Your Trading Week Ahead – June 6th

Welcome to Your Trading Week Ahead for June 6th. Here’s what you need to know before you go…

Quick recap

It was a strong week across all the major indices. The S&P 500 closed Friday just under all-time highs at 4,229. The Dow closed the week higher by 0.66% at 34,756. Tech stocks jumped too, with the Nasdaq finishing at 13,814 — up 0.48% from the previous week.

The big news last week was renewed hype in meme stocks led by activist traders in the WallStreetBets community. They were able to muster big rallies in names like $AMC, $BB, $BBBY, and $WKHS.

After opening the shortened trading week at $31.89, $AMC traded as high as $72.62 on Wednesday before finishing the week just under $48 per share. A far cry from the highs, but still up an astonishing 50% from Tuesday.

What to watch this week

Meme stocks

Reddit’s WallStreetBets traders are at it again. We saw what they did earlier this year with $GME and other meme stocks. Now, their motivation has rekindled as they continue pressuring short sellers and squeezing some of the most heavily shorted stocks.

Keep a close eye on all the meme stocks this week. While many of them fell substantially from their recent highs, there’s no telling how the situation will continue to play out.

Earnings roundup

Most public companies have already reported quarterly data. But there’s still a few popular stocks set to report earnings this week.

Tomorrow, we’ll hear from apparel retailer Stitch Fix ($SFIX) after the bell. Then on Wednesday, GameStop ($GME) reports. It will be interesting to see if the event acts as a catalyst for the video game retailer or any of the other meme stocks. Finally, online pet retailer Chewy ($CHWY) completes our list of notable earnings releases when they report Thursday after the close.

Economic calendar

This week is set to be a relatively quiet one in terms of economic data. But there are a few reports on the calendar with the potential to move markets. Here’s some of the most important things to watch:

• Consumer credit (April) – Monday, June 7th at 3pm ET
• Core CPI (May) – Thursday, June 10th at 8:30am ET
• Initial and continuing jobless claims – Thursday, June 10th at 8:30am ET

Kevin O’Leary headlines this week’s Rebellion Roundtable

Join us tomorrow for a very special Market Rebellion Roundtable with none other than Mr. Wonderful himself – Kevin O’Leary.

The FREE live stream kicks off after the closing bell, 4pm ET. You won’t hear this exclusive conversation anywhere else. Click here or the image below to reserve your seat.

Interested in learning how you can use the power of unusual options activity to conquer the market? Click here to download our Insider’s Guide to Trading UOA.