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Swing Trade Idea – October 27, 2020

Market View

In the premarket global markets are mixed with USA green, Europe red, China red, Japan red, Hong Kong red and Asia mixed.  US dollar has been weakening through the morning, which can provide support to markets. Yield curve is unchanged and currently not a factor.  USA markets are being led by the Nasdaq, with the FAANGM stocks strong ahead of earnings reports.  Earnings reports were generally good which is supportive for markets.  The growth in Covid cases and lack of USA stimulus has dampened the market’s mojo. Given the weakness internationally, would expect a subdued, range bound market today.  Looking for SPY to move towards 343-345 if 339 can hold. Below 339 brings Monday’s low into play. FAANGM stocks are the ones to watch with possibility of a run into the earnings print. FAANGM weakness can signal a lower market

Premarket names:

AMD earnings beat and XLNX acq;  LVS selling LV properties; AIG new CEO selling biz;  IVZ, GLW, MRK, HOG, AUDC earnings; TWTR pre earnings; CHGG, LLY earnings

Stock Idea; CSRR

CRSR is a recent IPO in the computer peripheral space that supports gamers. Strong performance since the IPO. Technically breaking out on the hourly chart.