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Swing Trade Idea – October 01, 2020

Market View

In the premarket world markets are positive with USA , Europe, Japan, China and Asia markets all in the green. USD is lower and yield curve is steeper, both which are positive for markets. Oil is lower, which is the only negative.  European economic data was positive and meme seems to have shifted to further stimulus being passed by USA government.  There will be a lot of USA economic data today: UE claims, mfg PMI, ISM PMI and personal spending which can move markets.  Overnight,  USA markets have bounced to the weekly expected move high, which can act as resistance. Nasdaq is the leading USA index in the premarket with FAANGMT strong but all indices are broadly up.  One should be prepared for volatility associated with the stimulus bill.  Wed markets moved down sharply on negative news.

Premarket names:

PEP BBBY CAG STZ earnings beat;  DKNG football deal; PENN upgrade;  TSLA NIO EV strong; SAIL upgrade and added to S&P midcap; AMZN BABA target raises;  DDOG large move Wed; Semis & Solars strong; 

Stock Idea; SAIL

SailPoint Technologies Holdings, Inc. designs, develops, and markets identity governance software solutions in the United States, Europe, the Middle East, Africa, and internationally. Catalyst is addition to S&P midcap index and target raise to $50. Look for pullback for entry.