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HT Weekend Watchlist - Stocks on Watch for Next Week

Humbled Trader's Weekly Stock Picks & Market Update

Author

Humbled Trader
March 10, 2024

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APM $6.88

  • Low float runner that ran parabolic last week. The stock bounced back on Friday however was unable to hold most gains.

  • Staying cautiously bearish on this name. If it fails to reclaim KL around 9-9.2s early next week, look for a potential short to ride the sell off back to mid-5s and lower.

  • Position Disclosure: No Position

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AISP $6.80

  • New small-cap AI name rallying up after a DOJ contract was announced last week.

  • Staying neutral on this name. Looking at 7.5 as the daily KL.

  • If the stock is able to break through KL and consolidate, it could head higher on the daily, especially if AI sector remains hot.

  • However, if the stock spikes and rejects that same KL, then it becomes bearish and viable for shorts.

  • Position Disclosure: No Position

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MNMD $9.70

  • Stock rallied up late last week after a much awaited good news from the FDA.

  • Leaning cautiously bullish on this name. Insiders sold into the last run-up.

  • Key level for the stock is over 10.12 Friday highs. If stock is able to start trending above the KL we can potentially see more daily highs

  • Position Disclosure: No Position

NVDA 875.28

  • This is the exact pattern SMCI had just two weeks ago. Check the daily chart for reference as we are planning for similar reactive plays.

  • NVDA continued to sink after hours Friday. We can potentially see one more spike and gap down early next week to test the daily 844 key level. If that level breaks we can see 810.

  • Position Disclosure: No Position

🗞️ Market movers you might’ve missed:

- Super Micro Computer Inc. ($SMCI) Super Micro Computer Inc. joined the S&P500 index.
- How we traded: Gap Up Reversal Long.

- Psyence Biomedical Ltd ($PBM) Psyence Biomedical received approval to initiate phase 2B of their new treatment for adjustment disorder.
- How we traded: Former High of Day Long.

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📣 Bull market took a pause (US unemployment report hints rate cuts, chip stocks retreat)

Image by Vecteezy

The S&P500 surged to new highs on Friday morning as bond yields dropped following the release of the February U.S. unemployment report. The report suggested eased wage pressure concerns, which heightened anticipations for the Fed to initiate interest rate cuts in June.

However, profit-taking and the selling off of chip stocks such as $NVDA pressured the overall market. The market gave up early morning gains and closed lower.

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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.