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The ASX200 is tipped to see heavy selling today, with the futures suggesting a 3% fall at the open.

The second COVID-19 wave hit with the first US states to reopen from lockdown reporting a surge in hospitalisations including Texas, Florida and Arizona.

Local trading ideas:

• Investors have been lining up to buy two Aussie short ASX ETFs before the open, (ASX:BEAR) and (ASX:BBOZ).
• Car dealership company A.P Eagers (ASX:APE) was upgraded again by Bell Potter with new vehicle sales in June expected to rise to the same levels as last year, given Aussies are less likely to jump on public transport and are more inclined to drive to work to.
• UBS increased its target for Qantas to $5.50 with domestic capacity to return to about half of pre-COVID flight levels by the end of next month.
• Testing laboratory business HRL (ASX:HRL) is growing its suite of services and released stronger than expected earnings guidance levels for FY20. Bell Potter maintained it as a buy and increased its price target, expecting 43% capital growth.

Investors will be watching the US futures, the iron ore majors and cyclicals like Energy, Real Estate and Financials.