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Swing Trade Idea – January 19, 2022

Market Setup 

Global markets are generally positive with USA green, Europe green, Japan red, Hong Kong green, China green, Asia mixed

Yields slightly lower and a flattening in the yield curve is providing relief to tech

US dollar down .23% is positive for equities and commodities

News: UK: relaxing Covid restrictions;  German 10yr yield above 0 – good for European banks

Stocks: SOFI bank holding company approval; Earnings: PLD, MS, PG, FAST, BAC, UNH, ASML

Indices: USA indices are in a bounce premarket. Tech and small caps are outperforming. Indices are negative gamma which leads to higher volatility and selling leading to selling.  Major SPX levels which act as support and resistance: 4600, 4575, 4550 and 4500.

Sectors: Leading: Brazil China Internet, Semiconductors Silver ARKK  Bitcoin Lagging: Homebuilders Stocks to watch: SLV LVS BAC FCX  Spec Names: SOFI DWAC SBSW BEKE

Earnings ALLY ASML BAC MS FAST PG UNH USB

Indices EWZ XOP SLV KWEB /btc XLF XLE GDX SMH EEM XRT ARKK LIT ITB

S&P500 MS BAC FCX FAST BBWI LVS MRO KLAC FANG APA C  AKAM EOG USB CSCO MRNA MTD DHI LEN LNT MKC PFE

Movers SOFI FREY BAC XM MS HEXO ASML FAST BHP DWAC LCID TNDM AKAM NTNX OPEN USB CSCO GSK TOL ALLY

WSB SOFI RIOT RKT DWAC NIO SPOT 

Trade Idea SLV

Silver broke out above the daily 50sma and will benefit if the US dollar continues to fall and market shifts to a risk on mode. Extended, would look for a pullback after the open that stays above 21.95