China Coronavirus Crushes Stock Market Futures 1-27-20
Global stock markets roiled as China’s coronavirus spreads
The death toll rose to 80 as of the end of Sunday, according to Chinese officials, with more than 2,700 people now infected. Dow futures indicated a plunge of almost 400 points at the open on Wall Street.
The flight from risk comes amid concerns about a possible economic fallout from the virus, with experts recalling the impact of the SARS crisis in 2003. At a press conference on Sunday, China’s top health official said the virus’s transmission ability is strengthening.
How to Trade JPMorgan Stock Following Its Earnings Beat
JPMorgan Chase & Co. (JPM) is the largest of the four “too big to fail” money center banks and is the only major bank in the Dow Jones Industrial Average. The financial giant reported earnings before the opening bell on Jan. 14 and beat analysts' estimates.
The stock set its all-time intraday high as 2020 began, trading as high as $141.10 on Jan. 2. Banks were expected to be top performers in 2020, but I disagreed with this notion.
SWKS Skyworks Solutions Inc 1-27-20
With the stock market ready to plunge on the coronavirus outbreak we are setting up a new trade that requires agile action.
Depending on the severity and follow-through of today's expected lower open I am looking to initiate a new long (buy) in SWKS Skyworks Solutions Inc.
My limit order for half of my expected position comes in at $117.50. If the selling remains strong I'm looking to add my second piece to the trade at the perfect trend line support of $115.
Since this would represent a deep decline and break minor support, I plan to exit the entire trade on a close below $114. No reason to hold a trade not working.
The reward potential of the trade is solid. Because of the deeper decline the distance to the profit target has expended so the potential profits justify the risk.
Have a great day.
Pete.
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