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Swing Trade Idea – May 3, 2021

Market View

World markets are mixed with USA green, Japan green, Europe green, Hong Kong red, China red and Asia red. Yield curve steeper is positive for financials and small caps. European econ data is considered good enough to boost the Euro and reduce the US dollar which is positive for commodities. US markets are up in the overnight session led by small caps with Nasdaq lagging. Markets are set-up in reflation/reopening mode with financials, small caps, energy, silver and Cannabis leading. FAANGM are positive but lagging with TSLA slightly down. FAANGM were trading sketchy Friday so important to watch if trading large cap indices. 10yr yield needs to be on the watchlist as higher yields tends to be positive for financials and negative for FAANGM. First day of the month means funds enter the markets on autopilot but since everyone knows this, keep your head on a swivel.

Stocks to Watch

Earnings AKTS beat; EL rev miss;  L

Indices MSOS SLV IWM GDX XLF XLE XLB XME GLD XBI DIA SPY SMH TLT HYG EEM IYZ AGG

S&P BKR FTI HAL RMD VLO NCLH APA NEM ALB MRO FCX CCL MOS BAC EL CLX TSLA DTE STZ WY

Movers OCGN MOGO WRAP MRNA FOLD CVNA BKR LI HAL VLO GME E ENBL VOD DKNG BRK THC

Bitcoin MARA RIO GBTC NCTY MSTR SOS BTBT CAN CLSK EBON

Cannabis TLRY HEXO CGC VFF APHA

Stock Idea; MSOS

MSOS is poised to breakout on the daily chart after a big move Friday.  MSOS is getting a bid in the premarket and would look for an opening pullback. One could consider a long above the premarket high 43.75