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HT Weekend Watchlist - Stocks on Watch for Next Week

Humbled Trader's Weekly Stock Picks & Market Update

Author

Humbled Trader
May 05, 2024

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GME $16.47

  • Stock rallied on high volume despite no company-specific news on Friday.

  • Looking to trade this based on pure technicals. If it gaps down but can hold above $15.25 KL, then it has the potential to reclaim trend and continue higher.

  • However if the stock breaks down KL and is unable to reclaim, it is no longer viable as a long trade.

  • Position Disclosure: No Position

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SGBX $5.54

  • This stock took short sellers for a wild ride on Friday. Short locates were inexpensive in various sources, which contributed to more short traps.

  • Short-term we think there might be at least one more squeeze left for them to work out the short sellers.

  • Leaning cautiously bearish on this name if the stock is able to break above $6.1 KL early next week. Under the KL, stock is weak and has downside back to low $4.

  • This is a lower float stock. Please trade with caution and proper risk management.

  • Position Disclosure: No Position

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UPLD $2.59

  • This stock was pumped up on Friday. However it had little to no strength to sustain this move after 10am.

  • Looking for a retest of $2.9-$3 KL early next week for short entries.

  • As long as stock remains under that KL, it has downside back to low $2’s.

  • However, if the stock is able to reclaim over $3, need to respect stops on this short as it has potentially of squeezing back to highs.

  • Position Disclosure: No Position

🗞️ Market movers you might’ve missed:

- WideOpenWest Inc ($WOW) WideOpenWest receives unsolicited non-binding preliminary proposal.
- How we traded: Former High-of-Day.

- Peloton Interactive Inc ($PTON) Peloton announced missed earnings and CEO step-down.
- How we traded: Extended Daily Short

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📣 FOMC Summary May 2024

  • The Federal Open Market Committee (FOMC) maintains its fed funds interest rate at 5.25% - 5.5%, unchanged since July 2023.

  • Inflation hit 40-year highs in 2022, and despite efforts by the FOMC, it remains elevated in 2024.

  • Stagflation fears rise as economic growth slows while inflation stays high.

  • CPI rose 3.5% year-over-year in March, while core PCE increased by 2.8%.

  • U.S. added 303,000 jobs in March, with wages up 4.1% year-over-year.

  • Fed Chair Jerome Powell indicates readiness to maintain the current interest rate and respond to labor market changes.

  • The stock market experienced a five-month winning streak until April due to expectations of rate cuts, but concerns over inflation and weakening consumers have led to a dip.

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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.