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Swing Trade Idea – August 24, 2020

Market View

Global markets are generally strong with all markets in the green. Oil is higher and USD is lower providing support to markets. Only negative is the yield curve which did not steepen. USA indices are uniformly up with Russell2k slightly stronger. The rational for the move could be the FDA fast tracking the use of a convalescent plasma as a treatment for Covid patients and a couple of hurricanes which can affect oil distribution.  It is post option expiration so higher volatility is expected. The reflation stocks such as banks, travel and leisure are all getting a bid today. Previous behaviour is they sell these names on the bounces.  Markets appear short term extended so be equally prepared for a pullback into the open or continuation but I am expecting a pullback

Premarket names:

AAPL TSLA NVDA FB PYPL strong premarket  FSLY DDOG hot tech stock CRM DG DLTR INTU WDAY preearnings run Gold miners AU SBSW  Chinese Names BABA JD BILI  Oil XOM Plasma ADMA DFFN GRFS KMDA LMNL SONN TTOO  CSLLY TAK

Stock Idea; FSLY

FSLY is an edge cloud computing company. Strong growth company that pulled back on earnings even with beating expectations.  Moved up from support Thurs, pulled back Fri and moving up today in premarket on an upgrade. 100 is a target  but look for a morning pullback.