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Swing Trade Idea – November 10, 2020

Market View

In the premarket the market turbulence continues with USA markets mixed, Japan red, Europe red, Hong Kong green, China red and Asia green. The USD is up slightly which is usually a negative. The yield curve is flatter with long rates lower, which is usually a negative for financials  and positive for precious metals. In the USA the large cap tech stocks continue to decline which is weighing on the Nasdaq and S&P500. The Russell2000, financials, energy i.e. laggard stocks are strong in stark contrast to the weakness in the Nasdaq. The open will be tricky as one must be prepared for trend to continue i.e. Russell, DJIA up and Nasdaq down but also for buyers to step into the Nasdaq or correlated selling if they sell across the board.

Premarket names:

COVID  PFE BNTX LLY MRNA Earnings BYND DHI BNTX ZI BYND NVAX IFF SPG Pharma GSK AZN JNJ Energy BP  RDS FANG   Travel CCL Fave PLUG  News  ULTA partnership with TGT  PTON deal with Beyonce  

Stock Idea; PLUG

PLUG Power is a pure momo name that is a fave of Robinhooders. Today’s catalysts are upgrades with a high price of $30. $21.89 is the Monday high which is a reference level