.

Swing Trade Idea – September 14, 2020

Market View

In the premarket the global indices are generally up with USA, Japan and China positive and Europe negative.  USD is down, providing a catalyst for equities and commodities up. Oil is flat and yield curve is slightly steeper so no significant impact.  The market bounce appears to be technical with many key stocks at the daily 50sma.  News items: GILD buying IMMU; NVDA buying ARM from Softbank; TickTock potentially going to ORCL (but possibly not) WMT/MSFT losers;  PFE/BNTX discussing vaccine progress Tues;  AAPL product announcement Tues; TSLA battery day next week; ADBE & FDX earnings this week.  The setup into the close Friday was for a bounce and we are getting one. Would keep an eye on internals just in case they decide to sell the pops like they did last week.

Premarket names:

IMMU bought by GILD;  NVDA MU and semis; PFE/BNTX vaccine news; ORCL up on sketchy TikTock news – China is not allowing algo/source code so could be a short; TSLA run into battery day; GME upgrade and short squeeze; SPAQ, DPHC SPACs are hot; PENN, SNAP good looking momo names

Stock Idea; MU

MU is a memory semiconductor company that has been lagging the sector.  It is above the 20ema but below the 50sma and 200sma. MU is showing some sign of life and getting a boost from a $58 GS target raise today. MU is poised to breakout on the hourly chart. Look for a morning pullback for entry.  Short term target 50 if Nasdaq bounces and semis remain bid.