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Swing Trade Idea – June 28, 2021

Market View

World markets are generally soft with USA mixed, Europe red, Japan red, Hong Kong red, China red and Asia mixed. Yield curve is flatter with long yields down which is negative for financials and positive for tech. US dollar higher is usually negative for commodities and equities, which are mixed today. News drivers: NTLA gene editing company reporting positive Phase 1 results; Europe Covid Delta strain delaying reopening; USA infrastructure deal; BA 777X pushed out by FAA to mid 2022 and DiDi Chinese ridesharing company IPOing to raise $4B and value company at $67B. USA markets are mixed with Nasdaq  green and Russell 2000 red,  a reversal from Friday. FAANGM stocks are positive and likely will support S&P500 with financials negative.  Strong sectors are genomic due to NTLA/REGN and semiconductors [NVDA run into split and MU due to earnings]. ETFs to trade the sectors: ARKG for genomic and SMH for semiconductors.  Meme stocks are still in play with SPCE, AMC, WISH, SNDL all attracting high volume and are candidates for a squeeze. Watch TSLA as it was squeezing last week but also has recall news, leading to potential for large moves in either direction.  Indices are extended so some softness would not be unexpected today. Look for movement 3:30 with SPY and QQQ Monday option expiration. 

Stocks to Watch

Earnings UXIN

Indices ARKG SMH ICLN IBB TLT QQQ XLV GDX XLE SLV IWM GLD XLF EEM

S&P500 NRG LIN NVDA IP VRTX ETSY VIAC MU NWL XLNX MSFT CRM PYPL FB CCL BA RCL APA PRGO BIIB MAR DVN OXY

Movers NTLA AVXL SPCE AMC NKTR REGN PSFE CLOV STEM CSIQ BBBY TOL OZON CAE EXEL GBT ORPH BB SY NKE C UAL TSLA

WSB SPCE SENS RIOT AMC CLOV BARK CLF SNDL NVDA NIO TRCH BB RBLX DLPN 

Stock Idea; MU

MU is a run into earnings name. Earnings June 30 AMC.

Premarket high 82.98 which can be used for a momentum trade or alternately look for a intraday pullback. Short term target 84 followed by 86.50 and 90.