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Swing Trade Ideas – March 25, 2021

Market View

World markets negative  with USA red, Europe red, Japan green, Hong Kong red, China red, and Asia red.  USA markets flipped negative at 7am and are looking a bit bearish into the open. Long yields are down slightly which is negative for small caps and financials. US dollar is up slightly, which is negative for equities and commodities. Oil is down 3% as it whips saws day to day. Econ data due pre-open is GDP and UE claims. Latest meme is USA govt discussing raising corporate taxes, which will impact earnings for companies and some more than others. Can add in European Covid lockdown memes and Suez canal blockage for a negative backdrop. End of month rebalancing may explain some of the action as funds rebalance equity and fixed income weightings.  USA markets are being led by the S&P500/DJIA as money shifts to safer large cap stocks and away from small caps and momentum stocks.  FAANGMT are negative, which weighs on the S&P500 and the Nasi. TSLA is leading to the downside and worth watching along with AAPL as indicator for index direction. All USA indices are in negative gamma which means selling can lead to market maker selling and potential for S&P500 to visit 3800. Indices are oversold so one should be prepared for bounces and equally prepared for selling of pops. Keep your head on a swivel.
Stocks to Watch

Earnings AMWL EPS miss; DRI beat; GRWG EPS miss; JEF beat; KBH Rev miss; MOMO beat; RH beat; ETFs XLV ARKn SLV XLE XBI IYZ  QQQ SPY DIA S&P500  DRI CSCO BIIB BMY UNP NUE GILD AMGN VIAC NKE OXY FCX ; WSB Names GME RIOT NIO TLRY SNDL TSLA RBLX NFT DLPN HOFV Bitcoin RIOT MARA NCTY SOS 

Stock Idea; BMY

BMY is moving up with some positive drug results. The stock is poised to breakout on the daily chart and may be a long idea with a weak market. Above 63.51, look for higher prices with 68 a target.