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Swing Trade Ideas – December 16, 2020

Market View

In the premarket world markets are broadly positive with USA green, Europe green, Japan green, Hong Kong green, China green and Asia green.  US dollar is  negative which is very positive for equities and commodities.  Yield curve slightly steeper is positive for financials and small caps.  Small caps are leading and USA large caps are positive but not strong. FAANGM are slightly positive and TSLA is negative and as usual the FAANGMT will be key for ultimate large cap market direction. Financials are strong premarket and would suggest watching them today in advance of the afternoon Fed meeting. USA retail, PMI, housing and oil inventory data today followed by Fed meeting suggests keeping one’s head on a swivel. S&P500 is close to resistance and extended in the short term so primary thesis is lower but macro setup is positive so open minded. Expect cautious trading in front of Fed.

Premarket names:

TLRY/APHA Merger; RIOT MARA MSTR bitcoin; BIDU catching EV fever; TWTR upgrade and elevated option activity; EV alt energy HYLN FCEL KNDI NIO FSR PLUG BLDP SOLO WKHS;  SPACs HCCH LAZR RMG TRIT TRNE VLDR ;   Weed XXII HEXO CRON GRWG GNLN ACB VFF CGC; 

Stock Idea; TWTR

TWTR has broken out on weekly chart and today is benefiting from a JP Morgan upgrade with $65 target. High call volume with Hooders involved.  Look for pullback on open for safer long entry.