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Swing Trade Idea – September 24, 2020

Market View

In the premarket the global indices are generally negative with USA mixed, Japan red, Europe red, China red and Asia red. USD is again slightly up resulting with weakness in Gold and most commodities with exception of oil which is mildly positive. The yield curve is slightly steeper which is giving a bid to financial stocks and small caps. Within the USA markets the Russell2000 is positive and outperforming and Nasdaq is negative and underperforming.  FAANGM stocks are still the compass for large cap direction. AAPL is weak in the premarket as are AMZN and FB, which is weighing on the Nasdaq100. Suggest watching the FAANGM stocks for signs as to whether they will continue to be sold or whether there will be an oversold bounce today.  S&P500 is at a volume by price support level.  Key levels to watch are the Monday lows  and the round number 3200 level. Wednesday the markets bounced at the open and then were sold off so one must be open to reversals.

Premarket names:

PENN secondary; BB earnings beat; ACN earnings miss; GS upgrade; BBBY upgrade;

Stock Idea; BB

Blackberry is up 10% after an earnings and revenue beat and positive comments from the CEO. Technically poised to breakout  above resistance with a target of 5.5 which is 5% higher.