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Swing Trade Idea – June 9, 2021

Market View

World markets are mixed with USA green, Europe red, Japan red, Hong Kong green, China green and Asia red. Yield curve is flatter which is weighing on financials and helping tech. US dollar lower is usually positive for equities. Commodities ex-oil are lower despite the lower US dollar. US indexes are being led by the Nasdaq and Russell 2000 with the premarket tilt leaning towards tech and small cap tech in particular. The gamma squeeze in shorted names is strong in the premarket with WISH CLNE CLOV SOFI and ROOT the latest to catch fire. S&P500 is above the 10d value region so statistically more likely to pullback with support at 420. The call wall at 425 will likely provide resistance.

Stocks to Watch

Earnings ABM AGX BF CASY CPB LMNR LOVE PATH

Indices /BTC TLT ARKK ICLN QQQ IBB FANG JETS IWM SMH SLV XME GDX XLF XLB EEM GLD

S&P500 FOXA CL KLAC MRK OXY APA VRTX MRO NVDA RMD DVN KMI CPB DISH CAG GIS PPL VFC KHC C K BAC NUE BIIB

Movers CLNE CLOV WKHS WEN CC ANF TLRY BNGO FOXA FCEL REGI PATH UNFI CPB AMC OPCH BB DISH MVIS RACE

WSB WISH CLNE CLOV ROOT GOEV WKHS UWMC RKT WEN SOFI RIOT TLRY AMC BB MVIS BBBY F NOK

Stock Idea; WISH

WISH is a mobile ecommerce company operating worldwide. It is today’s gamma squeeze name of the day.  Premarket high is 17.65 with stock pulling back in the premarket. One can look for a reversal off of VWAP for a long with the premarket high as target 1 and potentially higher levels above. Note that is a high risk trade so needs to be taken with care.