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Swing Trade Ideas – April 14, 2020

Market View

USA and world markets are up in the premarket and the yield curve has steepened. The USD is lower which is usually supportive to USA and foreign equities. The only negative is that oil and many commodities are lower, which has a deflationary feel.  China trade data is being considered positive. SPX 2800 is a key level to watch today. 

JNJ is higher on earnings beat and a dividend increase.  JPM and WFC missed EPS even with much lower targets. 

Stock Idea: ROKU

ROKU released updated user numbers and is estimating streaming hours increasing by 49%. Streaming related names are in demand with the current quarantine and with the performance by NFLX Monday, Roku can potentially run higher. There is volume by price resistance at 133 and in the premarket, price is in a VBP gap. This is a possible day trade suggestion, that needs to be traded with care as a fast mover.