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HT Weekend Watchlist - Trade Ideas for Next Week 📈

Humbled Trader's Weekly Stock Picks & Market Update

Author

Humbled Trader
July 28, 2024

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Data points provided by Stox scanner

CGTX $3.63

  • Stock soared afterhours from $2.37 to a high of $4.30s after the company announced their upcoming presentation event Monday morning 8:30am ET.

  • Key level to watch out for is the $3.50s level from afterhours chart.

  • It’s best to remain neutral on this stock for now, until the event on Monday morning has passed.

  • If the stock is able to consolidate over KL after the event, we could see it trend to test daily highs of $4.50 and more.

  • However, if the stock breaks down KL or “sell the news”, it could potentially fade all the way back down to where it came from around $2.50s.

  • Position Disclosure: No Position

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Notable: High 14RVOL for a large cap stock

MMM $127.50

  • New 52 week high breakout for this stock after the company announced impressive Q2 earnings beat and raised its guidance.

  • Staying cautiously bullish on this name. Key level is the $122 area.

  • If the stock is able to consolidate and trend above KL, look for potential trend join long opportunities to the upside to $130s and $135s.

  • The stock is a potential swing idea as well for more daily continuation above KL.

  • Position Disclosure: No Position

Data points provided by Stox scanner

CMAX $6.26

  • The stock started its big move last Monday for multiple days. However there was no company specific news to justify this breakout.

  • Staying cautiously bearish on this name. The daily KL is $7.20s area, which it rejected intraday on Friday.

  • If the stock remains under KL, look for a potential short to the downside $6, and below.

  • However, if stock remains strong over KL next week. This is no longer a valide short idea. There is a potential of a short squeeze.

  • Position Disclosure: No position

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🗞️ Market movers you might’ve missed:

- Caremax Inc. ($CMAX) Caremax Inc. shares surged without recent news. We were looking for technical bounce to short this low-float stock.
- How we traded: Bagholder Short

- Tesla Inc. ($TSLA) Tesla Inc. shares dumped after reporting missed expectations with earnings.
- How we traded: Gap Down Short

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📣 Heads-Up: Big Tech Earnings This Week!

This week, Microsoft, Apple, Amazon, and Meta will report their earnings, making it a significant week for the market. Major stock indexes such as the $QQQ and $SPY could be affected by their stock movements, especially since Tesla and Alphabet's reports last week caused tech stocks to drop.

If these big tech companies show weak earnings, it could worsen the market's current concerns. Investors will also pay close attention to how much Microsoft and Amazon are spending, especially since Wall Street reacted negatively to Alphabet's spending on AI.

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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.