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Swing Trade Ideas – June 17, 2020

Market View

Equity markets are generally positive with USA, European and Japanese markets up.  Yield curve is slightly flatter, oil is down and the USD is slightly up, which are collectively negatives for the equity markets.  Could result in a range day for the USA markets. The FANG stocks are all strong in the premarket which provides positive support.  Semis, China names, small software names along with banks are all strong. Powell is continuing his testimony, which may move markets. Virus news from China has not been supportive and further negative virus related news may move markets. Volatility is elevated so expect wide moves today. 

Premarket names:

QCOM announced a new 5G chip; ORCL earnings, weak guidance; BYND upgrades; DKNG secondary; NCLH delaying cruise restart to Oct – affecting other travel names

Stock Idea; QCOM 

QCOM has been heating up with discussion of USA government adding 5G to the infrastructure plan. QCOM is announcing a new 5G chip and is the dominant non-Huawei 5G technology chipset provider. Close to resistance, needs to take out 92.20 to breakout. Worthy to consider for swings or longer term.