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Swing Trades Delivered – June 9, 2020

Market View

World markets are weak ahead of the USA open. Europe and Japan are weak but China is slightly positive.  All USA markets are red with the Nasdaq the strongest market and Russell the weakest.  Yield curve is flatter with longer term yield down, this is negative for financials and hence the Russell and to a lesser extent the DJIA and S&P500. Oil is weaker, which affects the Nasdaq the least. The USD is stronger, which is a negative for most commodities and foreign markets but gold is up, which is inversely correlated with yields.  The chasing of airlines, travel and fundamentally weak companies is taking a rest today and IMO the Nasdaq100 companies may outperform.

Premarket names:

Coup good earnings report, stock down after a long run. May be a buy the dip stock. M up biggly on positive comments, large short interest. Could run if the Robinhooders follow. Gold miners NEM GOLD KL etc bounce. CHWY run into earnings continuing.

Stock Idea: AMZN

AMZN broke out of consolidation and can benefit if portfolio managers switch back to the megacaps for safety.  Currently extended from the 20 ema on daily so extended for a longer term entry.  Intraday pullbacks can be used for an entry with a decision to hold depending on the market and stock. Premarket relative strength.