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Swing Trade Ideas – January 19, 2021

Market View

In the premarket world markets are generally strong with USA green; Europe red; Japan green; Hong Kong green; China red; and Asia green. US dollar is down which is positive for equities and commodities. Yield curve is steeper, supporting financials. Russell 2000 is leading in the USA but large caps are also strong. China GDP data is being seen as positive providing a boost to world markets. Covid cases rising in China and lockdowns in Europe are not a factor in todays trading. Yellen will be speaking today which could impact the US dollar and bond yields. Expectation is she will be uber dovish. S&P500 remains in the middle of a consolidation range, bouncing back from Friday’s dip. Key for markets continue to be the FAANGMT stocks which have been weak but are showing strength in the premarket. Leading industries in the premarket are EV/Alt energy, Genomics, China Internets, emerging markets, semiconductors.

Premarket names:

LITE buying COHR;  Earnings GS BAC HAL LOGI STT ; EV/Solar BLDP PLUG SPWR SEDG FCEL NIO ENPH RUN;  China FUTU TME BEKE BIDU NIO JD BABA DQ; WU deal with WMT; Bitcoin MARA MSTR GBTC RIOT BTBT OSTK SQ PYPL

Stock Idea; BMY

Pharma companies are starting to outperform. BMY is a particular name that is gaining strength with ARKK buying. BMY is at a potential breakout above 66.83. Other names to consider are TEVA JAZZ which are setting up.