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HT Weekend Watchlist- 2024 Starts with an End to a Green Streak

Humbled Trader's Weekly Stock Picks & Market Update

Author

Humbled Trader
January 07, 2024

Hi Humbled Traders,

The market ended 2023 on a tear. However, the new year was not as smooth as most investors or traders wanted to see. The start of January marked the first negative week in S&P500 since late October, down about 1.55%. The Nasdaq fell by 3%, followed by the Russell small caps down about 4%.

The setback with small-cap stocks had been note-worthy. There were not many successful breakouts that held gains. Some notable movers such as MINM, SGD, OMGA all displayed similar long-tail candles. Keep this sentiment in mind as we move into next week. Hopefully, we see more action.

Below are some of the stocks we’re watching for next week.

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QS $8.70

  • One of the strongest movers this week, rallying up with other EV battery plays.

  • Looking to see if stock starts consolidating above 8.8 KL on the daily.

  • If bullish consolidation does occur, potential long on this for more upsides.

  • The stock hasn’t traded this much volume since peak 2021. Staying cautiously bullish but again this needs to hold above 8.8 KL.

  • Position Disclosure: No Position

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LBPH $25.20

  • This one definitely surprised most traders with how strong the breakout was on gap day with only phase 1 update news.

  • Looking to set an alert for a daily break of 25.9-26 KL.

  • Only looking to join the trend above KL. If it does break through successfully I think this can head to a lot more upside through all time highs.

  • Position Disclosure: No Position

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POL $7.50

  • Micro-float name that triggered a lot of shorts covering last week.

  • After spike day the stock had been failing that 8 daily KL.

  • Leaning cautiously short biased on this name. Looking for even more unwind if stock stays below KL.

  • Position Disclosure: No Position

🗞️ Market movers you might’ve missed:

- Safe & Green Development Corp. ($SGD) Safe and Green announces update on LOI for the acquisition of Xene platform.
- How we traded: FHOD Breakout Long.

- Dyne Therapeutics Inc. ($DYN) Dyne Therapeutics reports 'positive' initial data from ACHIEVE trial of DYNE-101.
- How we traded: Trend Join Long/Reversal Long.

- Coinbase Global Inc. & Marathon Digital Holdings Inc ($COIN & $MARA) Crypto-related stocks including Coinbase and Marathon Digital were over-extended in the last few weeks, anticipating potential pullbacks.
- How we traded: Extended Daily Short.

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📣 Bearish New Year? Tech Stocks Sold Off To Start 2024

The stock market witnessed a turbulent start as major tech stocks, including industry giants like Tesla and Apple, faced a significant sell-off. Despite Tesla reporting record Q4 deliveries that surpassed expectations, the stock stumbled due to mounting concerns over earnings. Simultaneously, Apple faced concerns over iPhone demand, intensifying the overall unease in the tech sector.

💡 Market Sentiment for Tech Sector: Short-term bearish. Investors found themselves navigating uncertain waters as the new year unfolded, with Nasdaq and tech growth leaders experiencing notable setbacks in the early chapters of 2024.

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Check out our latest video - Best Trading Tools (2024): Strategy Backtesting & Find Stocks to Trade For FREE!

Email Disclaimer:
The Watchlist Emails are NOT trade alerts to buy or sell. We are not financial advisers. The above information is for educational and entertainment purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. We are merely sharing our opinion with no guarantee of gains or losses on investments. You accept our Terms and Conditions.