Nietzsche was claiming that ubermensch has no morale, obviously referring to the jewish religion. Read Cesare Lombroso and Gregory Klimov, who explain that ubermensch must have morale, otherwise it's a degenerate.
No, this is a misunderstanding of what Nietzsche was saying. Nietzsche was proposing the Übermensch as an antidote to Nihilism. Nihilism has no morale. The Übermensch have morals, they just aren't derived from the Gods they are derived from the survival of our race.
It is correct to say that the Nihilist is degenerate, because they have no purpose. The Übermensch has the greatest purpose of all, the prosperity of his people.
Nietzsche wasn't promoting Nihilism, he was presenting Nihilism as a problem to be solved by the Übermensch.
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