June 4th premarket prep

Cypto Markets

BTC (along with most other cryptos) is resting here under declining moving averages and making high lows and lower highs. We are forming a triangle here and I personally will be staying out until I see something change.
A lot of repair needs to be done before I consider a long play here.
- Looks like we might have had a fake out over the downtrend line but need to see how it closes. The whole number of 40k is what I would watch if someone wanted to start to look to the long side.

Equty markets

SPY highs remain in untouched although the bottoming tail today shows there was some nice strength in the afternoon.

This is a chart of Value (think retail, finance, energy) vs Growth (think EV stocks, Weed and crypto).

We made new recent lows today showing us that its still worth our time looking at stocks that might be more boring in nature.

Stocks to watch

VIR has a 12 % short float and is holding well after its large sell off. I am watching the “bears live here bar”. I note these are the last time the bears where really able to push around the stock. Over that shorts are in trouble and might need to cover.

The reopening seems to be going smooth in the US so Madison square should be able to crank some of revenue. Holding over all the moving averages I watch I like the look of $MSGN

Now this one is our wild one for today with a 28% short float and being cut over in half with that latest hedge fund blow up. This is not for the faint of heart so size accordingly but I am watching over recent highs.

Watchlists

• VIR, POLA, MSGN, DISCA

my Thoughts

First crack of the meme stocks. I worry the moment a bubble cracks like this as if they are not able to take it back to all time highs it might be the moment it all falls down.

PREMARKET update

Markets not moving much in per market. Big jobs number in the morning might move things. Not much from the gap list intresting as well so today is a day to focus on swing trading for me.