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HT Weekend Watchlist- Stocks Surging on 2024 Fed Pivot! (Dec 17, 2023)

Humbled Trader's Weekly Stock Picks & Market Update

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Humbled Trader
December 17, 2023

Hello Humbled Traders!

On Wednesday last week, FOMC officially confirmed that they are looking at potential three 0.25% rate cuts in 2024. This pivot sparked a widespread rally in US Stocks, especially those in rate-sensitive sectors. This primes the environment for even more small-cap breakouts, which we’ve seen with stocks like CCCC, STTK.

Should be an exciting week ahead! Below are some of the stocks we’re watching for next week.

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ALT $7.67

  • Small cap stock waking up and reclaiming last week’s breakout areas with decent volume.

  • I was more short-biased last weekend but the strong close this week changed my bias. If key level holds this can open up some room to upside.

  • Watch for how it reacts to 6.9-7 area next week. If it starts consolidating on the daily we could see a test of 9s or even 10+ to fill the gap on the daily chart.

  • Position Disclosure: No Position

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VRCA $6.09

  • Big daily breakout with high volume.

  • Look for potential continuation next week if that 5.6s key area holds up.

  • The catalyst could have legs, especially now when a lot of small caps are rallying for at least 2 days.

  • Position Disclosure: No Position

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CDIO $2.34

  • Former runner that started this rally from 1.8 to 2.3 afterhours on Friday.

  • Potentially a sympathy of CCCC, which also came from only one dollar recently. But keep in mind there was no valid news on CDIO.

  • Leaning neutral on this until seeing the volume on Monday. Key level to watch is around 2 from recent daily level.

  • Position Disclosure: No Position

🗞️ Market movers you might’ve missed:

- C4 Therapeutics Inc. ($CCCC) C4 Therapeutics says CFT7455 monotherapy shows signs anti-myeloma activity.
- How we traded: FHOD Breakout Long.

- Rivian Automotive Inc. ($RIVN) AT&T to purchase Rivian Automotive EVs for pilot program fleet.
- How we traded: Gap Up Reversal Long, Trend Join Long.

- Crowdstrike Holdings Inc. ($CRWD) Technical analysis on the stock's price action suggested a potential retracement after multiple green days.
- How we traded: Extended Daily Short.

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📣 Has The Bear Market Ended? Cooling Interest Rate Drives Bullish December | FOMC

This week in the US stock market, the top story centered around the Federal Reserve's decision to maintain the federal funds rate at its current high level of 5.25% to 5.5%. This marks the third consecutive pause in interest rate hikes by the Fed, a response to the recent slowing of inflation towards its long-term target of 2%. With the economy showing signs of moderation in price increases, the Fed has signaled a potential shift in its monetary policy, suggesting rate cuts could be on the horizon as early as next year.

💡 Market Sentiment: Short-Term Bullish. However, despite a bullish run in this Q4, the cautious approach by the Fed, balancing inflation control with economic growth, hints broader economic uncertainties and anticipations for 2024.

Check out our latest video!

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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.