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Swing Trade Idea – July 30, 2020

Market View

Global markets are in the red ahead of USA preliminary GDP and major earnings releases from AAPL GOOGL AMZN FB.  Yield curve is steeper, energy lower and USD higher, all which are negative for US equities.  European equities are negative on German GDP -10% vs -9%. USA GDP -32.9% is better than the -34.5%.  Premarket the FANG stocks are negative with positivity only with the positive earnings names. SPY 320 is a key level  to watch on the down side and 325 on the high side.  FANG stocks are the keys to the market action today and may get a bid into the earnings print but also could see some derisking so keep your head on a swivel.

Premarket names:

QCOM CTSH UPS WING PYPL CROX  HOLX LRCX

Stock Idea; WING

Wiingstop beat earnings with increased sales, opened 23 new stores , has improved margins due to lower chicken costs, and increased its dividend. It has received multiple target raises including one from GS.  Usual strategy is to look for a dip to the VWAP or 20ema for a long while monitoring the market for confirmation, Short float 10% can provide support to upside.
No upside resistance.