EB Daily Market Report - Wednesday, August 19, 2020

I just wanted to send out a very quick DMR today.

We are closing in on our main quarterly event - "Top 10 Stocks" - as it will kick off at 5:30pm ET. Here's a link to the webinar room:

https://us02web.zoom.us/j/89181384361

Here's a very brief update on today's action and a couple potential breakouts occurring:

All of our major indices are higher as the S&P 500 hit a fresh new all-time high at 3399.54 before falling back slightly. Target (TGT) is all over the headlines as it absolutely crushed estimates and is higher today by nearly 12%. The dollar (UUP) is rallying after printing a positive divergence on Tuesday's close. That dollar rally is taking a toll on many commodities, including gold ($GOLD) and silver ($SILVER).

Below are two stocks looking to breakout today:

FCEL:

Volume is accelerating, so a confirmed breakout on the close would be bullish. A failed breakout, however, could lead to one more short-term drop.

TWTR:

In addition to an absolute breakout, TWTR really needs to break out on a relative basis vs. its internet peers and vs. the benchmark S&P 500. I'd like to see all 3 before I'd feel comfortable of an extended rally ahead.

Happy trading!

Tom