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Swing Trades Ideas – January 11, 2021

Market View

In the premarket world markets are pulling back from overbought levels. USA, Europe, Japan, China and Asia are all in the red. US dollar has finally  bounced, which is pressuring  commodities and equities. Yield curve continues to steepen which is otherwise good for financials which are pressured at overbought levels. 

USA large cap indices are outperforming small caps by declining less but watch the SPX 3800 level as failure can lead to 3750.  FAANGMT are weak as are financials, which pressures the market. TSLA is a key stock to watch due to its size and its extremely stretched price.  Recent momo names in bitcoin, alt energy, commodities are all correcting after parabolic runs.  Aside from individual names, look for biotech for strength with the JPM biotech conference this week. 

Premarket names:

BIDU EV partnership;  LLY Alzheimer drug results BIIB sharing the love; TSM earnings run; NIO new car; BA 737 crash; TWTR banning POTUS;  CRWD DDOG upgrades; TTM Indian Car builder; RIDE 100k orders 

Stock Idea; TTM

TATA motors is an Indian auto maker that owns UK based Jaguar and Rover. Friday it reported a 21% rise in Dec sales. Technically breaking out of a rising channel. Targets $14, $17 and $20