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Swing Trade Idea – August 20, 2020

Date: Aug 20 2020

Market View

Global markets are slightly in the red following the USA market  Wed post-Fed minutes dip. Writing ahead of the unemployment report, USA markets are mixed and Europe, China and Japan are red. Oil is down, yields are flatter and USD is up – all of which are negative for equities. Flatter yield curve is worse for financials and hence IWM and DIA.  The USD is only slightly up but is pressuring precious metals, which are a crowded trade.  Tech is the leading USA sector in the premarket.  FAANGM are slightly positive with AAPL and FB the leading stocks.  As usual FAANGM direction will provide large cap market direction.  Earnings names:  NVDA beat but down premarket but many analyst upgrades so bounce may be in the cards;  BJ nice beat and discount stores strong;  BABA beat and up but China weak; SNPS, ADI beats in the semi sector; LB surprising beat.

Premarket names:

INTC accelerated $10B buyback; NVDA, BABA, SNPS, BJ, LB earnings;  ESTC, DAN upgrade GAN earnings after close deal with PENN

Stock Idea; GAN

GAN UK online gambling company is up premarket on a deal with PENN.  It is reporting after the close today and possible run into earnings.  GAN is popular with Robinhood traders as is PENN so retail support for a move today for a day trade.