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Swing Trade Idea – August 07, 2020

Market View

Global markets are weak ahead of the USA BLS jobs report. USA,  China,  Europe Japan are all in the red similar to Thursday. Oil lower and higher USD is negative for markets. USA markets are not significantly lower which may change after the jobs info is released but is looking like a  range day  as long as SPY is above 330. Major news is the looming USA govt stimulus and USA-China  govt chatter which is negative for Chinese ADRs such as TCEHY, BABA, JD et al. FAANGM stocks are slightly weak in the premarket, so need to be watched. Thursday the FAANGM were the major drivers.

Premarket names:

AAOI SAIL Z TMUS EDIT PENN DKNG FSLR up on earnings BIIB up on FDA chatter DDOG UBER AYX  FSLY DBX down on earnings RKT new IPO hot

Stock Idea; Z

Zillow offers online buying and selling of real estate. Stock is benefitting today from earnings beat and analyst upgrades.  Housing market is deemed to be positive in the USA. 20% short float can help boost the stock which is above Feb highs. Hourly chart shows AH highs of 81.97. Look for dips with broader market support for longs.