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HT Weekend Watchlist - GME's Dead "Kitty" Bounce, RDDT, CTNT Short squeeze

Humbled Trader's Weekly Stock Picks & Market Update

Author

Humbled Trader
May 19, 2024

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Data points provided by Stox.io Scanner. Captured AH 20:00pm ET Friday

RDDT $62.04

  • Stock gapped up on Friday on the news of new partnership with Open AI.

  • However the stock was unable to sustain the breakout and pulled back from highs with other tech names.

  • Stayin neutral on this name. Looking at whether the stock is able to base around KL $61s on the daily and consolidate for another move higher.

  • However, if stock breaks down KL $61 early next week, it’s got a gap to fill downside to $57s.

  • Position Disclosure: No Position

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Notable: high insider ownership% & low float

CTNT $10.8

  • Low float name with an impressive multi-day breakout after completing an offering priced at $0.62/share.

  • Judging from Friday’s price action, the stock had accumulated a decent amount of shorts, even though locates were not extremely ETB or cheap.

  • Looking for a potential first red day short… IF the stock forms a first red day (going g/r) early next week.

  • The stock is extremely low float, please trade with caution and proper risk management.

  • Position Disclosure: No Position

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Notable: 23.8% short interest. We just secured live short % for Stox.io. It will be up on the platform soon in the next 1-2 weeks.

GME $22.21

  • Voted “ the people’s stock of the year” for 2021 and 2024… just kidding. Of course everyone predicted Roaring Kitty’s tweet last Sunday night but me.

  • The stock has since then gone round trip from $19 to $80s now back to $20.

  • Staying cautiously bullish only IF the stock forms a first green day sometime next week. We could see it gap down even more back to $18-$19s first.

  • GME has a tendency to consolidate and finally rally up for a solid dead “kitty” bounce in the afternoon.

  • If midday consolidation forms and stock stays green, look for a potential technical bounce back to high $30- $40s.

  • Position Disclosure: No Position

🗞️ Market movers you might’ve missed:

- GameStop Corp ($GME) GameStop's stock price was overextended without significant fundamental catalysts.
- How we traded: Extended Daily Short

- SPDR S&P 500 ETF Trust ($SPY) The stock market saw a bullish pressure during the premarket following a positive CPI announcement.
- How we traded: Backside Long

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📣 $GME, $AMC & Meme Stocks: Just Getting Started or Losing Steam?

Thanks to a sudden surge of interest online, sparked by someone called The Roaring Kitty, meme stocks had a wild ride with trading volumes hitting highs not seen since 2021's craziness. Big names like $GME and $AMC shot up over 200% in value on Tuesday, dragging along other lesser-known meme stocks like $KOSS, $VFS, and $BB.

But the excitement didn’t last. These meme stocks dropped in the following days, reminding us that it's risky to jump into hype without a clear plan and understanding of the risks involved.

The huge price jumps might have tricked some people into buying out of fear of missing out, adding to the selling pressure. Also, keep an eye on the big investors betting against these stocks, as they played a big role in last year's wild ride.

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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.