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Swing Trade Idea – August 10, 2020

Market View

Global markets are positive ahead of the USA open. USA indices are positive led by small caps and DJIA. Europe, China and Japan are all in the green.  Energy is positive which is good for equities but the USD is higher and yields are higher, which is  negative.  The higher yields is usually positive for financials and hence the DJIA and small caps.  AAPL is strong premarket but the other FANG stocks are flat to weak, which makes DJIA a better play than the Nasdaq. 
Setup is for a positive leaning range day as long as the FANG stocks are not sold.

Premarket names:

CGC earnings beat; TWTR TikTok rumor;  HUYA positive earning; SPG AMZN real estate deal; NIO pre earnings run; GOLD earnings;  FSLY, DDOG, bounce; BRK earnings run and financials up; Casinos WYNN MLCO LVS

Stock Idea; NIO

NIO is an electric car company reporting Tues BMO. China stocks were down Fri on the elevated China-USA tension. Premarket volume is high and there is a potential for a pop into the earnings report. EV have been a hot sector. Must take out 13.90 to clear premarket highs.