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Swing Trade Idea – August 28, 2020

Market View

Global markets are  mixed with USA green, Europe neutral, Japan Red and China mixed.  USA data this morning will be personal spending, PCE, Chicago PMI and UofM consumer sentiment which may move markets. USA markets are led by small caps and DJIA with strength in financials and reopening stocks. FAANGMT are positive, which supports markets but the Nasdaq is lagging. As usual one must watch the FAANGMT stocks for overall market direction. Earnings reports are generally supportive to markets with good reports from both retailers and tech.

Premarket names:

WDAY VEEV  beat BIG beat ABT Cramer plug ULTA beat and upgrades MRVL beat and upgrade GPS upgrade and raise BILL miss but target raise FSLY target raise WMT tiktok nonsense DELL beat and target raise NIO secondary offering Goldminers

Stock Idea: WDAY

WDAY is up on a revenue beat and analysts are chasing price with targets from 215-295. Expecting a sag at the open with a possible long off of vwap or the 20ema. WDAY is extended so not expecting a huge move. Watch QQQ and IGV for confirmation.