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Swing Trade Ideas – December 29, 2020

Market View

In the premarket world markets are positive with USA green, Europe green, Japan green, Hong Kong green, China red and Asia green. US dollar is below 90 providing a boost to equities and commodities and risking a breakdown. Yield curve is steeper which is helping financials. USA markets are  being led by the Nasdaq with AAPL the key stock. Yesterday breadth was poor with the recent leaders sold and AAPL, AMZN and the FAANGM gang levitiating the large cap markets. This morning AAPL is the key stock with financials and energy supporting. AAPL is at the top of the weekly expected move but there may be magnetic attraction to round number 140. Chinese stocks are bouncing on potential of BABA sorting out regulatory issues and potential trade opportunities today.  IWM is worth watching for a move down as it is extended and money may be rotating into FAANGM.

Premarket names:

AZN approval boost; AAPL strength; SPACs CURI VLDR GHIV IPOB SPCE;   BA 737max flying today; Bitcoin DPW GROW MARA GBTC; Genomic PACB EDIT CRSP; China BABA BIDU TCEHY PDD JD

Stock Idea; BABA

BABA has been slammed due to concerns that the Chinese government is taking anti-trust actions against BABA. News that a holding company can be created to hold ANT is leading to a bounce. Possible day/swing trade over premarket highs 230.96