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Swing Trade Ideas – February 5, 2021

Market View

In the premarket ahead of USA non-farm payrolls world markets are again green across the globe. US dollar slightly lower is positive for equity and commodities. Yield curve steeper is positive for financials and small caps. Oil and nat gas higher is positive for equities. US indices are being led by the small caps with the Nasdaq positive but lagging. USA indices are above the expected moves for the week hence extended. Statistically more likely to pullback; however potential for 2 standard deviation move exists if futures move above 2900. JNJ has submitted it’s vaccine to the FDA for early use authorization, boosting the stock. FAANGM stocks are at the top of the expected move and may hold back the large caps today.

Premarket names:

Earnings PINS BILL ATVI CAH GILD U PTON SNAP Premarket leaders PINS ATVI BILL SNE EL SBSW ZBH F TGTX Z TME PENN ;  JNJ EUA submission; MGNI buying SPOTX; 

Stock Idea; BILL

BILL provides cloud based software for back-office financial operations. BILL reported an earnings beat and has received target raise to $175.  Possible momentum trade. TRP target 2 is $156.1. Look for pullbacks for a long entry and look for index confirmation.