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Swing Trade Ideas – December 7, 2020

Market View

In the premarket world markets are negative with USA red, Europe red, Japan red, Hong Kong red, China red, and Asia mixed. US dollar is higher in premarket which is negative for equities and commodities. Yield curve is flatter which is negative for financials and small caps. Current memes are rise in Covid cases, hope for stimulus package and perpetual Brexit negotiations. IMO markets were overbought last week and a pause was expected. SPX 3700 is a large resistance level and 3650 important support. Nasdaq stocks are leading today and tend to do well if long rates are lower. Reopening stocks are looking weaker with financials down and lower oil prices  cooling the energy sector.

Premarket names:

BA upgrade SPR upgrade; XPEV Capital raise; PFE BNTX MRNA AZN REGN Covid drug makers; CHWY earnings this week; Alt energy EV FCEL BLDP PLUG TSLA LI WKHS NIO RIDE XPEV; SPACs HCAC IPV TRNE IPOB SAMA BFT … Bitcoin GBTC MSTR

Stock Idea; CHWY

CHWY is an online pet supply company which also provides vet services. Earnings this week. Look for a run into earnings with target of 77.47 with TRP indicator. Would look for pull open for entry. Must hold bottom of consolidation at ~74.