HT Weekend Watchlist - Trade Ideas for Next Week

Humbled Trader's Weekly Stock Picks & Market Update

Author

Humbled Trader
September 15, 2024

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Data points provide by Stox scanner

PLCE $14.68

  • The stock rallied with the rest of the market last couple of days despite having missed Q2 earnings expectations.

  • Stock broke out of the daily 200SMA on Friday and closed strong with the rest of the market.

  • The KL to hold for the stock is the $14 area.

  • Staying neutral on this name. If the stock holds KL, we could see this consolidate and move another leg up, especially if the market continues to climb next week.

  • However, if it breaks down KL, we could see a decent retracement to the downside towards $12 and $11 on the short side.

  • Position Disclosure: No Position

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Notable: short interest % accumulating last few days

SMMT $31.93

  • Stock rallied after announcing positive phase 3 trial data.

  • The multi-day breakout is slowly getting extended.

  • Key level for the stock to test is $29.2s area, which was breakout level from Friday.

  • If the stock breaks down said KL, we could see a potential unwind back to $25s and below.

  • However, if KL keeps on supporting the price and the stock consolidates on the daily, we could see the stock rally another leg higher (especially with the accumulation of shorts in the last few days).

  • Position Disclosure: No position

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Notable: Lower float of 6.1 million + high RVOL

TIL $84.52

  • This lower float stock more than doubled it’s price in the last few trading days.

  • The stock has been extremely resilient at reclaiming the longer term trends, hence trapping many shorts intraday. The stock was also extremely ETB and cheap to locate at most brokers.

  • This is a risky stock and not suitable for inexperienced traders. The float is low, while the spreads are high. This stock trades very thin at this price.

  • Do not try to time the top on this name. The parabolic breakout could continue longer than most traders expect.

  • Staying neutral on this name, but be prepared for both sides. The KL to watch is the $72-74 area from intraday Friday.

  • IF the stock opens weak but holds said KL, we could potentially see another trap and squeeze up higher.

  • However, if stock gaps up but quickly dives from green to red and breaks below KL, we could see a potential major unwind on the first red day.

  • Position Disclosure: No Position

🗞️ Market movers you might’ve missed:

- Oracle Corp ($ORCL) delivered strong revenue, free cash flow, and guidance to analysts
- How we traded: Gap Up Reversal Long / Trend Join Long

- Palantir Technologies Inc ($PLTR) Palantir stock was added to the S&P 500 and broke multi-year highs.
- How we traded: Event-Driven Swing Trade

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📣 Bullish or Bearish? Here’s what you need to know about potential rate cut.

Following this Wednesday’s policy meeting, the Federal Reserve is expected to cut interest rates at its upcoming FOMC, but the size of the cut—either 25 or 50 basis points—remains uncertain. Traders are divided, with increased probability now placed on a larger 50 basis point cut, up from 15% earlier in the week.

The debate centers on whether a bigger cut would reassure or alarm investors concerned about a potential recession. Recent reports of higher-than-expected consumer prices suggest a smaller cut may be more likely, but conflicting signals continue to influence market expectations.

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