.

Swing Trade Ideas – February 4, 2021

Market View

In the premarket ahead of USA unemployment claims, world markets are mixed with USA green, Europe green, Japan red, Hong Kong red, China green, and Asia mixed. USA dollar is up, which is usually negative for equities and commodities. Yield curve is steeper which is positive for financials and negative for gold. USA indices are all positive with large cap tech outperforming. Positive PYPL and EBAY earnings are will provide a boost to the Nasdaq with collateral support to internet retail and cashless payment (e.g. SQ PINS SHOP IBUY). QCOM reported lower than expected revenue attributed to supply constraints. This is weighing on the stock and the sector.  USA indices are at the top of the expected move for the week so upside could be limited. Look to the FAANGMT to establish direction of the large caps. AAPL,  AMZN,  FB,  and BABA are large caps to watch today. 

Premarket names:

Earnings APPS EBAY PYPL PENN TPR APTV MET  QCOM QRVO APD CI ABB CTSH GRUB CMI CLX  ANGI Premarket leaders APPS BILI EBAY QS PYPL HUYA YY FUBO DKNG IQ FUTU DDD PSTG PENN TPR APTV BABA SQ;  China Internet CMCM YY MOMO BABA PDD BZUN WB BIDU 

Stock Idea; SHOP

SHOP has been consolidating since Dec and reporting earnings Feb17.  With EBAY,  PYPL and AMZN earnings strong thesis is SHOP can run into the earnings report. Daily breakout level is 1245. Expected move into Fri Feb 12 is +/-80.