Watch List June 2nd

Good Morning,

Another day and another gap up for the market despite continued civil unrest in the US. The major indices are all looking to give a moderate gap up, and the VIX is looking to give a moderate gap down. Overall the market looks very strong although there are some signs of potential topping action in certain sectors like the QQQ and the IBB. Overall the market remains strong, and it is showing a lot of resilience in the face of a lot of economic and geopolitical headwinds. In times like this it is important to recognize that the economy and the stock market are not one at the same, while also realizing that eventually the stock market will care about the headwinds if they continue. My plan is to continue to primarily look for long setups but to be a bit cautious with position size. Here is a list of names that I will be watching today:

UBER has had some unusual call sweep activity that could be related to the constant M&A rumors with GRUB. I like UBER on a soft or flat open for an entry around $36 to test recent highs around 36.50 and potentially break much higher

AZN is another name that saw some aggressive call sweeps yesterday, and this could be related to potential news on their Covid-19 vaccine candidate. I like this on a soft open and then move through 54.50 for a push up to recent highs around 57.50

FCX is a copper name that looks ready to make a push up towards its sma200. i like FCX on a soft open and red to green move for an eventual push up to 10 or higher

FCEL is in a very nice TTM Squeeze and this sector has been heating up the last few days with BLDP already breaking out. I like FCEL on a soft open and red to green move for an eventual push up to the high $2s

SDC is in a nice TTM Squeeze as it consolidates after an earnings related pullback that has held the sma20 perfectly. I like this on a soft open and red to green move for an eventual push back up towards vwap anchored to its ipo which is around the $10 level

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