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Swing Trade Idea – June 24, 2021

Market View

World markets are broadly green with all major indices green. Yield curve and US dollar are unchanged. Commodities are generally lower with weakness in oil, softs and metals. USA markets are led by the Nasdaq100 and Russell 2000 but all indices are positive.  Econ news today: USA UE claims & durable goods and final GDP before the market opens plus more Fed heads. After the close the bank stress test results will be released which are expected to be good and may allow banks to raise dividends and do buybacks. The USA indices are set-up for a trend day;  however they are at the top of the expected move for the week which may result in a range day. In news, LLY was granted fast track for their Alzheimer’s drug (not approval) and BIIB is down in reaction and SAVA is up in sympathy. Reinforces that the FDA is reducing the requirement for drugs which is positive for biotechs and drug companies. USA WH is proposing taxing foreign solar products which is negative for DQ, JKS and positive for SPWR, FSLR. Meme/WSB stocks continue to be in play with SNDL, CLOV, TLRY, TSLA, ARVL and RIOT leading premarket. Call volume in TSLA Wed was huge and TSLA is strong in the premarket. Possibly 700 is in the cards.  

Stocks to Watch

Earnings ACN CHPT DRI KBH RAD

Indices /BTC ARKK GDX SLV ARKQ EWZ ICLN ARKF KWEB IWM XLE XLY TAN IPO EEM QQQ SMH

S&P500 LLY ACN TSLA MGM APTV STX MU ETSY GE FTI NOV FDX PYPL HAL F BIIB PM WRB TROW RL DLTR

Movers TSEM LLY BBBY PLBY ACN ZEAL MGM TSLA CLOV MGM LEA RDS WKHS APTV TALO RAD BNL GSAT GSK

WSB SNDL RIOT TSLA CLOV TSLA ARVL TLRY SENS NOK NIO MVIS WKHS GEO CLF IVR  TRCH DLPN AMC OCGN

Stock Idea; SPWR

SPWR is a USA based solar company that will benefit from the USA taxing Chinese suppliers. SPWR is heavily shorted and has the potential for larger moves. Premarket high is 28.15 that can be used for a momentum trade or prefer a pull back after the open above 27.18.