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Swing Trade Idea – August 04, 2020

Market View

Global markets are mixed with USA red, Europe red but China and Japan green.  Oil is lower, yield curve flatter, USD higher all which are usually negative for equity markets. Meme for markets pulling back are  China-USA tensions or Congress/Senate debate on stimulus bill or some regular profit taking (mine).  FAANGM are soft today which will cause large cap US indices to be weak.   Large cap markets will likely be range bound unless FAANGM are bought with 325 and 320 SPY support levels and 330 resistance. China names and companies reporting this week look good.

Premarket names:

Gaming TTWO EA ATVI  SNE Electric Cars NIO TSLA NKLA Solars SEDG ENPH Preearnings movers  ENPH NET BYND REGN LVGO DBX FSLY

Stock Idea; BYND

BYND is a day trade idea into the earnings print. Price is right at the hourly breakout level of 134.75. BYND is not listed in the major indices so can move independently..  We have seen large moves into earnings reports and BYND has the capability of large moves. Pure spec, not to hold through earnings.