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Swing Trade Ideas – May 8, 2020

Market View:

Ahead of the USA  unemployment report, the world markets are strong after the usual run up in the evening futures. The set-up is good for a strong day with oil, currencies supporting. The market likes the news that China and USA were talking trade as well as continuing news about states opening up businesses. There seems to be little discussion about the virus mortality rate for the time being. If unemployment rate is less than expected there may be a surge up and otherwise no impact. The market is looking past depression level economic data at present. 

Premarket names: 

HLF UBER GH QRVO DBX all up on earnings. DIS on reports Shanghai park busy.  ROKU NET down on earnings, may be buy the dip candidates. Energy names OXY et al Travel and Leisure airlines, cruisers all getting a bid. DKNG continues to move quickly for fast traders.

Stock Idea: WORK

SLACK is a software company that sells cloud based software that enables companies to work collaboratively. Technically is breaking out above the 30 level with next resistance at 34-35. There was a large move Thurs and there may be a dip Fri morning that one could look to be bought.

There is high call open interest at the 30 level which can be support.

Short interest is 6% so above average but not super high