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Swing Trade Ideas – December 17, 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 mixed.  US dollar is down substantially  which is positive for equities and commodities. Yield curve is flat so a non-factor.   Econ data to be reported today is unemployment claims and housing starts which may be market moving. USA markets are broadly positive with both small caps and large caps balanced. FAANGMT are all positive with AAPL outperforming and will be keys for the large cap indices along with financials which are also positive. Macro factors are configured for trend up but with S&P500 at a major resistance level after the usual overnight ramp should prepare for selling at the open.

Premarket names:

Bitcoin RIOT MARA MSTR SQ PYPL; Earnings ACN GIS RAD LEN; Upgrades CHWY ROKU RNG; Precious Metal Miners HL CDE GOLD;  Momo names FCAU JMIA; Semis MU AMD NVDA EV Alt Energy SOLO NIO HYLN NIO LI RIDE 

Stock Idea; Silver

Silver is strong with the breakdown in the US dollar. Call buying Wed was 5x puts as traders pile in. Options market is pricing in a 3.8% move into the Friday close.  Silver is above the 61.8 Fib retracement from the drop. 78.6 level is 24.4 and 25.5 is the pre-breakdown target level. Caution that US dollar is deeply oversold.