to new highs but heads into strong resistance. I'm game planning for this stock over 45 with a target of 60.

DIS exploded and traded double it's normal daily range, so I'm looking for new day trades here.

HD Home Depot reported good earnings so I'm looking to be a buyer today if I see signs of order flow. After the close today SQ and INTO are scheduled to report.

Crypto pulled back the last two days (after Janet Yellen comments) and the stocks RIOT and MARA saw the same decline. I'm looking for BTC futures to hold 40K before I look for new entries.

And finally I have an alert set for BEKE at 73. I'll evaluate the new trade if price action gets back to that level.

Have a great day!
Pete

Pete Renzulli
 

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