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Swing Trade Idea – July 09, 2020

Market View

USA markets are mixed in the premarket with Nasdaq strong and others flat to slightly down. Europe is mixed and Asia including China is positive. Yield curve is flat, oil is slightly down, and the USD is flat.  Unemployment report will be issued this morning, which may provide a catalyst for market direction. FAANGM and China names are again strong in the premarket and continuing to follow a parabolic path. Currently not seeing a bid in non-FAANGM or momo names so tech and China are the areas for short term trades with caveat that overbought.

Premarket names:

WBA BBBY down on earnings;  COST sales good; WMT continuation; CCL starting some cruises 

Stock Idea; FSLR

Solar stocks are strong and companies like RUN ENPH are doing well. FSLR is a larger name that made a strong move Wed and looking for continuation as long as the momentum continues.  Short term resistance at 60 with targets 62.50 and 66.50.  Look for pullback at open for entry with confirmation that the Nasdaq is strong for confirmation.