Swing Trade Idea – July 22, 2020
Market View
Global markets are weak premarket with USA mixed, and Asia & Europe red. Yield curve is flatter which is a negative for financials and hence Russell2000 the most. Oil is lower which is negative for equity. The USD is slightly weaker which is a positive in general. The twin meme today is increased USA-China tension and concerns regarding the Covid. The market is likely to be range bound while the USA markets wait for the MSFT and TSLA reports. Both stocks are positive in the premarket which is positive for the Nasdaq100. The semi sector is in play today as the market liked the reports from TXN and TER and the usual suspects like INTC and NVDA are up premarket. Gold and silver miners are still extremely hot
Premarket names:
PFE BNTX 600M dose deal with US gov; BYND new burger; BBY QTD sales +2.5%; SPOT agreement with Universal Music
Stock Idea; SNAP
SNAP reported earnings that beat expectations but growth prospects were below expectations. Today’s mention is because it’s in play and will be moving. SNAP will be either a good short or long. With long over 23.4 and short below 22.82. Would wait for open and use behaviour at VWAP to pick a direction i.e. bounce and pop or bounce and drop.
![](https://swingtradesdel.wpenginepowered.com/wp-content/uploads/2020/07/07-22-1024x500.png)