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Swing Trade Idea – May 6, 2021

Market View

World markets are mixed with USA green, Europe mixed, Japan green, Hong Kong green, China red and Asia green. Yield curve is slightly flatter. US dollar is lower providing support to commodities. USA markets are flat is the premarket with a slight lead to small caps. S&P500 made a lower high in the overnight and has been pulling back in the premarket. SPY 415 is a key level to watch for bounces or breakdown. QQQ is similarly pulling back from the evening pop. QQQ 328 is a key level to watch. FANGM are leaking in the premarket and must be watched along with yields for market direction. Sectors are aligned for value/relation to outperform growth with momo growth lagging.  UE claims were slightly better than expected but market is waiting for the non-farm reports tomorrow. Whitehouse statement on waiving IP protection for Covid vaccines is weighing on PFE and others. PYPL is the big name up on earnings but several companies beating are down indicating sentiment is shifting.

Stocks to Watch

Earnings AG rev beat;  BKNG EPS miss; BLDR beat; CTSH beat; ETSY beat; GOGO beat; HEAR beat; IIPR beat; MIDD beat; MGA beat; MRNA EPS miss;  NCLH EPS beat; PENN beat; PYPL beat; QRVO beat; REGN EPS miss; SEAS beat; SLF EPS beat; TPR beat; TWLO beat; UBER EPS beat; VIAC beat; XRAY beat; ZNGA beat; ZTS beat;

Indices SLV GDX XLB IWM FBC EEM EWZ ICLN IPO IBUY XLE XLV

S&P500 PYPL VNT VIAC APA NRG FRT LIN DRI IRM TSLA  ETSY CAH NCLH PFE CTSH FAST MCK TPRR BDX FTI CCL

Movers EMKR RUN ZNGA PYPL HEAR AVID IBIO WW ATNX MELI HUBS MRO RKT ETSY TXG NVAX BNTX RDFN MRNA TWLO

Stock Idea; ASO

Academy Sports is a momentum stock to watch today. Outdoor sporting goods stores have been strong. ASO announced a share repurchase which boosted the stock. Fundamentals are attractive. Could consider for a swing/daytrade . Premarket high is 35. Could look for a pullback after the open that holds for a swing entry.