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HT Weekend Watchlist - SMCI Exhaustion, BTC Breaks 50K and more

Humbled Trader's Weekly Stock Picks & Market Update

Author

Humbled Trader
February 19, 2024

Hi Humbled Traders,

Another exciting week for the market. Despite hotter-than-expected CPI and PPI reads, the market held on to recent gains well. Looks like investors are still holding on to the hope that inflation will continue to go the market's way and that the Fed will start cutting rates soon.

SMCI was probably the biggest mover this week. After a parabolic breakout move as mentioned last week, the stock finally peaked at around $1070s on Friday at the open and sold off sharply to $802 by the end of the day. This extension move is probably not over yet.

On top of that, NVDA will be releasing Q4 earnings next Wednesday. Its results could move other sector names. We’ll be watching them closely next week.

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SMCI $803

  • Stock retraced more than 20% intraday on Friday. SSR also triggered on the name.

  • If we gap down even more premarket on Tuesday and open weak, we could test the $760 daily support area.

  • If that level holds up we could potentially see a dead cat bounce back to $880s and possibly more.

  • However, if the stock gaps up to test the $920s area, we could see a small pop and fade to see even lower.

  • Position Disclosure: No Position

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HOLO $66.36

  • Extremely thin float China name breaking out again.

  • Staying cautiously neutral on this name. It’s only viable for longing IF it continues holding the $61 KL throughout the day on Tuesday.

  • Watching for potential consolidation long setup. Under $55 the stock is no longer in play.

  • Position Disclosure: No Position

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HKIT $3.55

  • This should be a sympathy stock to HOLO.

  • Leaning neutral on this. $4 KL is key for HKIT. If that breaks out we could see more upside to $5 and $6.

  • This stock also trades thin so please make sure to observe HOLO as the leader. As always, respect risk management.

  • Position Disclosure: No Position

🗞️ Market movers you might’ve missed:

- Super Micro Computer Inc. ($SMCI) Super Micro Computer’s stock price broke $1000 and hit a massive bearish reversal with high trading volume.
- How we traded: Extended Daily Short.

- Beamr Imaging Ltd ($BMR) Beamr Imaging skyrocketed after entering into an agreement with Nvidia to accelerate the adoption of its AV1 technology.
- How we traded: Former High of Day Long.

- Tesla Inc. ($TSLA) US offers $135 million in advance electric vehicle tax rebate.
- How we traded: Backside Long.

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📣 SMCI: Another AI Stock That Went To The Moon

Super Micro Computer (NASDAQ: SMCI) has experienced a staggering 950% surge in its shares over the past year, with a recent tripling in value within the last month. The massive growth is largely driven by analysts rating upgrades and the demand for chips to power AI applications.

While early buyers have made significant gains over the past few months, $SMCI experienced a significant bearish reversal in heavy trading volume after breaking the $1000 mark and hitting an all-time high on Friday morning.

💡 Market Sentiment: Short-Term Bearish. The sudden shift in direction may lead to further profit taking and short-term selling pressure on the stock price.

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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.