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Swing Trade Idea – July 15, 2020

Market View

Markets are positive with USA uber bullish, Europe positive and Asia positive. US market is favoring value over growth so DJIA, Russell over Nasdaq. Energy positive, yield curve steeper, USD lower all support higher markets.  The markets reacted to MRNA releasing the full phase 1 data for 45 people. Previously they had released data for 8 so it’s more data from the same trial.  Re-open names i.e. travel, hotels, restaurants are strong premarket as well as value names. The quarantine names such as ZM and NFLX are weaker. GS had positive earnings on higher trading revenue as did some other banks, boosting the financials.  SPY 323.41 high from June is a level to watch and 325 high gamma level.

Premarket names:

BDX  USA buying COVID test system; F bronco sold out #1 Robinhood stock; MRNA more data;  Re-opening names like AAL, DIS ;  GS and other banks; energy stocks like XOM CVX SLB

Stock Idea; F

F is a clear laggard stock that broke out yesterday and is up on news that the new Bronco is sold out.  F is the #1 favorite stock on Robinhood so may have some retail chasing. F is above volume by price resistance and one could look for short term resistance at 6.54, 6.86 and 7.7.
Thinking of F as a short term trade rather than an investment.