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Swing Trade Idea – October 22, 2020

Market View

In the premarket ahead of USA UE claims,  world markets are mixed with USA mixed, Europe green, Japan red, China green, Hong Kong green, Asia mixed. US dollar positive and yield curve flatter which is negative for markets. Oil is up which should be supportive. Commodities are down with the rising USD. US markets are being led by small caps which are positive while the large caps are slightly red. The market is waiting for the USA stimulus package, which is still indeterminate but expect news intraday to move markets. The USA presidential debate tonight will likely move futures tonight. Most large cap stocks are flat with no direction indicated. TSLA KO T are the notable large caps that are up premarket. FAANGM are flat to positive and need to be watched for general market direction. SPY 340 is the key level to hold for bulls.

Premarket names:

ALGN beat SDC sympathy;  KO beat; T beat; CMG beat; LVS beat WYNN MGM sympathy; TSLA beat; WHR beat; Homebuilders ITB

Stock Idea; LVS

Las Vegas Sands is up on better than expected earnings.  Macau is starting to open up again and LVS has the potential to recover in the longer term. Technically has broken recent resistance with 49.50 the next level and 52 a target above. MGM and WYNN other Macau names