In spite of the heavy selling that came into the tech stocks last week Thursday and then Friday; the overall market uptrend remains very much intact. In fact, given that the indexes have been unable to sell off for than 2 days in a row since the start of this uptrend in March, I am long biased on the overall market heading into today.
MY BEST IDEA:
$MRNA:
After a big pop in mid-July and then low volume pullback to the 50-day sma; this leadership stock in the battle to develop a covid-19 vaccine is set to gap up today on news of receiving additional funding ($472M) from the U.S. government’s Biomedical Advanced Research and Development Authority (BARDA). The company is also set to begin phase 3 study of its mRNA-1273 vaccine. MRNA has already traded just about 10% of its average daily volume and will almost certainly be in play today. It has a solid float with 308.94M and ATR of $6.92. It has a daily pivot at $84.12. If it can break above this I'll be looking for a move back up to the all time high at $95.21.
BACK WATCHERS:
$SPCE:
Has picked up some nice momentum in July and looks set to continue trending higher after pulling back to and bouncing off of it's daily 9-ema on Friday. I like it long above $25 and will be looking for it to potentially get up to $27.55 today.
$JMIA:
Another recent momentum stock that looks set to resume up-trending after bouncing of its 9-ema on Friday. Like it long above its pre-market high and will be looking for it to potentially push back up to $10.80 today.
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