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Swing Trade Ideas – April 24, 2020

Market View

Ahead of the open, the markets are mixed. US markets are up possiblly due to $484B of more aid or just random movement. Bonds are slightly up, USD flattish and commodities are mixed but oil is up. Expecting a range day but alert for breakouts either way. SPY key levels are 280 and 274. Above 280, 285 is a target. Below 272, there is the potential for larger drops. 

Premarket names:

INTC provided a weaker forecast and discontinuing stock purchases. It is down in the premarket and weighing down the semi sector. ZM is up on being added to the Nasdaq100. EW is up on an earnings beat. Travel and Leisure names like EXPE (upgrade), WYNN and MGM are up.  Gold (GOLD) and industrial miners ( RIO, BHP) are up in the premarket.

Stock Idea: INTC

INTC reported earnings that beat estimates but provided weaker guidance and discontinued their stock repurchase program. Cloud is now 50% of Intel revenue, which is a positive. INTC premarket has dropped to the bottom of the expected move and has made a 38.2 Fib retracement.  My expectation is that they will buy the dip and one could look for a reversal with price above VWAP. Alternate thesis is a short below premarket low of 55.3 with a tight stop with target 54ish.