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Swing Trade Idea – February 09, 2022

Market Setup 

•Global markets are all strongly higher

•Yields fell overnight and bonds started rising 1800ET.  Falling yields  has launched equities higher, especially tech names. Note yields are rising since 430ET and a reversal upward in yields will be negative for tech

•US dollar lower positive for equities and commodities

•Stocks: CMG beat; ENPH beat; CCJ beat; DOCS beat; LYFT miss; CVS beat; PAYC beat;

•Indices: USA indices have ramped up overnight with Nasi leading with yields falling overnight. Indices are overbought in the premarket which increases odds for a pullback on the open but should be prepared for short covering pop.  SPX resistance 4600 support 4534 4475

•Sectors: Leading: solar spec tech semiconductors Lagging gold

•Stocks to watch: ENPH CMG PAYC TAN CVS Spec Names: SHOP

Movers

Earnings APPS CCJ CERN CME CVS DOCS ENPH GFS GSK IIVI LYFT NCR NEWR OMC

Indices TAN ICLN ARKK SMH XLK QQQ JETS IPO faangmt XLY XBI GLD

S&P500 ENPH SEDG PAYC CMG PENN NVDA F TSLA AMD AMAT CVS INCY FMC MAS XOM SYF LLY HAL

Movers ENPH ECOL PAYC PFGC CMG CHEF OMC CCJ SHOP PENN MP AVYA LYFT CVS IIVI MAS GSK MAS XOM

WSB SNDL CCJ MVIS NIO AFRM TLRY HUT NVDA PLUG NET SOFI SENS CRSR

Trade Idea UBER

UBER reports earnings Feb 9 after the close.  This is a day trade idea on a risk-off day. Very high call buying with 40 and 41 targets on a break over 39.