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Swing Trade Idea – February 3, 2022

Market Setup 

Global markets are negative with USA red, Europe red, Japan red, Hong Kong closed, China closed, Asia red

Yields higher and curve steeper, positive for financials, negative for technology

US dollar higher, negative for commodities

News: Europe: PPI 2.9% ECB 830ET USA: UE claims 830ET ISM services PMI 10ET, Factory Orders10ET; BOE .25% rate rise

Stocks: FB first ever drop in DAU; SPOT weak guidance; TMUS beat; QCOM beat; HON miss supply chain;

Indices: USA indices are weaker with DJIA leading and Nasdaq lagging. Indices are back to important pivot levels where a bounce or breakdown is possible. Levels to watch: SPY 450 QQQ 360. Safe harbor today is healthcare and staples

Sectors: Leading: XLV XLP Lagging Social Media, faangmt, ARKK, semiconductors, bitcoin

Stocks to watch: TMUS HUM RRR CNC  FB AMZN TSLA SQ Spec Names: SNAP PINS LITE

Earnings BCE BDX BIIB CAH CG CHKP CI CMI COP CTSH DGX DXC EGHT EL FB HBI HOLX HON ICE ING LLY MET MPW MRK OHI PENN QCOM QRVO RL SPOT STLA SU TMUS

Indices $USD XLF XLP XLV DIA XME HYG SOCL ARKK faangmt FDN BLOK QQQ SMH IPO

S&P500 TMUS HUM UNH CTRA CNC BDX PEP CVS CMCSA MDLZ GILD BAC FB TWTR QRVO GPS DGX ETSY BIIB AMZN

Movers VSTO GME BDX FB SNAP LSPD SPOT PINS TWTR UNG ING QRVO FSLR AMZN BIIB HON TSLA DT OSTK PYPL SU

WSB GME SPOT RBLX HUT AFRM HOOD RIOT RIVN MVIS NIO SNDL DWAC NET

Trade Idea ARKK

ARKK is heavy in the stocks being sold today. Bear flag forming premarket with 69.82 the bottom of the flag. Potential move down to 64.7.  One could look for a bounce on the open that stalls to enter.