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Swing Trade Idea – August 13, 2020

Market View

Global markets are mixed ahead of the USA jobs report. USA markets are mixed with the Nasdaq green and the remainder slightly red. Europe and China are red and Japan is green which is not supportive for a strong open. Oil and bonds are flat not providing an indication but USD is lower which is positive for markets.  The next wave of USA stimulus is still being negotiated and with few earnings, there is a lack of a catalyst for a move premarket. AAPL and TSLA are strong premarket giving the edge to the Nasdaq. It looks like range day ahead of the unemployment report with SPY range 330-340 with Nasdaq leading

Premarket names:

TSLA continuation CSCO poor forecast RVLV ONEM YY good earnings PENN KEYS upgrades

Stock Idea; PENN

PENN is USA based gaming company and is benefiting from a reopening of USA gambling. Catalyst today is an upgrade by GS with a target of 60 following a move Wed on news that Big12 will be playing college football. . PENN is #83 on the Robinhood tracker so has retail support Stock is at ATH.  Premarket high is 52.85. Can look for pullbacks to trade back to premarket high or trade a breakout above the premarket high.