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Swing Trade Idea – June 30, 2021

Market View

World markets are generally soft with USA mixed, Europe red, Japan red, Hong Kong red, China red and Asia red. Yield curve is flatter which is negative for financials. US dollar is higher which is generally negative for commodities and foreign equities. News: USA ADP report exceeded expectations; Covid Delta concerns continue to weigh on UK and European stocks; and OPEC+ will be discussing supply plans which can move oil prices. USA large cap indices are flat and small caps are slightly negative.  Energy and bonds are the leading asset classes with emerging markets, solars and financials lagging. Today is quarterly options expiration and a large JPM position is rolled today, which can be a positive for the S&P500 right at the open. It is also  window dressing day so there is a tendency for leaders (Tech) to be bought and laggards to be sold (Financials). MEME stocks are still hot with SOFI and CLOV two to watch. AMD and MU are two semiconductor names, AMD with high call buying and MU with earnings after the close.

Stocks to Watch

Earnings BBBY BNED GIS MU STZ

Indices XLE TLT SLV JETS IBB GDX ICLN EEM TAN KWEB IWM SMH XLF ARKQ EWZ XLB XHB SPY FANG

S&P500 MAS LVS WYNN APA MU AMD OXY MRO FANG DVN FTI KMI PHM CAH VTR STT LIN GIS APD AIG BAC INTC PRGO

Movers BHTG HCM CVAC NTLA COHU MAS MU RDS WMT COP XOM STZ  MDB SPCE APP AUDC CDAY PHM OTEX GIS U

WSB TTCF SOFI CLOV PLUG AMD AMC NIO GE GOEV TRCH SPCE RIOT SES EKHS BB PLTR RKT RBLX WISH TSLA

Stock Idea; AMD

AMD has been squeezed with high option volume and may continue today. Tues it broke out to new highs on the daily. Premarket high is 90.69 which can be used for a momentum trade or alternatively look for an intraday pullback