.

Swing Trade Idea – June 24, 2020

Market View

World equity markets are broadly down with trade chatter being the latest meme adding to rising Covid cases in some USA states. USA indices are down in the premarket along with Europe and Asia. FANG stocks are doing alot of the US market levitation and some are extended which is a risk, should they correct.  In the premarket the Nasdaq is leading and Russell is lagging. Financials, travel and fundamentally weak companies are lagging. S&P500 touched the bottom of the recent consolidation range overnight and currently is bouncing.  One should be open to the market bouncing towards the top of the range or a breakdown below. SPY below 308 opens the potential for a break lower.

Premarket names:

DELL VMW Dell considering a spinoff of their ownership ; Airlines Casinos Gold Miners Cannabis names CRON ACB

Stock Idea: PTON

PTON is one of the few green stocks on the board. Price target raise to $70 today following a raise by Cowen yesterday. PTON is not in the indices so less sensitive to the larger market.. Has a pattern of rising in the morning and selling in the afternoon. PTON is a quarantine name that can possibly benefit from Covid continuation. Expensive stock and longs on a red day are risky. Would look for a pullback to VWAP or 20ema for a long. Ideally with market bouncing.