HT Weekend Watchlist- Trade Ideas for Next Week

Humbled Trader's Weekly Stock Picks & Market Update

Author

Humbled Trader
September 01, 2024

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Data points provided by Stox scanner

MDB $290.80

  • Bullish gap up and hold over key daily resistance.

  • KL to hold for the stock is $278 area.

  • If it holds KL, look for more trend join opportunities for both day trading and swing trading.

  • If this level consolidates and holds up next week we could see potential continuation to the upside.

  • Position Disclosure: No Position

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Notable: Short interest has DECREASED drastically from +20% just two months ago.

GME $23.42

  • The stock popped up and traded higher RVOL on Friday. There were no major news for the company. However, it’s reporting earnings soon after closing on Sep 10.

  • Staying neutral on this name. The key level to watch is the $22.8 area on the daily chart.

  • IF the stock can stay above the KL and consolidate, we could potentially see a continuation breakout to the upside (especially if there is high investor anticipation for the company’s Q2 earnings release).

  • Position Disclosure: No position

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Data points provided by Stox scanner

VOXX $5.60

  • The stock is up after receiving an acquisition offer from existing stake holders.

  • Staying neutral on this name. When navigating around M&A speculations, it’s always best to react after a confirmed catalyst, rather than predict the news.

  • Key level to watch is $5.8 area. It’s worth checking this stock for more follow-up news on this matter in the next few days or weeks.

  • Position Disclosure: No Position

🗞️ Market movers you might’ve missed:

- PDD Holdings Inc. ($PDD) Shares of PDD Holdings tumbled after disappointing revenue growth in the second quarter and a downbeat commentary on the quarters ahead.
- How we traded: Trend Join Short

- Affirm Holdings Inc. ($AFRM) Affirm Holdings delivered sales and earnings for fiscal Q4 that beat Wall Street's targets and paired the impressive results with guidance that crushed the market's expectations.
- How we traded: Backside Long

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📣 $NVDA shares dropped despite strong earnings report 🥶

Nvidia, the chipmaker at the heart of the AI boom, has issued a revenue forecast that fell short of the most optimistic expectations, sparking concerns that its explosive growth may be losing steam. On Wednesday, the company projected third-quarter revenue of approximately $32.5 billion.

While this exceeded the average analyst estimate of $31.9 billion, it fell short of the high-end expectation of $37.9 billion. Nvidia also revealed production challenges with its highly anticipated Blackwell chip, which led to a drop in its stock price during after-hours trading.

This outlook could dampen the AI-driven surge that has propelled Nvidia to become the world's second most valuable company by market capitalization. Nvidia has been a key beneficiary as companies rush to upgrade their data centers to handle AI software, with its sales forecasts serving as a barometer for this spending frenzy. Before the announcement, there were already concerns about potential issues with Nvidia's new Blackwell chip design. The company acknowledged these production difficulties and stated that it is implementing reforms to improve yield rates—the proportion of products that meet quality standards.

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