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Swing Trade Idea – November 16, 2020

Market View

In the premarket world markets are positive on the widely expected positive MRNA vaccine phase 3 preliminary data. Global indices are all positive with USA positive, Europe green, Hong Kong green, China green, Asia green. US dollar is flat and a non factor. Yield curve steeper is positive for equities and financial stocks.  USA equity markets are divided between the tech stocks with good earnings growth and strong balance sheets that are down and the ones with poor earnings and low revenue that are up.  DJIA and Russell2000 stocks are leading in the premarket but extended on expected news that is similar to previous PFE news so one should be wary of pullbacks.  FAANGMT are in the red, one can look for bounces in these stocks at some point today.

Premarket names:

MRNA Phase 3 results;  PFE BNTX down on MRNA results;  PANW earnings beat; JD rev miss; Travel& Leisure CCL DAL LYFT BA LYV EXPE ; Energy CLR BP COP ; EV&Alt Energy  LI SOLO KNDI FSR PLUG

Stock Idea; TPR

Tapestry is a luxury accessory company that owns the Coach and Kate Spade products. Earnings were better than expectations and TPR will benefit from the infamous reopening. Catalyst today is a JPM target raise to 35.  Up in premarket, ideally look for a premarket pullback to VWAP