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Swing Trade Idea – August 03, 2020

Market View

Global markets are in the green at the start of August.  USA markets are led by tech with MSFT and large cap tech leading but other indices are strong. Yield curve is steeper which benefits financials and there are  signs of life in financials (BAC, JPM) in the premarket.  USD is up and may bounced today. This is a negative for commodities and emerging markets so watch those spaces.  Many smaller tech companies are reporting this week. Many started running last week and are advancing in the premarket. SPY  330 may be resistance and 320 support. Above 330 there may be a fast move up.

Premarket names:

MSFT tiktok rumours NIO more cars PTON DDOG LVGO CHGG ROKU earnings run
TSLA moves with SPCE which is reporting ETSY CHWY AMD continuation

Stock Idea; MSFT

MSFT is a laggard FANG since reporting earnings. The tiktok purchase which the USA govt wishes to ban has put  MSFT in play. MSFT is up in the premarket and I am thinking  long, especially if AAPL continues it’s run and QQQ is strong but mindful of a potential reversal.
213 and 216 are targets should MSFT continue to run