Swing Trade Idea – August 12, 2020
Market View
Global markets are positive ahead of the open with USA indices all strong, Europe positive and Japan and China green. USD is slightly negative, energy positive and yield curve is slightly steeper, all of which are positive for equities. In the premarket, the FAANGM stocks are strong as are the financials, which can lead to a trend up day. There is strength this morning across most sectors with the reopening trade strong e.g. airlines and financials but also the growth names e.g. semiconductors. 3400 is likely SPX resistance and 3350 support. Sellers were active in the afternoon Tues so keep your head on a swivel.
Premarket names:
TSLA stock split – who’s next; MRNA deal; Gold miners; XLE; semis AMD NVDA; Financials JPM BAC; airlines; casinos
Stock Idea; TSLA
TSLA announced a 5:1 stock split which has boosted the price in the premarket. The split led to AAPL going higher so potential for the same with TSLA. Look for the morning dip and pop in TSLA but aware that sellers that have been active for the last 3 days could return.
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