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Swing Trade Ideas – February 26, 2021

Market View

World markets are mixed with USA mixed, Europe red, Japan red, Hong Kong red, China red and Asia red.  US dollar has moved up which is negative for commodities and foreign stocks. Yield curve is flattening which is usually positive for large cap tech and negative for financials. In the premarket S&P500 and IWM are just below the lower limit of the weekly expected move and the QQQ is well below.  In the premarket there is a potential for a rotation into big cap tech, staples and healthcare and away from financials and small caps. Should this continue into the open, there will be outperformance today by the large cap Nasdaq stocks.  SPY has been bouncing overnight between 380 and 384.  SPY 380 is an important support level and 385 a pivot level that can lead to higher levels.  Today we will be watching the yields, FANG and the financials. If yields drop, look for FANG stocks higher and if FANG and financials are weak, lower levels are likely. 

Stocks to Watch

Earnings ABNB BLDR BYND CRM DKNG ETSY FL FSLR HPQ ONEM RKT QRTEA WDAY ETFs TLT QQQ XLV SPY PRNT SLV XLE KWEB ARKQ EEM ARKn GDX XLF IWM  Short Squeeze GME Bitcoin NCTY SOS RIOT EBON MSTR  S&P500 leaders ETSY TWTR NVDA MNST HPQ AMAT LB AMD NFLX  

Stock Idea; NVDA

NVDA had strong earnings and has moved down 15% from recent highs. NVDA is strong in the premarket and the market appears to be rotating into large cap tech.

547 is a trigger level for a potential move into value  and in the longer term towards the VPOC.  Look for opening pullback and validate with QQQ for a long