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Swing Trade Ideas – May 1, 2020

Market View

Markets are soft today either because AMZN and AAPL did not exceed expectations or the market was overbought or portfolios are being rebalanced from equity to fixed income, take your pick. All eyes will be on AMZN and AAPL. AMZN had a large revenue increase but poor earnings and Bezos is forecasting more spending. There are 4 AMZN upgrades that may inspire buyers. AAPL reported lower iphone sales but higher services and wearables. They are buying back $50B of stock and raising the dividend but have pulled guidance. AAPL has one upgrade and 1 downgrade. 280 is strong support for AAPL. SPX 2850 is a potential strong support level due to high gamma with 2800 the next level to watch.

Premarket names: 

GILD, CMCSA, AMZN, AAPL, WDC, TEAM, CLX SGEN earnings names

Stock Idea: SGEN

SGEN is a biotech company in the Cancer space. It reported earnings and beat on revenue and missed on earnings.  It has been one of the stronger stocks in the  market and biotech has been one of the stronger sectors but recently pulled back. Baker brothers are investors and are astute biotech investors. Guggenhiem upgraded and Wainwright raised targets today and SGEN is up in pre-market. 140 is short term resistance that one can lean against with 150 as a short term target. No resistance above 150. Of course biotechs are risky, especially with a down market.