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Swing Trade Idea – September 10, 2020

Market View

In the premarket the global indices are mixed with USA indices mixed, Europe red, Japan up, China red and Asia green. Oil is lower and yield curve slightly steeper, both which are slightly negative for equity. USD is lower, which is slightly positive.  ECB is reporting their intentions this morning which can impact the USD, something to watch. USA unemployment report will be released premarket and potentially can move markets. Markets seem quiet ahead of the ECB and US UE reports but leadership is in the tech stocks and principally AAPL and TSLA.  Tech was strong Wed and one should watch FAANGMT for direction. Pre-market it looks like large cap Nasdaq stocks are the ones to trade to the long side but watch for a reaction at the 20ema on the daily

Premarket names:

AAPL TSLA leading the Nasdaq;  RH good earnings; ZS good earnings but stock down look for bounce; PENN breakout and upgrade; DKNG GANN other gambling names; CHWY PTON ORCL run into earnings; QRVO increased forecast CRUS upgrade

Stock Idea; PENN

PENN is a gaming company with USA casinos and an online betting business. Stock is hot due to connection with Barstool sports and Davy Daytrader. Moving up today with Rosenblatt target of $80 today. Technically breaking out on the daily chart today. Look for pullback off the open for a long.  Rating: Speculative