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HT Weekend Watchlist- Enter to win $20,000 cash prizes!

Humbled Trader's Weekly Stock Picks & Market Update

Author

Humbled Trader
August 25, 2024

Hi !

I’m participating in the Global X ETFs Biggest Winner ETF Trading Competition this September!

And you can join me as well for a chance to win over $20,000 in cash prizes!

This is a FREE ETF trading competition for traders living in Canada. All participants will receive a $100,000 simulated account to trade over 1000+ different Canadian ETF tickers.

🥇Why you should join:

  • The competition is FREE to sign up for all traders living in Canada

  • Up to $20,000 Cash Prizes to be won

  • Get a chance to trade a $100,000 simulated account

  • This is the perfect risk-free opportunity for new traders to gain live trading experience

  • And… you can compete with Shay the Humbled Trader

Who is Global X?

  • $30B+ Assets Under Management (AUM)

  • One of Canada’s First and Largest ETF Providers

  • Formerly known as Horizon ETFs

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Data points provided by Stox scanner

CAVA $122.4

  • Very bullish all time high breakout on this name.

  • Looking for more trend join opportunities for both day trading and swing trading.

  • Key level to watch is the $118.6s area from Friday. If this level consolidates and holds up next week we could see potential continuation to the upside.

  • Position Disclosure: No Position

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Data points provided by Stox scanner

ROKU $69.15

  • The stock gapped up and broke above a long-term key level on Friday.

  • Please note the overhead daily 200SMA, which may act as another key resistance ahead.

  • Leaning bullish on this name. If the stock can hold the $69.2 KL and close the daily gap, it has the potential to first test the $72 level around 200SMA.

  • Only IF the stock clears through that $72 key resistance then we could potentially see a multi-day rally on this name.

  • This is on watch for potential day trade and swing trade setups.

  • Position Disclosure: No position

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Notable short interest %

RDFN $11.08

  • This is a similar daily range breakout as ROKU. The stock made new 52 week highs on Friday after the Fed’s dovish comments.

  • Daily KL to watch is $10.8s. If the stock is able to consolidate and hold above said KL, we could see more upside to $12s.

  • However, if stock breaks down KL and sells off, it is no longer in play on the long side.

  • Position Disclosure: No Position

Data points provided by Stox scanner

GDC $5.45

  • The stock set in a first red day after a huge daily gap up and extension on Friday.

  • Leaning bearish on this name. Looking for a retest of $7 KL and fail to short sell the stock.

  • Please note this stock is risky to trade as it’s very good at trapping both longs and shorts.

  • If the stock reclaims over $7.5-$8’s area, it’s no longer a valid short.

  • Position Disclosure: No Position

🗞️ Market movers you might’ve missed:

- Peleton Interactive Inc. ($PTON) Peleton Interactive reported earnings and revenue beats.
- How we traded: Gap Up Reversal Long

- Sonder Holdings Inc. ($SOND) Marriott announces licensing agreement with Sonder Holdings
- How we traded: Former High-of-Day Long

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Trade alongside and engage in market discussions with like-minded traders, and learn from our team of experienced trading coaches.

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📣 Powell hints interest rate cuts

The major focus of the stock market this week was Federal Reserve Chair Jerome Powell‘s speech on Friday.

Powell indicated that with a careful adjustment in policy, the economy could return to 2% inflation while maintaining a strong labor market, suggesting likely interest rate cut. Financial markets reacted positively, with the S&P 500 rising over 1% and Treasury yields falling slightly. Powell emphasized that the Fed does not aim to cool the labor market further and will take aggressive steps to support economic stability, hinting at potential rate cuts.

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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.