.

Swing Trade Idea – June 8, 2021

Market View

World markets are mixed but improving in the premarket with USA green, Europe green, Japan green, Hong Kong red, China red and Asia mixed.  Yield curve is flatter which benefits the growth stocks at the expense of value. US dollar is higher which is usually a negative for some commodities and equity. US markets indices are being led by the Nasdaq with FAANGMT all positive. Strong sectors are ARKK, travel, semis and biotechs. Biotech may continue to run after the lift from the BIIB FDA decision. In the news was a 1hr internet blackout due to an issue with FSLY servers. FSLY is down as a result but it indicates the penetration of their technology. Bitcoin is lower on news that the FBI seized bitcoin paid to the Colonial Pipeline hacker by accessing the private key. Gamma squeeze / short squeeze names are continuing to run and attracting relatively more option dollars than larger stocks. High option flow names (WSB) have been making large moves so follow the money as long as this trend continues.

Stocks to Watch

Earnings ASO CHS COUP DADA HQY MOMO MRVL MTN NAV SFIX THO

Indices ARKK ARKW ICLN JETS QQQ IBB FANG XLY XBI SMH TAN ARKG HACK IWM /BTC SLV GDX XLE XLF GLD EEM XLP

S&P500 TSLA JCI GPS DAL LDOS LW NUE BA LUV AMAT TGT MU CCL ETSY NVDA KIM LLY AEE WBA OXY HPQ NLOK

Movers CLOV SFIX MCF BNGO CHS WKHS AMC JILL SNDL FCEL THO BB GME TLRY COUP GENI FSLY MT NVDA NOK TOT

WSB AMC AMZN ASO BB BIIB BNGO CLNE CLOV GME MVIS NOK PLTR SNDL SPCE TLRY WEN WKHS

Stock Idea; ASO

ASO is an outdoor and sports retailer which reported record sales and raised guidance substantially.  Short float is 14% which can lead to a larger than expected move.  Premarket high is 41.15 which can be used for a momo trade or alternatively look for a pullback to vwap for a long.

BIGFV and DKS are other retailers in the space.