• Humbled Trader
  • Posts
  • HT Weekend Watchlist - GameStop, AMC & the ups and downs

HT Weekend Watchlist - GameStop, AMC & the ups and downs

Humbled Trader's Weekly Stock Picks & Market Update

Author

Humbled Trader
June 09, 2024

Hey traders!

It’s been a crazy week due to the return of GameStop… once again. A lot has happened in a few short days.

From a highly anticipated… but turned somewhat disappointing Roaring Kitty livestream, to a SECOND heavy offering issued by the company, there is a lot to unpack for the GME price action (as well as other meme stocks).

Don’t worry, the stock is on my top watch once again for next week. My game plan for it will be written below.

Quick reminder again, I’ll be attending the Blossom Investor Social tour this year at the below cities:

This is the perfect opportunity for you to meet other stock market investors & traders! The event will have hanging out, TONS of food and drinks, a panel discussion and Q&A, and much more...

Make sure to grab your tickets. I’d love to meet you there!

With that said, let’s dive into the top stocks I’m watching for next week.

‎

‎

GME $28.22

  • The company released Q1 earnings early on Friday, and filed to sell 75 million new shares. This is on top of the 45M that was sold back in May.

  • Unfortunately for GME bulls, no amount of “short squeeze” will outweigh the ATM selling pressure from the company diluting their shareholders. Please note the last offering of 45M shares tanked the stock down to $18.

  • Leaning bearish on this name early next week. Watch for any pops for short entries. SSR will also remain triggered making it difficult to enter short.

  • Key level on the daily is $28. If the stock remains under KL, it has downside back down to $20 and possibly even lower to teens.

  • Position Disclosure: No Position

‎ 

AMC $4.91

  • AMC is part of the meme stock movement. Unfortunately, this stock has more bearish fundamentals than GME. With their AMC Preferred Equity units, the company has very easy access to raise more money and dilute shareholders.

  • Leaning bearish on this name. Note the stock did not rally much at all during June’s GME hype. This is noteworthy… there is just too many bagholders and selling pressure.

  • KL for the stock is $5, under that the stock has more downside to low $4s and potentially below.

  • For more details about my thesis and strategy on these meme stock plays, feel free to check out my recent YT videos.

  • Position Disclosure: I hold an existing $5.60 AMC swing short position

‎‎

CRWD $367.88

  • Stock rallied afterhours on Friday after an impressive beat on EPS, Revs and guidance.

  • Previous all time high level is $360. Leaning long biased on the name. If the stock can remain above $360 KL.

  • If early next week the stock is able to trend above KL, this would be a good candidate for day trade longs, as well as swing trade.

  • Position Disclosure: No Position

🗞️ Market movers you might’ve missed:

- Evercore Inc ($CVNA) Evercore ISI - growing used car industry statements.
- How we traded: Backside Long

- Microbot Medical Inc ($MBOT) Microbot Medical gets FDA approval for human clinical trial of Liberty system
- How we traded: Former High of Day Long

‎

Ready to Elevate Your Trading in 2024?
Check out the Humbled Trader community!

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

  • NEW Options Course: A comprehensive course on Options Trading.

  • Humbled Trader Academy: Access exclusive educational resources on all things day trading, curated by Humbled Trader herself.

  • Premarket Planning Sessions: Plan your strategies effectively with daily premarket planning sessions.

  • Weekly Webinars: Stay informed and gain insights from expert-led weekly webinars and Q&A sessions.

  • Strategy Focus Chatrooms: Connect with our dynamic community in real-time for valuable insights and guidance… and more!

Your success story could be featured in one of our next “Top Trades of the Week” showcases! Learn more about our community and what we offer by clicking the button below.

‎

📣 NVDA 10-for-1 Forward Split Is Happening: What’s Next

NVIDIA Corporation is implementing a 10-for-1 stock split, effective after market close on Friday. While NVIDIA’s market value will remain unchanged, the stock may be volatile, and options will be impacted.

This is NVIDIA’s largest split, following previous splits in 2021 (4-for-1), 2007 (3-for-2), 2006 (2-for-1), 2001 (2-for-1), and 2000 (2-for-1).

🔍 Bullish or Bearish?

Historically, NVIDIA’s stock splits have resulted in minimal immediate returns, with small gains in the first month and mixed performance after one year. Despite short-term fluctuations post-split, NVIDIA remains a strong long-term investment.

‎

We will be sending out FREE mid-day stock scans via Stox.io newsletters. The newsletter is free to sign up. You will receive Discord access, free video lessons, new feature releases, promos & more!

‎

Check out our latest video!

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.