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Swing Trade Idea – July 01, 2020

Market View

USA markets are negative in the premarket with small caps the weakest. European markets are weak and Asia is not helping. Yield curve is flatter and USD is higher which is also negative for markets. Oil  is strong which is a positive for markets. Chinese Caixan MFG PMI 51.2 was better than expected as were most European econ data so world econ data should be supportive. ADP jobs report will be released premarket and USA PMI and FOMC reports during market hours which will be market moving. USA markets surged Tuesday and this morning looks like profit taking.  Indices and FAANGM stocks are at or above the top of the expected move Tues so some consolidation or pullback is expected. Weakness premarket in FAANGM and semis which had good moves Tues. Worth watching whether dip buyers come into FAANGM stocks today on weakness.

Premarket names:

FDX very strong earnings; UPS up with FDX; BYND China deal

Stock Idea: BYND

BYND is in play today on news that they will be selling Beyond burgers in some Alibaba stores in China. It’s the first time that BYND products will be sold in Chinese supermarkets.  BYND price targets are 152 and 156.85. Potential long on a pullback or above 148.83. All time high is 165.31. Fundamentally expensive stock that is very volatile that is a good trading stock but a risky investment.