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Swing Trade Ideas – February 3, 2021

Market View

In the premarket world markets are mixed USA indices mixed, Europe green, Hong Kong red, China green, emerging markets green. US dollar is slightly positive which is not positive for commodities. Yield curve continues to steepen which is positive for financials.  Oil is higher and back to March highs boosting energy stocks.  USA markets are led by large caps with Nasdaq leading, propelled by GOOGL and AMZN earnings. Russell 2000 is red and DJIA is flat so currently does not appear to be a broad based rally today. All USA indices are at the top of expected moves for the week which typically limits the upside barring a news catalyst.

Premarket names:

Earnings GOOGL CPRI AMCR DT LU AMZN CMG EA MTCH SPOT Acquistion JAZZ buying GWPH Cannabis GWPH ZYNE CRBP TLRY APHA ACB HEXO GRWG GNLN CGC  VFF

Premarket leaders SSL FUTU GOOGL CPRI AMCR WB DT API VOD LU BABA BEAM PLTR PINS ABBV STLD CGC DM DKNG SNAP SNOW LITE FUBO;  ARKG GOOGL BEAM AQB PACB NTLA CRSP VCYT FATE SURF PSTG

Stock Idea; SNOW

SNOW is a recent IPO and is in the cloud software space. SNOW has been attracting elevated call buying and is positive in the premarket. Snow is close to a breakout level of 309 with some resistance at 328 and a TRP target of 345. Look for pullback for entry and QQQ/CLOU strength to confirm.