.

Swing Trade Idea – July 08, 2020

Market View

USA markets are up slightly after Tues late selling.  Europe is mixed but China has resumed the overbought climb with the China internet stocks very strong.  Yield curve and USD are relatively unchanged and commodities are mixed. IMO looks like a flattish open with the FAANGM stocks setting direction. FAANGM are currently  up in the premarket and will be looking to see which path they take from the open. No major earnings or economic data to provide a catalyst today.

Premarket names:

WMT launching a new service to compete with AMZN prime. Reported yesterday, not sure if official from WMT.  

Stock Idea; WMT

It was reported that WMT will launch a service for $98 per yeat to compete with AMZN prime. Huge reaction from the market yesterday and WMT up again in the premarket.  Did not see an official report. Market reaction as if  many will sign up for this and bring in membership revenue and sales to WMT. No idea if this is correct but WMT has prior resistance at 133 which is a target and if WMT is valued more like AMZN rather than a regular retailer, could go massively higher.  Look for pullbacks as there will be profit taking after Tues rise and premarket move.